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Econ 10A - Final

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Principles of Macroeconomic Theory - Final Study Guide
Ricardo Villeda
Quiz por Ricardo Villeda, atualizado more than 1 year ago
Ricardo Villeda
Criado por Ricardo Villeda mais de 7 anos atrás
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Resumo de Recurso

Questão 1

Questão
Over time the U.S. economy has had
Responda
  • fluctuations in growth and unemployment
  • full employment without serious inflation
  • continuous growth in output per person
  • steadily increasing unemployment

Questão 2

Questão
Economics is best defined as the study of how
Responda
  • to clarify resources used to produce final goods and services
  • resources are apportioned to satisfy human wants
  • modern businesses have grown and prospered
  • technology can be used to change scarce resources into free resources
  • pure capitalism has become the best system for satisfying basic human wants

Questão 3

Questão
Economists generally classify economic resources into the following three categories
Responda
  • men, money, and machines
  • savings, spending, and investment
  • land, labor, and capital
  • physical, human, and technological
  • employed, unemployed, and free

Questão 4

Questão
Society's pool of knowledge concerning the industrial arts is called
Responda
  • labor
  • land
  • capital
  • opportunity cost
  • technology

Questão 5

Questão
The purpose of an economic model is to
Responda
  • be a complex, exact replica of reality
  • demonstrate which values and beliefs are best for the economy
  • make predictions about the real world
  • manage the economy like an automatic pilot
  • set the prices in a price system

Questão 6

Questão
When Adam Smith described the invisible hand, he was talking about
Responda
  • The price system
  • central planning
  • opportunity cost
  • the division of labor
  • disguised unemployment

Questão 7

Questão
For this economy to produce 5 million units of consumer goods and 3 million units of defense goods,
Image:
ed0cc5c7-2b22-4ae4-872b-bfaba5655c32 (image/jpeg)
Responda
  • resources must be used inefficiently
  • the production possibilities curve must be pushed outward
  • unemployment must grow
  • income inequality must increase
  • society's resources must shrink

Questão 8

Questão
The U.S economy may be best characterized as an example of
Responda
  • Market socialism
  • opportunistic imperialism
  • militaristic capitalism
  • pure capitalism
  • Mixed capitalism

Questão 9

Questão
A market demand curve
Responda
  • Shifts as the price falls
  • slopes outward from left to right
  • is unaffected by changes in consumers' tastes and incomes
  • measures the rate of growth of per-capita output
  • shows the amount buyers would like to purchase at various prices

Questão 10

Questão
A decrease in demand
Responda
  • Results from a decrease in supply
  • means that the demand curve has shifted to the left
  • increases the quantity sold in the market
  • reflects an increasing consumer preference for the item
  • causes the equilibrium price to rise

Questão 11

Questão
In general, supply curves slope outward to the right because
Responda
  • increases in the price of a commodity lead to right outward shifts of the supply curve
  • rising prices motivate producers to offer more units for sale
  • technology progresses over time, increasing the ability of firms to produce more at existing prices
  • of increases in input prices as production is increased
  • empirical studies almost always show that the is the case

Questão 12

Questão
For a maket to exhibit excess demand
Responda
  • supply must exceed demand
  • the equilibrium price must be too high to clear the market
  • the actual price must be below the equilibrium price
  • the demand curve must slope outward
  • the market must be growing

Questão 13

Questão
The equilibrium price is
Image:
ce2f92b9-c5cd-4a13-935a-0c45b83c9b26 (image/jpeg)
Responda
  • more than $12 per pound
  • $12 per pound
  • $9 per pound
  • $7 per pound
  • less than $7 per pound

Questão 14

Questão
In a free market, actual price will
Responda
  • remain unchanged as equilibrium price changes
  • move toward equilibrium price
  • cause demand and supply curves to shift direction
  • always exceed equilibrium price
  • be very difficult to calculate

Questão 15

Questão
If farmers currently produce 800 bushels
Responda
  • the actual price is $2
  • the market is in equilibrium
  • actual price is below equilibrium price and will tend to rise
  • Only increases in demand would encourage the rise above 80 units
  • The market exhibits to surplus

Questão 16

Questão
Gross domestic product:
Responda
  • equals the total wages paid in a year
  • is a measure of government output
  • equals the total value of final goods and services produced in a year
  • is the sum of all goods, both final and intermediate
  • is an obsolete economic indicator of inflation

Questão 17

Questão
When measuring GDP, we double count if we include the value of:
Responda
  • Government expenditures
  • Intermediate goods
  • Nonmarket transactions
  • nonproductive transactions
  • net exports

Questão 18

Questão
GDP expressed in constant dollars is called:
Responda
  • capital accumulation
  • the net national product
  • permanent income
  • real GDP
  • a price index

Questão 19

Questão
To deflate, one must:
Responda
  • multiply the price ratio by 100
  • divide the current dollar values by the price index
  • subtract the constant dollar values from current dollar values
  • add the price index in the current year to the price index in the base year
  • find the difference between the values of two different sets of goods in a given year

Questão 20

Questão
(Data) According to the data in the table, from 2002 to 2003, GDP in constant dollars rose by:
Responda
  • 6.5 percent
  • 5.7 percent
  • 4.8 percent
  • 3.1 percent
  • 1.7 percent

Questão 21

Questão
The best example of consumer nondurable counted in this year's GDP is a:
Responda
  • Hair cut
  • Refrigerator
  • Pizza
  • Concert
  • Used car

Questão 22

Questão
(Data) GDP is:
Responda
  • A. $1240 billion
  • $1250 billion
  • $1340 billion
  • $1640 billion
  • $2590 billion

Questão 23

Questão
In this economy
Responda
  • the stock of capital goods fell during the year
  • the government balanced its budget
  • value-added exceeded the income
  • output exceeded GDP
  • imports exceeded exports

Questão 24

Questão
The level of real national output purchased at each price level is called:
Responda
  • A market basket
  • A market demand curve
  • An aggregate demand curve
  • A derived demand curve
  • A consumption of possibilities curve

Questão 25

Questão
If the money supply is fixed, increases in the price level reduce:
Responda
  • Interest rate
  • Imports
  • The rate of inflation
  • Total real output purchased
  • The average money cost of each transaction

Questão 26

Questão
When the economy is at equilibrium in the horizontal range of the short run aggregate supply curve,:
Responda
  • There is little upward pressure on prices because of widespread unemployment
  • The aggregate demand curve must be horizontal as well
  • Economic conditions similar to those experienced during world war II prevail
  • Real output is equal to potential output
  • A change in aggregate demand causes price levels to fall

Questão 27

Questão
People temporarily out of work because they are changing jobs or looking for their first jobs are examples of
Responda
  • frictional unemployment
  • structural unemployment
  • cyclical unemployment
  • inflationary unemployment
  • residual unemployment

Questão 28

Questão
People actively looking for work who cannot find jobs because of an insufficiency of aggregate demand are examples of:
Responda
  • Frictional unemployment
  • Structural unemployment
  • Cyclical unemployment
  • Inflationary unemployment
  • Residual unemployment

Questão 29

Questão
During a period when total spending is too high relative to potential output, the economy experiences:
Responda
  • Excessive unemployment
  • Failing average prices
  • A glut
  • A great crash
  • Inflation

Questão 30

Questão
The phase of the business cycle in which output is highest relative to its potential level is the:
Responda
  • Peak
  • Trough
  • Recession
  • Expansion
  • Trend

Questão 31

Questão
In general, a business cycle goes through its phases in the following sequence:
Responda
  • Trough, peak, expansion, recession
  • Recession, trough, expansion, peak
  • Trough, recession, expansion, peak
  • Trough, expansion, recession, peak
  • Expansion, recession, trough, peak

Questão 32

Questão
If Carolyn's consumption rises by $5,000 as her income from $26,000 to $32,000 per year, her marginal propensity to consume is
Responda
  • 0.16
  • 19
  • 0.83
  • 1.20
  • impossible to determine from the data

Questão 33

Questão
The average propensity to consume equals the
Responda
  • Change in personal consumption expenditures divided by the current level of consumption expenditures
  • amount spent on consumption divided by the amount of disposable income
  • change in personal consumption expenditures divided by the amount of disposable income
  • personal consumption expenditures divided by personal saving
  • sum of personal consumption expenditures and disposable income divided by two

Questão 34

Questão
An MPS of .32 implies that the MPC is
Responda
  • 1.32
  • 0.74
  • 0.68
  • 0.36
  • impossible to calculate unless the change in income is specified

Questão 35

Questão
If the interest rate is 7%, the number of projects undertaken would be
Responda
  • 1
  • 2
  • 3
  • 4
  • 5

Questão 36

Questão
The relationship between household spending and disposable income is known as the
Responda
  • investment function
  • multiplier
  • gross domestic product
  • consumption function
  • saving function

Questão 37

Questão
If disposable income raises by $100 billion and personal consumption expenditure rises by $60 billion, what is the marginal propensity to consume?
Responda
  • 0.60
  • 0.40
  • 1.60
  • 1.66
  • 2.50

Questão 38

Questão
If disposable income is $1,800 billion, the average propensity to consume is
Responda
  • .8
  • .84
  • .92
  • 1.0
  • 1.08

Questão 39

Questão
If disposable income is $1,900 billion, saving is
Responda
  • $16 billion
  • $20 billion
  • $144 billion
  • $160 billion
  • $180 billion

Questão 40

Questão
If the multiplier is 3, a $1 billion decrease in government spending will
Responda
  • lower equilibrium GDP by 1/3
  • Lower equilibrium GDP by 3
  • Raise equilibrium GDP by 1/3
  • raise equilibrium GDP by 3
  • leave equilibrium GDP unchanged but change intended spending by 1/3

Questão 41

Questão
One reason not to wait for wage rates and other input prices to fall and shift the short-run aggregate supply curve to the right in an economy experiencing a recessionary gap is that
Responda
  • such attention will result in inflation
  • unemployment would fall too fast for a complex adjustment
  • a government budget deficit would be created
  • it would take too long because wages and prices tend to be sticky
  • falling prices would reduce exports

Questão 42

Questão
Aggregate demand shifts to the right when
Responda
  • government spending is reduced
  • tax rates are reduced
  • equilibrium GDP is reduced
  • total intended spending is reduced
  • the inflator gap is reduced

Questão 43

Questão
When the equilibrium level of out put in an economy is above its potential output
Responda
  • the government should raise its spending
  • there is an inflationary gap
  • the long-run aggregate supply curve is horizontal
  • unemployment rates are high
  • wages and prices must rapidly falling

Questão 44

Questão
In an economy experiencing a high unemployment rate, appropriate fiscal policy would attempt to
Responda
  • wait for wages and other input prices to fall
  • discourage firms from investing
  • increase personal tax rates
  • reduce welfare payments to households
  • shift the aggregate demand curve to the right

Questão 45

Questão
When inflation constitutes a major economic problem, government policy may attempt to
Responda
  • shift the aggregate demand curve to the left
  • shift the aggregate supply curve to the ;eft
  • encourage and augment spending
  • raise the equilibrium price level
  • raise the minimum wage to reduce the effective price level

Questão 46

Questão
Government anti-inflationary fiscal policy
Responda
  • is intended to shift the short-run aggregate supply curve to the left
  • typically leads to an increase in total real output and a rise in the price level
  • leads to reduction in total real output when the short-run aggregate supply curve is positively sloped
  • shifts the aggregate demand curve to the right
  • is undertaken when the economy is in the horizontal

Questão 47

Questão
the value of money
Responda
  • rises during periods of inflation
  • is inversely related to the price level
  • is unaffected by creeping inflation
  • has remained relatively constant in the United States over the past 25 years
  • falls as real income rises

Questão 48

Questão
Inflation
Responda
  • means demand is falling and supply is rising
  • increases the value of the money supply
  • rarely affects the distribution of income or wealth
  • is generally highest when there is plenty of excess capacity and unemployed resources
  • is a general upward movement in the average level of prices

Questão 49

Questão
In the base year, a price index has a value of
Responda
  • -1
  • zero
  • 1/100
  • 100x100
  • 100

Questão 50

Questão
Inflation
Responda
  • hurts people living on fixed incomes
  • inevitably tends to die out
  • has been the experience of this country since its founding
  • does not tend to redistribute income
  • inevitably leads to deflation

Questão 51

Questão
During periods of high inflation, investors tend to buy real estate, art, and commodities like gold because
Responda
  • during inflation there are the only items that are not in short supply
  • such items tend to grow in value at a rate higher than the inflation rate
  • real estate and commodities are very cheap during periods of inflation
  • banks and other lenders are very eager to support such investments
  • the purchasing power of money trises during inflationary periods

Questão 52

Questão
Demand-side inflation is most likely to occur when the economy
Responda
  • has substantial excess capacity
  • is approaching or operating at full employment
  • has an aggregate demand curve shifting to the left
  • has a horizontal aggregate supply curve
  • has labor productivity rising faster than wages

Questão 53

Questão
Demand-side and supply-side inflations differ in that, in one case,
Responda
  • total real output rises, and in other, it falls
  • the price level rises, and in other, it falls
  • borrowers benefit and, in other, savers benefit
  • businesses benefit, and in other, householders benefit,
  • inflation is temporary, and in other, inflation is permanent

Questão 54

Questão
In part, supply-side inflation
Responda
  • is at the heart of demand-side inflation
  • is an example of too little money chasing too may goods
  • is an outgrow of a perfectly competitive market structure
  • results from significant price increases of important resources
  • occurs when labor productivity rises faster than wage rates

Questão 55

Questão
Currency in the United States is
Responda
  • convertible into gold at fixed rates
  • fiat money
  • issued by commercial banks based on their deposits
  • another name for checking deposits and NOW accounts
  • any interest bearing government note
  • bruh
  • All of them

Questão 56

Questão
Fiat money is any money that
Responda
  • exist in the form of coin or currency
  • is issued by the Federal Reserve
  • has a greater face value than its purchasing power
  • is money because the government says so and the people accept it
  • earns interest when deposited in banks

Questão 57

Questão
Assets a government says are money and are accepted by the public as money are called
Responda
  • near money
  • funny money
  • sophisticated money
  • nominal money
  • fiat money

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