True or False: The aggregate expenditures model assumes flexible prices.
2. If total spending is just sufficient to purchase an economy’s output, then the economy is:
a. In equilibrium.
b. In recession.
c. In debt.
d. In expansion.
3. True or False: If spending exceeds output, real GDP will decline as firms cut back on production.
4. If inventories unexpectedly rise, then production ________ sales and firms will respond by ________ output.
a. Trails; expanding.
b. Trails; reducing.
c. Exceeds; expanding.
d. Exceeds; reducing.
5. If the multiplier is 5 and investment increases by $3 billion, equilibrium real GDP will increase by:
a. $2 billion.
b. $3 billion.
c. $8 billion.
d. $15 billion.
e. None of the above.
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