1 Among the tools available to macroeconomic policy makers is_______. fiscal pol

Question

1 Among the tools available to macroeconomic policy makers is_______.
       fiscal policy, controlof government spending, and taxation
       anti-trust policy, tobreak up monopolies
       environmental policy, toclean up the economy
       all of theabove

2 The labor force is ______.
       the total of peopleemployed
       the totalpopulation
       the total of thepopulation of working age
       the total of peopleemployed and unemployed

3. Secular long-run growth is thesustained upward trend in ______.
       aggregate output perperson over several decades
       nominal GDP overtime
       real GDP overtime
       aggregate output perperson over the business cycle

4. Real wages ______.
       have not been adjustedfor change in prices over time
       have been adjusted forchanges in prices over time
       are after-taxwages
       are wages as a ratio ofthe minimum wage

5. As opposed to a closed economy, in anopen economy _______.
       the exchange rate isdetermined by the government
       specialization inactivities with a comparative advantage is not possible
       trade is only beneficialto the relatively larger economy
       there is trade in goods,services, or assets with other countries

Explanation / Answer

1 Among the tools available to macroeconomic policy makers is_______.
       fiscal policy, control of government spending, andtaxation
       anti-trust policy, tobreak up monopolies
       environmental policy, toclean up the economy
       all of theabove

2 The labor force is ______.
       the total of peopleemployed
       the totalpopulation
       the total of thepopulation of working age
       the total of people employed andunemployed

3. Secular long-run growth is thesustained upward trend in ______.
       aggregate output per person over severaldecades
       nominal GDP overtime
       real GDP overtime
       aggregate output perperson over the business cycle

4. Real wages ______.
       have not been adjustedfor change in prices over time
       have been adjusted for changes in prices overtime
       are after-taxwages
       are wages as a ratio ofthe minimum wage

5. As opposed to a closed economy, in anopen economy _______.
       the exchange rate isdetermined by the government
       specialization inactivities with a comparative advantage is not possible
       trade is only beneficialto the relatively larger economy
       there is trade in goods, services, or assets with othercountries

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