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Homework answers / question archive / 1)Which of the following rises during recessions? a
1)Which of the following rises during recessions?
| a. |
layoffs and consumer spending |
|
| b. |
layoffs but not consumer spending |
|
| c. |
consumer spending but not layoffs |
|
| d. |
neither layoffs nor consumer spending |
2)
Microeconomic substitution is impossible for the economy as a whole because
| a. |
a lower price level increases real wealth, which stimulates spending by consumers and vice-versa. |
|
| b. |
real GDP measures the total quantity of goods and services produced by all firms in all markets. |
|
| c. |
the prices of some goods and services adjust sluggishly in response to changing economic conditions. |
|
| d. |
money is a veil. |
3) A decrease in the price level
| a. |
increases the quantity of goods and services demanded. |
|
| b. |
decreases the quantity of goods and services demanded. |
|
| c. |
decreases the quantity of goods and services supplied in the long run. |
|
| d. |
increases the quantity of goods and services supplied in the short run. |
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