Which of the following is not a tool of fiscal policy?
Government spending
Taxes
Tax incentives
Private investment
(2)
Which of the following statements helps to explain why the economy can be slow to recover from a recession?
Workers are less motivated because of reduced expectations, which reduces total output.
There is not as much money in circulation to fuel new investment.
Wages do not fall quickly, which delays an adjustment to a higher output level.
Aggregate supply shifts inward proportionately, which leads to a “vicious cycle.”
(3)
Imagine that the economy is in a recession. Which one of the following tactics is a way to increase output by shifting aggregate demand outward?
Raising taxes to increase the government surplus
Increasing government spending
Increasing the required reserve ratio
Imposing tariffs on foreign goods
(4)
Which of the following statements helps to explain why the economy can be slow to recover from a recession?
Workers are less motivated because of reduced expectations, which reduces total output.
There is not as much money in circulation to fuel new investment.
Wages do not fall quickly, which delays an adjustment to a higher output level.
Aggregate supply shifts inward proportionately, which leads to a “vicious cycle.”
(5)
According to classical economists, if the economy is in a recession, what must the government do to increase output to the full-employment level?
Nothing
Reduce interest rates
Increase government spending
Provide a credit for household savings
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