This is a quick test quiz i just typed up. It's good for studying macro.
The % of the population employed is declining
Employment, output, and income decline
The price level is declining
More resources are used
The budget deficit and trade deficit are both growing
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It is a stock variable
It is measured for a particular time period, usually one year.
It is perhaps the most effective means of viewing the same economy over time.
It is a measure of the economy's performance.
It is a flow variable, not a stock variable.
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Personal computers must be a normal good
Personal computers must be an inferior good
Personal computers must be a complement
The sub. for personal computers must be inferior goods
The subsititue effect is larger than the income effect
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Increase it's current C spending
Decrease it's current C spending
Maintain "
Increase it's current C spending, then increase spening when income falls
Decrease it's current C spending, then increase spening when income falls
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Free
Junk
Copyrighted
Closed
Hobby-ware
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How quickly fiscal policy can respond to changes in economic conditions
How fiscal policies unintentionally affect individual incentive to work, spend, save, and invest
How fiscal policy affects the price level
How fiscal policy affects the economy's output
How voters might respond to a policy that increases taxes
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Tolls on a bridge
Income taxes
Gasoline excise taxes
Property taxes
User fees that collect the same amount from each person
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Involves some implification of reality
Bears no relation to reality
Approached reality in all its complexity
Involves so much distortion of reality that it is worthles
Focuses on the unique aspects of each situation
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It is caused by a change in relative prices
It affects the conumer's ability, rather than willingness, to purchase a good
It assumes that the consumer substitutes more expensive goods for cheaper ones when income increase
It is usually equal to the income effect
It may cause the consumer to buy less of the good when its price falls
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Producers' inventories will increase
The price should begin to rise
The demand curve will shift to restore equilibrium in the market
The supply curve will shift to restore equilibrium in the market
Producers expect gov't to impose a price ceiling
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Hysteresis
Hysterical analysis
Historical analysis
Histoplasmosis
Hypoglycemia
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Active government intervention
A reliance on prices to adjust to changing market conditions
Classical economics
Neoclassical economics
Quantity supplied creates its own quantity demanded
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The PPF is curved
Opportunity cost is constant along the PPF
Efficient points lie along the PPF
The PPF is downward sloping
Technology remains constant along to PPF
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It is the most comon form of business organization
It is responsible for a large portion of total production of goods and services
It offers the owner the least personal liability of any form of business organization
There is no opportunity cost to operating the business
Only one individual can work in such a firm
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Contant opportunity cost
Specialization
An absense of scarcity
That society cannot decide which good it prefers
Inefficiency
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A decrease in the price of the good in question
An increase in the number of consumers
A decrease in the price of a complement
An increase in the price of a substitute
A decrease in income if the good in question is an inferior good
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Is developed in secret
Applies to some states but not others
Applies to some industries but not others
Works automaticaly without public announcement or plan
Is an intentional change in taxation or government spending
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$10 billion increase in equilibrium investment
$40 billion increase in equilibrium investment
$40 billion increase in equilibrium real GDP demanded
$400 billion increase in equilibrium real GDP demanded
$40 billion increase in consumption spending
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Investment declines while C increase
I increases while C declines
I is constant while C declines
I declines much faster than GDP declines
C declines much faster than GDP declines
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Sole proprietorshops
Partnerships
Corporations
Nonprofit institutions
S-corporations
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Reflects economic stability
Reflects economic growth
Reflects economic decline
Does not relate to the state of the economy
Is always a parallel shift
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Increase in equilibrium price and quantity
Decrease in equilibrium price and quantity
Decrease in equilibrium price and an increase in equilibrium quantity
Increase in equilibrium price and a decrease in equilibrium quantity
Change in equilibrium price and quantity only if supply changes too
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Government started spending more on national security
People who lost jobs or feared they would lose their jobs started spending less
Business invested in back-up data centers in case their main computers were attacked
Consumers went back to shopping at the urging of gov't officials
All of the above
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Is about as volatile as consumption, except during recession years
Has averaged about 1/6 of GDP over the psat decade
Is about a volatile as GP, except during recession years
Is the largest component of A.Spending
Have averaged about 2/3 of GDP over the past decade
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A change in the income of the movie-goers
A change in the # of consumers
A change in the price of movie tickets
A change in the quality of television programs
A change in the cost of babysitting services
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People who are poor receive the proceeds of the tax
The % of income paid out decreases as income increases
The same thing as a flat-rate
People who make more money pay less total taxes
The marginal tax rate incresaes as income increases
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Falls by 2%
Falls by 10%
Rises by 2%
Rises by 10%
Remains constant
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Remain unchanged
Rise by $300
Rise by $200
Rise by $900
Fall by $300
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The consumer will sub. apples for oranges
The consumer will sub. oranges for apples
There is no subsitution effect because relative prices have remained constant
Demand for both goods increase
Demand for both goods decrease
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If the money supply falls, interest rates will rise
If interest rates go up, then construction activity will fall
Teenage unemployment would be lower if there were no minimum wage
The fed. gov't's total spending should be reduced
The quantity of shirts sold increases and the price decreases
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Account for almost all of the variability in GDP during expansions
Account for almost all of the variability in GDP
Account for almost all of the variability in GDP during recessions
Are larger during expansions than during recessions
Account for more of the variability in GDP than consumption does
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Goods and services to firms and government
Resources to firms and governments
Tax payments to governments
The demand for only what firms supply or make available
Money to firms in exchange for goods and services
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Decisions are bades primarilly on religion or custom
All resources are publicly owned and economic planning is centralized
All resources are privately owened and prices are used to coordinate economic activity
Resources are both publicly and privately owned and some markets are regulated
All resources are publicly owned and prices are used to coordinate economic activity
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Decrease in demand
Decrease in quantity demand
Increase in quantity demand
Increase in demand
Increase in supply
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The interest rate will fall
There will be a movement downward along the money demand curve
There will be a a movement upward (to the left) along the money demand curve
There will be a rightward shift of the money demand curve
There will be a leftward shift of the money demand curve
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Not about the legal minimum
Always about the legal minimum
Measured in terms of goods and services it can buy
Measured in current dollars rather than in constant dollars
Measured in constant dollars rather than in current dollars
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4
1/5
4/5
5/4
5
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The prime interest rate
The federal funds rate
The M1 money supply
The M2 money supply
The M3 money supply
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It is the equilibrium price level in the short run
It determines the actual price level in the short run
It determines the actual price level in the long run
Firms and resource owners make long-term agreements based on the expected price level
The difference between the expected price level and actual price levels is equal to the actual inflation rate
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A decrease in the quality of services demanded by households
An increase in the opportunity cost of remaining employed in the home
A decrease in the opportunity cost of working outside the home
A decline in the number of households providing labor outside the home
Reduced use of labor-saving devices in the household
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The smaller the real income of consumers and the lower to QD of that good
The smaller the QD of that good
The larger the D for that good
The larger the QD of that good
The smaller the demand for that good
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D for haircuts decreases
QD of haircuts inecreases
D for haircuts increases
QD of haircuts decreases
Demand for haircuts, or QD of haircuts decreases - they're the same thing
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Tax reductions passed by Congress in times of unemployment
Tax reductions passed by Congress in times of inflation
Government defense spending
Unemployment compensation
Welfare programs
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Macroeconomic policy is handly mainly at the state level.
Higher education is handled mainly at the national level.
Primary and secondary education is handled mainly at the local level.
Primary and secondary education is handled mainly at the national level.
Police and fire protection are handled mainly at the state level.
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An increase in the price of a resouce used in the good's production
The expectation of a higher price in the near future
An increase in the price of the product
An increase in the price of an alternative good
An improvement in the technology for producing the good
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QD will decrease
The quantity sold will rise
The market will remain in equilibrium
A shortage will develop
A surplus will develop
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Interest rates
Prices
The transactions demand for money
GDP
The Fed
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Increase government spending by the size of the gap
Decrease government spending by the size of the gap
Increase government spending by more than the size of the gap
Increase government spending by less than the size of the gap
Decrease government spending by more than the size of the gap
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