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The effect of an expansionary fiscal policy on the real GDP of an economy operating in the upsloping portion of the aggregate supply curve is
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- A contractionary monetary policy lowers equilibrium real GDP in the short run, by increasing the interest rate. In an open economy, the net export effectA.has no effect on real GDP since changes in exports and imports cancel each other.B.reinforces the effect of a contractionary monetary policy since the increase in the interest rate, increases the value of dollar, lowers U.S. imports and causes the real GDP to fall.C.reinforces the effect of a contractionary monetary policy since the increase in the interest rate, increases the value of dollar, lowers U.S. exports and causes the real GDP to fall.D.weakens the effect of a contractionary monetary policy since the increase in the interest rate, increases the value of dollar, increases U.S. exports and causes the real GDP to increase.
- Which of the following statements is true?a. deflation is an increase in the general level of prices.b. The consumer price index measures changes in the average prices of consumer goods and services c. Disinflation is an increase in the rate of inflationd. real income is the actual number of dollars received over a period of time e. the real interest rate equals the nominal rate of interest plus the inflation rate
- GDP by production = value of produced output - value of used input.