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Past Exam for ECON 2006 - Principles of Economics with McLeod at Virginia Tech (VT)

Exam Information

Material Type:Exam 4
Professor:McLeod
Class:ECON 2006 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:Spring 2006
Keywords:
  • Protectionism
  • Either...or
  • Infant Industry
  • Consumption
  • Determination
  • Price Level
  • Short Run Aggregate Supply
  • World Price
  • Following Statements
  • Ceteris Paribus
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Sample Document Text

J 2006-96333 Exam 4 McLeod J FORMA I. If the economy is in short rUli equilibrium at a level of output that is above potential output, if the government takes no action, as the economy moves to long run equilibrium, we would expect prices to , output to ___ _ /' 5. 6. and wages to ___ _ A rise; rise; rise lJV rise; fall; rise c. fall; fall; fall d. fall; fall; rise e. fall; rise; fall If the price level falls, Ceteris Paribus, which chain of events will occur? a. Demand for money will rise, the interest rate will lise, and planned investment and consumption will fall b. Demand for money will lise, the interest rate will fall, and planned investment and consumption will fall c. Demand for money will fall, the interest rate will fall, and planned investment and consumption will fall Demand for money will fall, the interest rate will fall, and planned investment and consumption will rise e. Demand for money will rise,the interest rate will rise, and planned investment and...

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