The price of coal fell and the quantity sold also fell. Everything else being equal, it is consistent that
A. the price of oil fell.
B. coal miners received large wage increases.
C. more efficient mining equipment was installed.
D. consumer incomes rose.
E. the supply of coal fell.
Answer: A
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A rise in the price level has a direct effect on spending because
A) the real value of the money people have decreases and they can buy less with it. B) a higher price gives people more money, and so the more goods and services they can buy. C) the real value of the money people have varies directly with the price level. D) people like to spend more when prices are higher.
Growth accounting, popularized by Robert Solow, attempts to attribute a change in aggregate output
A) to its most important single cause. B) separately between changes in government policy and changes in total factor productivity. C) separately between changes in total factor productivity and changes in the supplies of factors of production. D) separately between changes in the supplies of factors of production and changes in government policy.