Sophia Macroeconomics Milestone 4(1) Latest Updated and Graded A

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Sophia Marcoeconomics Milestone 4 1 Which statement below regarding the stagflation of the late 1970s/early 1980s is true? The Phillips curve represented the state of the economy at the time. Exp... ansionary fiscal policies succeeded in lowering the unemployment rate. Expansionary fiscal policy led to double digit inflation. Disruptions in the oil supply caused the LRAS curve to move to the left. CONCEPT Pros and Cons of Monetary and Fiscal Policy 2 Which of the following would be true of policies taken during times of BOTH high and low unemployment? Reducing the money supply will reduce inflation. The multiplier effect will magnify the influence of policies. Increasing government spending will stimulate the economy. Cutting taxes will cause an increase in GDP. CONCEPT Monetary and Fiscal Policy 3 When there is a decrease in the poverty rate, which of the following would also decrease? Literacy rate Standard of living Life expectancy Population growth CONCEPT Global Indicators of Standard of Living 4 Which statement below about GDP and GNP is true? GNP is used as a measure for quality of life variations between countries. Foreign investment can benefit GDP. GNP measures the amount of goods and services produced only within a country's borders. GDP is always a good measure of the economic well-being of a country. CONCEPT International Comparisons 5 Select the equation below that corresponds to income that can be consumed, saved or paid as taxes. Y=C+I+G+X Y=C+S+T+M X=M X<M CONCEPT Role of International Trade 6 Some economists support the use of trade barriers when unemployment is high because of which of the following? Domestic businesses have an incentive to produce efficiently. Comparative advantage no longer applies. Trade barriers serve special interests. Trade barriers hav [Show More]

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