Macroeconomics MCQ
When a country experiences high economic growth, a major cause usually is often _______
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Correct Answer:
Higher productivity
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Variables expressed in terms of money are called ______ variables.
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U.s. national debt ______ when the federal government's ______.
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Increases; outlays exceed tax revenue
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Total weight gain during the first trimester should be approximately _____ lbs.
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Total output refers to the goods and services made by _____ producers in a country.
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Total expenditure in the united states is equal to consumption expenditure plus investment ______.
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Correct Answer:
Plus government expenditure on goods and services plus net exports
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Stagflation occurs when inflation ________ and gdp ________.
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Correct Answer:
rises; falls
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Saving is the amount of income that is _____ in net taxes or spent on _____ goods and services.
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Not paid; consumption
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A business ________________ occurs when, for practical purposes, one firm purchases another.
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Acquisition
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_____________ has occurred if a government-owned firm becomes privately owned.
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Privatization
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A government budget surplus _______ the real interest rate, decreases ______.
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raises; the demand for loanable funds increases
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A government budget deficit ______ the real interest rate because ______.
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Correct Answer:
raises; the demand for loanable funds increases
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A financial asset is considered ________ if it can be sold in a secondary market.
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A security
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A distinguishing characteristic of public transfer payments is that they _____.
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Involve no contribution to current production in return for the payment
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A depreciation of the u.s. dollar most likely would _______
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Increase exports
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A decrease in the marginal propensity to import _______, everything else remaining the same.
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Makes the multiplier larger
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A bank is legally required to hold a fraction of its ________ as ________.
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Deposits; required reserves
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Real gdp in 2001 was ______ .
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Higher than in 2002
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Compensation of workers must be ___________ billion.
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"if policy is anticipated, there is no short-run" is a property of the__________ school of thought.
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Rational expectations/new classical
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________ the quantity of money in the united states.
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The Federal Reserve System Regulates
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________ of unemployment during ________ make it easier for workers to ________ wages.
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High levels; a recession; accept lower
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A recessionary gap occurs when ________ so that real gdp is ________ potential gdp.
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Aggregate demand decreases; less than
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Diminishing returns to capital imply that poor countries tend to grow ____ than richer countries
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An expected increase in the prices of consumer goods in the near future will _____.
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Increase (or shift right) in aggregate demand now
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A period of stagflation can be the result of ________
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A decrease in the AS curve
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Decreasing taxes can stimulate the economy by ________.
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Allowing consumers more money to spend
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Decreasing funding for space exploration will shift the _____ curve to the _____.
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Aggregate demand; left
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The value of the cpi in the base period ______.
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Is 100 no matter what reference base period is chosen
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The government uses its resources to provide different public goods. this shows that _____ .
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Productive resources can be used in different ways.
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A cartel differs from a monopoly in that _____.
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Businesses making the same product agree to limit production
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A labor union seeks to __________________ between employers and workers.
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Change the balance of negotiations
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A constraint that protects a firm from _____ is called a barrier to entry.
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Potential competitors
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_____________ of economic activity has been evolving since the birth of economics in 1776.
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Visualization
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The quantity of life is ____________ a complete a measure of happiness.
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Not always
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Aggregate demand is more likely to _________________ than aggregate supply in the short run.
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Shift substantially
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Aggregate demand is about _________ and aggregate supply is about _________.
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Spending; production
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Aggregate demand ________ if the expected inflation rate increases because ________.
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Increases; people want to make purchases now before the price of goods and services begin to increase
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A demand schedule gives a schedule of ________ quantities demanded per time dimension at ________.
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Alternative; different possible prices
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______________ is the time that an individual cannot control totally by himself or herself.
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Nondiscretionary time
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The _________________ means that a higher price level leads to lower real wealth.
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Wealth effect
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____ publishes a list of recommended used cars in various price ranges each april.
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Consumer Reports
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____ and ____ are often paid as part of one's house payment and held in an escrow account.
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Insurance; real estate taxes
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Unanticipated deflation does all of the following except _______.
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Diverts resources from production
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The unemployment rate that is consistent with full employment is known as __________________.
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The natural rate of unemployment
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Durable goods and non-durable goods comprise approximately ________ of the supply side of the gdp.
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If the u.s. central bank increases the money supply at a higher rate ________
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All of the Above
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If the simple money multiplier is 5, the required reserve ratio must be equal to _____.
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20 percent
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If real gdp declines in a given year, nominal gdp _____.
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May either rise or fall
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If inflation is anticipated, __________.
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It costs less to society than if unanticipated
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Crowding out refers to a decline in ________ as a result of an increase in ________.
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Private expenditures; government purchases
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Changes in _____ cannot shift the aggregate demand curve.
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The price level
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An open market operation is ____________.
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An exchange between a private bank and the Federal Reserve where the Fed buys or sells government bonds to private banks.
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An increase in the interest rate __________ purchases of consumer __________.
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Reduces; durables
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An increase in income taxes _______, everything else remaining the same.
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Makes the multiplier smaller
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An increase in __________ will cause savings to increase.
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Interest rates
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Adaptive expectations are a property of the__________ school of thought.
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Monetarist
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_____ are elements of fiscal policy that automatically change in value as national income changes.
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Automatic stabilizers
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The two basic forms of planned economies are _______ and _______.
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Socialism; market economies
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Most economists assume that firms behave _____ and that their objective is _____.
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Irrationally; profit maximization
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Taken together imports plus exports accounted for about _____ percent of gdp in 2006.
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Unemployment benefits, welfare, and some subsidies automatically ___________ in a recession.
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The output of the private sector provides about _____ percent of the production of the nation.
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The net of investment income from abroad and investment payments to foreigners is called the _____.
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Income balance
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The median income of _____________ of nations in the world is less than $10,000 per year.
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A majority.
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The largest component of a country's gdp is _____.
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Private consumption
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The _________ notes inflation at the wholesale level.
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Many countries, including the united states, measure output by calculating the _____.
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Gross Domestic Product
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The federal reserve banks are ________ institutions since they are owned by the ________.
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Correct Answer:
Was disbanded in 1811 when its charter was not renewed.
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The statement i always buy that brand is an example of the _____ component of attitude.
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Motivation that is driven by raw emotions is called ________.
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Consumers who refuse to sacrifice style, but achieve it on a budget are called ________.
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Frugalistas
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Depository institutions provide four benefits, which are ______.
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Creating liquidity, lowering the cost of borrowing, lowering the cost of monitoring borrowers, and pooling risk
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Gdp tends to overstate economic well-being because it takes into account _____.
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Total spending to deal with the adverse health effects of some products
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Gains from specialization and mutually beneficial trade _________ wealth or well-being.
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Free trade is ________, because it ________ the size of the pie available to the economy.
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Effiecient; increases
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Fiscal policy refers to changes in tax levels and government _____.
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Fiscal policy attempts to achieve all of the following objectives except ______.
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A stable money supply
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Firms purchase inputs for production from households in the _______.
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Factor market
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Firms are institutions that organise _____ of goods and services.
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The production
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Firms ______ production, and real gdp ______.
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Increase; increases
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Classical economics assumes that businesses do not hold ____________
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Changing interest rates is an example of _____ policy.
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Consumption expenditures in the u.s. usually account for approximately __________ percent of gdp.
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____ printers tend to smudge on inexpensive paper, and they are slower than laser printers.
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The modern macroeconomic tools used by the government are _____ policy and _____ policy.
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Fiscal; monetary
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This development ______ economic growth in china because ______.
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Increases; it increases human capital
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Suppose you buy clothes at mimi's clothing shop. your spending is mimi's _____.
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Correct Answer:
Macroeconomics
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We would say that apples are an inferior good if the ___________ for apples is __________ .
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Income elasticity of demand; positive.
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Used automobiles have a _______________ demand.
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Very elastic (correct)
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Two new companies start to produce hdtvs. this results in _____ in the _____ hdtvs.
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An increase, supply of
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The whole auction process is managed by a(n) _____.
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Auctioneer
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The united states uses ______ to prevent businesses from engaging in anticompetitive practices.
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Antitrust laws
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The united states has approximately ___________ credit card holders.
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180 million
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The united kingdom receives approximately _______ percent of total american exports.
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The most significant difference between a partnership and a sole proprietor is the ________.
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Number of people contributing resources.
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The merger of a brewery with an aluminum can producer is an example of a __________ merger.
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Supporters of minimum wage say that it provides _____ for people with low-paying jobs.
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More money
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Sharing the pie more equally _____ .
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Makes it smaller.
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Sellers are well aware that industrial buyers of products __________________.
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Need a selection of products with different qualities and price levels
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The _____ is positively sloped because some input costs are slow to change.
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Short-run aggregate supply curve
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When housing prices decrease, household wealth _____, and consumption _____.
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Decreases; decreases
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When a muscle is stretched by a contraction of the opposing muscles, it is called_______.
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Active stretching
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When a loan is repaid to a bank there are __________ funds available in the m1 money supply.
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When you compare the prices of two different pairs of shoes, money is a _____.
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Unit of account
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When the economy is in a recession, tax receipts _____ and unemployment insurance payments _____.
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Decrease; increase.
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When society has a higher level of capital per person, it is called ______________.
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Physical capital.
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The sum of the ________ flows is equal to the cost of the goods and services at their final use.
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The role of ____ is to direct one nation's savings into another nation's investments:
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Capital flows.
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The revenue received from the sale of ________ of a product is a marginal benefit to the firm.
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The quantity of money in an economy and the _____________________ are inextricably intertwined.
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Quantity of credit for loans
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The percentage of jobs in the united states that are service-related equal about __________.
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10 percent
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The impact of inflation places ______________ and risk in the savings and borrowing relationships.
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Uncertainty (the possibility that benefits may be less than expected)
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The gnp accounts for the aggregate of all goods and services produced by americans ____________.
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In a country (THE US)
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The ______________ is the average tendency to save income at a given income level.
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The ___________ represents one of the fed's most powerful monetary policy tools.
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Reserve requirements
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On average, since 1900 u.s. output has grown roughly ____ times faster than population growth.
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$21,000.00
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Northlandia has a ______, while southlandia has a ________.
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Budget surplus; balanced budget
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New investment is usually put into an economy when profit expectations are __________.
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National debt is the amount of government _____ - _____ that has arisen from past _____.
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Debt outstanding; debt; budget deficits
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Monopoly power significantly reduces the efficiency of __________ allocation within society.
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All the above
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A(n) ____ fund is quite speculative.
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Aggressive growth
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Reducing taxes in response to a recession is an example of _____ policy.
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Recessions typically cause the unemployment rate to ________ and the inflation rate to ________.
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Decrease;increase
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The credit demand curve slopes downward because ____________.
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A higherhigher real interest rate reducesreduces a borrowing firm's profit and hence its willingness to borrow.
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The central planning approach proved ________ because ________.
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A failure; central planners lack information and incentives to allocate resources efficiently
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Organizations can save millions of dollars each year by using ____.
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Online training
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In this example the overall decline in spending gdp caused __________ million to lose their jobs.
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When the fed fights recession, _______.
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An increase in the supply of loanable funds lowers the long-term interest rate and increases investment
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When the fed ________, the u.s. foreign exchange rate falls.
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Buys government securities
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When people buy stocks/bonds we call this _____ and it _____ count in gdp.
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Financial investment; does not
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The real business cycle theory asserts that changes in ________ lead to changes in ________.
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Technology; productivity
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The period of expansion ends with a ________ and the period of recession ends with a ________.
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Business cycle peak; business cycle trough
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The net export (xn) sector is ____________ and is growing in importance for the american economy.
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The long-run aggregate supply analysis assumes that _____.
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Both input and product prices are variable
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The immediate change is ______ in m1 of $1,000 and ______ in m2.
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An increase; no change
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The graph below suggests a housing price ________ followed by a(n) ________ in aggregate demand.
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FHFA House 240 Purchase
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The goal of growth is to increase the real ( _________________ ) value of gdp in an economy.
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Services only.
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The gap between ______ is the output gap.
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Real GDP; real GDP; AD; SAS
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Nominal gdp is the market value of _____.
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All final goods and services produced in an economy in a given year.
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Net exports of goods and services increase when ______.
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Exports of goods and services decrease but imports of goods and services decrease by more than exports decrease
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Needs-tested spending ______ during an expansion.
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Increase; increase
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National income accounting is important in macroeconomics in order to __________________ .
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Describe recent economic activity
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Most economists believe that the consumer price index ______ the rate of inflation.
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Overstates
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Most economists agree that ______ are the single most important source of economic growth.
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Technological advances
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A(n) ________ comes to an end with a business cycle ________.
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Recession ; trough.
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The production and use of __________ is typically cyclical.
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A reduction in the size of the country's labor force
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The calculation of spending gdp at this stage of our circular flow would be ___________________ .
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Correct Answer:
3500 + 500 +1000 + 500 - 500
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The broadest measure to adjust nominal gdp for price changes is _____.
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Correct Answer:
The GDP price index
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It is ________ difficult to effectively time fiscal policy than monetary policy because ________.
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Correct Answer:
More; fiscal policy takes longer to implement
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Investment spending by the business sector must be ___________ billion.
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Inflation usually leads to ______
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Correct Answer:
Higher interest rates
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In the united states today, money includes ______.
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Correct Answer:
The currency in people's wallets, stores' tills, and the bank deposits that people and businesses own
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In the treatment of u.s. exports and imports, national income accountants _____.
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Add exports, but subtract imports, in calculating GDP.
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Presently, gdp is ________ to compensate for the costs of environmental damage.
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Correct Answer:
Not adjusted
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The existence of the underground economy causes gross domestic product (gdp) statistics to _____.
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Understate the true volume of economic activity
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In general, electric, gas, and water companies are examples of __________ monopolies.
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In the ________ increases in the supply of money will ________.
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Short run; raise total demand and output
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In recent times, the top ______ percent of households by income made over $320,000.
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In recent times, the lowest ________ percent of households by income made less than $11,700.
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In recent times, approximately the top ________ percent of households made more than $51,000.
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Core inflation is found by removing _________ from the consumer price index.
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Correct Answer:
Food and energy
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The ____________________ in an ad/as diagram is most relevant to says law.
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Correct Answer:
Steep portion of the AS curve
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Specialization allows a society to produce _____________ goods.
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Most hyperinflations end with _____ reforms that eliminate the need for _____.
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Correct Answer:
Fiscal; seigniorage
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M1 is comprised of currency held outside banks + travelers checks + __________.
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Correct Answer:
Transaction account (checking and debit account) deposits
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In rbc theory, the lower the real interest rate, other things remaining the same, the ______ today.
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Correct Answer:
Smaller is the supply of labor
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