Macroeconomics Final

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1. If one country has a comparative advantage over another, this means:

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Macroeconomics Final - Quiz

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2. _____ is an assumption used in economics in which other relevant factors or variables are held constant.

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3. The field of economics that is concerned about the broader issues in the economy such as inflation, unemployment, and national output of goods and services is called:

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4. A decline in overall prices throughout the economy is called __________.

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5. If the Federal Reserve sells bonds using Open Market Operations, what effect should this have on the money supply?

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6. The basic proposition of the law of demand is that:

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7. Increasing opportunity costs occur along the PPF because:

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8. In the Classical model discussed in Ch. 7, workers are paid according to ___________.

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9. Open market operations involve the purchase and sale of:

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10. All of the following are considered key ideas of economics except:

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11. All of the following are causes of the Great Depression except:

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12. ___________ occurs when the mix of goods society decides to produce is produced at the lowest possible resource or opportunity cost.

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13. The historical evidence shows that:

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14. High taxes or heavy regulation:

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15. If the BLS counted discouraged workers and the underemployed as unemployed, the unemployment rate in the U.S. would be:

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16. A change in one of the determinants of aggregate demand will cause the aggregate demand curve to shift. Which of the following would not cause a shift?

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17. Using the value added approach ensures that there is(are) no !!!!!!!!!!!!!!!!!!! in our GDP figures.

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18. In the Keynesian framework, the way to fight a recession is to:

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19. Scott has a Masters in sociology and drives a taxicab for a living. According to the BLS, Scott is categorized as:

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20. Trade can benefit society as a whole because it allows:

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21. If one country has a(n) ____________ in the production of one item, it can always produce more of the item than another nation.

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22. The reason why investment in human capital is so important is that:

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23. In the absence of copyright and patent laws:

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24. The ________ shows the combination of two goods that are possible for a society to produce at full employment.

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25. In our Keynesian model, when withdrawals equal injections the economy:

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26. Due to the invention of ATMs, many bank tellers lost their jobs. This is an example of:

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27. The M2 money supply includes:

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28. Jennifer did not work during college. She just obtained her MBA and she is now looking for a marketing job in the retail industry. Jennifer is considered:

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29. Crowding out:

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30. All of the following are examples of supply-side fiscal policies except:

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31. Increasing taxes to fight inflation is an example of:

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32. Who is considered the Father of Economics?

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33. Suppose the equilibrium price of a one-bedroom apartment in Manhattan, KS is $700. The city council decides to institute a price ceiling at $500. All of the following are expected to occur except:

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34. In the Keynesian model, assume that full employment occurs at an output of $10,000. With an APS=0.05, a MPC= 0.5 and equilibrium output currently at $9,600, by how much would government spending need to change to move the economy to full employment?

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35. Your grandma says that people were lucky to make $1 a day in 1938. In real terms(2011 dollars), what is $1 a day equilvalent to? The CPI in 1938 was 14.1 and the CPI in 2011 is 223.5

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36. The Federal Reserve System was created in which year?

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37. Why might the money multiplier be smaller in reality than our potential money multiplier?

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38. The Federal Reserve System includes_________regional banks.

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39. The maximum amount of a product that sellers are willing and able to provide for sale over some time period at various prices, ceteris paribus, is called:

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40. Boeing sells an airplane to British Airways. This transaction is included in which category of GDP?

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41. When calculating GDP, government purchases include ________ and ________ but not ________.

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42. In class we discussed economic growth between various countries over the last 400-500 years. What was the main reason for the explosion in economic growth that occured in the 1800's?

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43. The capital-to-labor ratio measures:

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44. The time policy makers must wait for economic data to be collected, processed, and reported is called:

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45. Suppose that you discover that, ceteris paribus, when the price of tomatoes increases, the demand for bleu cheese decreases. From this you conclude that:

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46. Suppose in the market for iPhones, the following two changes take place: (1) there is new production technology that allows for less labor to be used and (2) more consumers prefer iPhones over alternative technologies. What happens to the equilibrium price and the equilibrium quantity?

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47. If the stock market collapses, consumption will:

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48. Which is the following best illustrates the wealth effect?

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49. Assume the reserve requirement is 10% and all banks become fully loaned-up. If a new deposit of $10,000 is made into Bank X, then Bank X can make new loans of:

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50. Econoimcs is often defined as the study of how society allocates ____________ resources to satisfy unlimited ___________.

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51. Consider the U.S. auto market. Suppose the following two changes take place: (1) Chrysler goes out of business and (2) a flood of new immigrants raises the U.S. population. What happens to the equilibrium price and equilibrium quantity for autos?

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52. In our Keynesian model with a linear savings curve, the marginal propensity to save:

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53. In cost-push inflation, aggregate output _______ and the aggregate price level _________.

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54. Which of the following is not a determinant of demand?

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55. GDP includes goods and services produced _____ but it does not include goods and services produced _____.

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56. One important aspect of modern growth theory is that:

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57. Assume the U.S. population is 300 million, the number unemployed is 18 million, and the number employed is 182 million. Calculate the unemployment rate for the U.S.

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58. All of the following are examples of infrastructure except:

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59. All of the following are categories of resources except:

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60. All of the following are issues with how the CPI is measured except:

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61. What does it mean that the Fed is meant to be the "lender of last resort"?

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62. Primarily because of the__________ lag, Monetary policy is considered to have shorter total lag time than fiscal policy.

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63. All of the following are included in GDP using the expenditures approach except:

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64. If the average propensity to consume is 0.94, and the marginal propensity to save is 0.20, then a $375 tax increase will _________ income(Y) by ___________.

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65. What is the short-run impact on aggregate prices(P) and output/ GDP(Q) when the government raises taxes to balance the budget?

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66. -Suppose that after watching Food, Inc., milions of college students across the country become vegetarians. Consequently, the demand for tofu(which is made primarily from soybeans) increases. What will happen to the supply of tofu?

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67. If the amount of investment spending in an economy declines by $1,000 and the Marginal Propensity to Consume is 0.60, the effect on the economy would be a change of _____ in income/output.

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68. When money is used to measure and compare the value of goods and services, it is used as a:

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69. Examples of expansionary fiscal policy include all of the following except:

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70. Last week, Warren Buffet bought a 2009 Lear 45XR jet. This transaction is included in which category of GDP?

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71. Which one of the following is not correct concerning fiscal policy lags?

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If one country has a comparative advantage over another, this means:
_____ is an assumption used in economics in which other relevant...
The field of economics that is concerned about the broader issues in...
A decline in overall prices throughout the economy is called...
If the Federal Reserve sells bonds using Open Market Operations, what...
The basic proposition of the law of demand is that:
Increasing opportunity costs occur along the PPF because:
In the Classical model discussed in Ch. 7, workers are paid according...
Open market operations involve the purchase and sale of:
All of the following are considered key ideas of economics except:
All of the following are causes of the Great Depression except:
___________ occurs when the mix of goods society decides to produce is...
The historical evidence shows that:
High taxes or heavy regulation:
If the BLS counted discouraged workers and the underemployed as...
A change in one of the determinants of aggregate demand will cause the...
Using the value added approach ensures that there is(are) no...
In the Keynesian framework, the way to fight a recession is to:
Scott has a Masters in sociology and drives a taxicab for a living....
Trade can benefit society as a whole because it allows:
If one country has a(n) ____________ in the production of one item, it...
The reason why investment in human capital is so important is that:
In the absence of copyright and patent laws:
The ________ shows the combination of two goods that are possible for...
In our Keynesian model, when withdrawals equal injections the economy:
Due to the invention of ATMs, many bank tellers lost their jobs. This...
The M2 money supply includes:
Jennifer did not work during college. She just obtained her MBA and...
Crowding out:
All of the following are examples of supply-side fiscal policies...
Increasing taxes to fight inflation is an example of:
Who is considered the Father of Economics?
Suppose the equilibrium price of a one-bedroom apartment in Manhattan,...
In the Keynesian model, assume that full employment occurs at an...
Your grandma says that people were lucky to make $1 a day in 1938. In...
The Federal Reserve System was created in which year?
Why might the money multiplier be smaller in reality than our...
The Federal Reserve System includes_________regional banks.
The maximum amount of a product that sellers are willing and able to...
Boeing sells an airplane to British Airways. This transaction is...
When calculating GDP, government purchases include ________ and...
In class we discussed economic growth between various countries over...
The capital-to-labor ratio measures:
The time policy makers must wait for economic data to be collected,...
Suppose that you discover that, ceteris paribus, when the price of...
Suppose in the market for iPhones, the following two changes take...
If the stock market collapses, consumption will:
Which is the following best illustrates the wealth effect?
Assume the reserve requirement is 10% and all banks become fully...
Econoimcs is often defined as the study of how society allocates...
Consider the U.S. auto market. Suppose the following two changes take...
In our Keynesian model with a linear savings curve, the marginal...
In cost-push inflation, aggregate output _______ and the aggregate...
Which of the following is not a determinant of demand?
GDP includes goods and services produced _____ but it does not include...
One important aspect of modern growth theory is that:
Assume the U.S. population is 300 million, the number unemployed is 18...
All of the following are examples of infrastructure except:
All of the following are categories of resources except:
All of the following are issues with how the CPI is measured except:
What does it mean that the Fed is meant to be the "lender of last...
Primarily because of the__________ lag, Monetary policy is considered...
All of the following are included in GDP using the expenditures...
If the average propensity to consume is 0.94, and the marginal...
What is the short-run impact on aggregate prices(P) and output/...
-Suppose that after watching Food, Inc., milions of college students...
If the amount of investment spending in an economy declines by $1,000...
When money is used to measure and compare the value of goods and...
Examples of expansionary fiscal policy include all of the following...
Last week, Warren Buffet bought a 2009 Lear 45XR jet. This transaction...
Which one of the following is not correct concerning fiscal policy...
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