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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

Economics

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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Ans1. The correct answer is option (b). Layoff but not consumer spending because there is increase in the employment but doesn't necessary to rise in spending as well.

Ans2. The correct answer is option (b). Real GDP measure the total quantity of goods and services produced by all the firms in all markets.

Ans3. The correct answer is option (a). Increase in the quantity of goods and services demanded because with decrease in the price of good & services consumers can demand more and more with the given income which result increase in the real GDP that is quantity of good and services produced in the economy.

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