1. A government budget deficit ______ the real interest rate because ______.
Answer
Correct Answer:
raises; the demand for loanable funds increases
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2. The compounding effect ________ savers and _________ borrowers.
Answer
Correct Answer:
Help; hurts
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3. The immediate change is ______ in m1 of $1,000 and ______ in m2.
Answer
Correct Answer:
An increase; no change
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4. Presently, gdp is ________ to compensate for the costs of environmental damage.
Answer
Correct Answer:
Not adjusted
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5. In rbc theory, the lower the real interest rate, other things remaining the same, the ______ today.
Answer
Correct Answer:
Smaller is the supply of labor.
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6. Durable goods and non-durable goods comprise approximately ________ of the supply side of the gdp.
Answer
Correct Answer:
45%
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7. Consumption depends positively on ______ and investment depends negatively on ______.
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Correct Answer:
-disposable income; the real interest rate
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8. An increase in current income taxes ______ the supply of loanable funds today because it ______.
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Correct Answer:
Decreases; decreases disposable income, which decreases saving.
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9. Aggregate demand is more likely to _________________ than aggregate supply in the short run.
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Correct Answer:
Shift substantially.
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10. A rise in the money wage rate with no change in potential gdp creates ______.
Answer
Correct Answer:
Leftward shift of the SAS curve and no change in the LAS curve.
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11. The most significant difference between a partnership and a sole proprietor is the ________.
Answer
Correct Answer:
Number of people contributing resources
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12. A recession tends to make a _____________________.
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Correct Answer:
Trade deficit smaller
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13. One reason the ad curve is downward sloping is the __________ effect.
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Correct Answer:
Interest rate
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14. A nation's prosperity is sometimes measured in terms of ___________.
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Correct Answer:
GDP per capita
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15. A stagflation can turn into a cost-push inflation process when _______.
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Correct Answer:
The quantity of money persistently decreases.
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16. When one commercial bank borrows from another commercial bank, it pays the __________ rate.
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Correct Answer:
Federal funds
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17. The limited resources in demand in society are called the ___________ of production.
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Correct Answer:
Factors
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18. New investment is usually put into an economy when profit expectations are __________.
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Correct Answer:
High
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19. In economics, the factor of production "land" includes all of the following except ________.
Answer
Correct Answer:
Plastics
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20. In a developing economy, __________.
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Correct Answer:
Progressive taxation plays a role
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21. In a competitive market equilibrium the ________ equals the ________ of the last unit sold.
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Correct Answer:
Marginal benefit; marginal cost
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22. Variables expressed in terms of money are called ______ variables.
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Correct Answer:
Nominal
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23. Total output refers to the goods and services made by _____ producers in a country.
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Correct Answer:
All
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24. Changes in _____ cannot shift the aggregate demand curve.
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Correct Answer:
The price level
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25. A period of stagflation can be the result of ________
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Correct Answer:
A decrease in the AS curve
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26. Part of the _____ is an economic downturn, which causes _____.
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Correct Answer:
Not GDP; inflation
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27. Saving is _____
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Correct Answer:
The source of the supply of loanable funds.
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28. Money that has no value other than as money is called ______ money.
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Correct Answer:
Fiat
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29. If the economy is in a recessionary gap, actual output will be _____ potential output.
Answer
Correct Answer:
Below
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30. Everything else held constant, a decrease in net taxes ________ aggregate ________.
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Correct Answer:
Increases; demand
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31. During a business cycle expansion, total production ________ and total employment ________.
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Correct Answer:
Increases: increases
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32. Gdp equals aggregate income and also equals aggregate expenditure because _______.
Answer
Correct Answer:
Firms pay out as incomes (aggregate income) everything they receive from the sale of their output (aggregate expenditure)
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33. With _____________ demand the price changes, but the amount purchased remains the same.
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Correct Answer:
Perfectly inelastic
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34. When firms agree to act as a monopoly and set prices they are called __________.
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Correct Answer:
A cartel
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35. When the fed buys bonds, its demand _____ the price of bonds, _____ nominal interest rates.
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Correct Answer:
Increases; decreasing
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36. When the demand of a product increases ______
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Correct Answer:
The equilibrium price and quantity will increase
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37. The quantity of real gdp supplied depends on all of the following except the _______.
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Correct Answer:
Quantity of real GDP demanded
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38. When the interest rate is high, planned investment is ________ so output is ________.
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Correct Answer:
Low; low
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39. When an economy is expanding, unemployment tends to _____ and overall prices tend to _____.
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Correct Answer:
Fall; rise
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40. Use the following data to answer the question: Y=$8,000 C = $6,200 I= $1,500 G = $1,500 NX = -$500 the unplanned change in inventories is ________ and real gdp will ________.
Answer
Correct Answer:
-700; increase
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41. The apc is the amount of _____________ divided by the amount of income at a specific point.
Answer
Correct Answer:
Consumption
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42. Nominal gdp differs from real gdp because _____.
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Correct Answer:
Real GDP results from adjusting for changes in the price level
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43. If the number of people in the labor force ________, then ________.
Answer
Correct Answer:
Increases; the labor force participation rate increases
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44. If the economy is currently in a recessionary gap, real gdp will be ________ potential output.
Answer
Correct Answer:
Below
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45. Gross domestic product and gross investment are measured _____.
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Correct Answer:
BEFORE the depreciation of capital
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46. Government expenditure ________ change potential gdp and taxes ________ change potential gdp.
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Correct Answer:
can; can
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47. Expansionary fiscal policy ________ the price level and ________ equilibrium real gdp.
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Correct Answer:
Increase; increases
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48. Everything else held constant, when the price of a product increases _______
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Correct Answer:
The quantity demanded decreases
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49. Domestic product is _______. national product is _______.
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Correct Answer:
Production within a country; the value of goods and services produced anywhere in the world by the residents of a nation
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50. Decreasing government spending ________ the price level and ________ equilibrium real gdp.
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Correct Answer:
Decreases; decreases
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51. "decreases in g will decrease the economy''s gdp by causing a(n) ________ in the ad.
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Correct Answer:
Leakage and left shift
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52. At macroeconomic equilibrium, total ________ equals total ________.
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Correct Answer:
Spending; production
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53. An increase in income taxes ________ employment and ________ potential gdp.
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Correct Answer:
decreases; decreases
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54. A cut in taxes ________, therefore shifting the aggregate demand curve to the ________.
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Correct Answer:
Increases disposable income and consumption; right
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55. A change in the price level produces a ________ the aggregate demand curve. i. shift in ii. change in the slope of iii. movement along
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Correct Answer:
iii only
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56. When real gdp increases, the change in consumption expenditure equals _______.
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Correct Answer:
The marginal propensity to consume times ×the increase in real GDP
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57. A competitive market is a market that has _____, so _____ can influence the price.
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Correct Answer:
Many buyers and sellers; no single buyer or seller
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58. Over time, potential gdp ________, which is shown by the ________ curve shifting to the right.
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59. U.s. potential gdp is the value of the goods and services produced in the united states _______.
Answer
Correct Answer:
When the U.S. economy is at full employment
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60. Supply-side economics is based on the theory that if taxes are reduced, _____.
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Correct Answer:
People will work more and have more to spend, causing economic growth
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61. Every day, we make many choices. we can't avoid having to make choices because _______.
Answer
Correct Answer:
Our wants exceed the resources available to satisfy them.
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62. Because of monopoly, consumers experience ________ than with perfect competition.
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Correct Answer:
Higher prices
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63. Management by ________ is the practice that directs executive attention to large budget variances.
Answer
Correct Answer:
Exception
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64. Exchange rates, interest rates, and inflation are all considered part of the _________ environment.
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Correct Answer:
Economic
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65. When unskilled teens earn less than college graduates, society answers the ________ question.
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Correct Answer:
For whom
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66. When the economy goes into a recession, real gdp ________, and unemployment ________.
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Correct Answer:
Falls, rises
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67. The vertical intercept of the consumption function equals ______ and the slope equals _____.
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Correct Answer:
Autonomous consumption; the mpc
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68. The 45-degree line in the keynesian model represents a set of points where _____ equals _____.
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Correct Answer:
Disposable income; consumption
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69. Physical capital is _______. financial capital is _______.
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Correct Answer:
The tools, instruments, machines, buildings, and other items that have been produced in the past and that are used today to produce goods and services; the funds that firms use to buy physical capital
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70. If mpc is 0.8, then the multiplier is _____.
Answer
Correct Answer:
5
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71. Economists include the word final in the definition of gdp because we ____________.
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Correct Answer:
A and B only.
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72. A downward-moving gdp indicates that ________.
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Correct Answer:
Fewer goods and services are being produced and sold
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73. A rise in the price level produces a ________ the potential gdp line.
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Correct Answer:
A movement upward along
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74. A rise in mpc makes the total expenditures (te) curve __________ and __________ the multiplier.
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Correct Answer:
Steeper; raises.
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75. Improvements in _____ technology have helped make globalization possible.
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Correct Answer:
Communication
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76. All other things being equal, when the demand for money decreases _____
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Correct Answer:
Interest rates decrease.
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77. A nations nominal gross domestic product (gdp) _____.
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Correct Answer:
Is the dollar value of all final output produced within the borders of the nation during a specific period of time
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78. Compared to personal computers, cell phones _____.
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Correct Answer:
Come with an extended battery life
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79. The fed's policy tools include all the following except _______.
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Correct Answer:
Taxing banks' deposits at the Fed
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80. In the circular flow model, governments _______.
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Correct Answer:
Goods and services
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81. The aggregate demand curve shows the _____.
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Correct Answer:
Inverse relationship between the price level and the quantity of real GDP purchased
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82. Refer to figure 2-1. ________ is (are) inefficient in that not all resources are being used.
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Correct Answer:
Point A
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83. When the economy is at full employment, _____ is zero.
Answer
Correct Answer:
Cyclical unemployment
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84. To create a macro, you can enter a series of commands in the _____ programming language.
Answer
Correct Answer:
VBA
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85. Unexpectedly high inflation ______ borrowers and ______ lenders.
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Correct Answer:
Helps; hurts
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86. When the labor market is in equilibrium, real gdp ________ potential gdp.
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Correct Answer:
Is equal to
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87. Increasing opportunity cost is represented by a ________ production possibilities frontier.
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Correct Answer:
Bowed out
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88. An increase in gdp per capita most likely means that _____.
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Correct Answer:
Output is increasing
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89. When the price level decreases, _____.
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Correct Answer:
The demand for money falls and the interest rate falls
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90. When investment increases, the ________ in aggregate demand ________ the change in investment.
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Correct Answer:
Increase, increases
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91. The real wage rate definitely falls if the money wage rate ________ and the price level ________.
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Correct Answer:
Remains constant; rises
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92. The labels for the axes of an aggregate supply curve should be _____.
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Correct Answer:
Real domestic output on the horizontal axis and the price level on the vertical axis.
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93. Tax cuts on business income ________ aggregate demand.
Answer
Correct Answer:
Would increase
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94. M1 is comprised of currency held outside banks + traveler's checks + __________.
Answer
Correct Answer:
Transaction account (checking and debit account) deposits
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95. If the gdp deflator is less than 100, then for that year nominal gdp ________ real gdp.
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Correct Answer:
Is less than
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96. If prices fall, then real wealth __________ and the quantity of aggregate demand __________.
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Correct Answer:
Increases; increases
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97. Aggregate demand ________ and shifts the ad curve ________ when ________.
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123. Optimization is the process that describes __________.
Answer
Correct Answer:
The choices that businesses make.
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124. The rate of unemployment that occurs when the economy is producing its potential gdp _____.
Answer
Correct Answer:
Natural rate of Unemployment
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125. Tax revenues _____ during a recession. needs-tested spending ________ during an expansion.
Answer
Correct Answer:
Increase; increase
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126. Most inflation episodes are caused by _____.
Answer
Correct Answer:
Increases in aggregate spending
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127. Most hyperinflations end with _____ reforms that eliminate the need for _____.
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Correct Answer:
Fiscal; seigniorage
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128. Labor productivity will increase if the ________ increases and ________.
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Correct Answer:
Quantity of capital per hour worked; technology improves
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129. Inflation results in _____.
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Correct Answer:
A decline in the purchasing power of money
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130. In the diagram, the economy's short-run as curve is line ___ and its long-run as curve is line ___.
Answer
Correct Answer:
2; 1
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131. In free and competitive markets, shortages always lead to _______
Answer
Correct Answer:
Higher prices
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132. In an ad/asad/as diagram, __________________________ could explain a rise in cyclical unemployment?
Answer
Correct Answer:
A shift to the left in either AS or AD
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133. In a perfectly competitive industry, a long-run equilibrium occurs ________.
Answer
Correct Answer:
When each firm is making zero economic profit and no firm has an incentive to enter the industry
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134. If you borrowed $5,000 for four years, that would be a _________________.
Answer
Correct Answer:
Long-term loan
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135. During a period of _____, real gdp per capita can increase.
Answer
Correct Answer:
Economic growth
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136. Consumption spending refers to ________ spending on goods and services.
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Correct Answer:
Household
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137. Which of the following refers to economic indicators that economists at the Department of Commerce have found typically change before changes in economic activity?
Answer
Correct Answer:
Leading
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138. How many different phases does the business cycle have?
Answer
Correct Answer:
Four
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139. What type of bias occurs when the consumer price index fails to reflect the savings that households enjoy when they change their spending in response to relative price changes?
Answer
Correct Answer:
Substitution
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140. Which of the following is a price index based on?
Answer
Correct Answer:
A bundle of representative goods and services
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141. The price of a specific good compared to the price of other goods is known as ______.
Answer
Correct Answer:
Relative price
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142. How has automation affected highly skilled workers?
Answer
Correct Answer:
It has increased their overall wages.
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143. Which of the following best describes the purpose of unemployment insurance?
Answer
Correct Answer:
To reduce economic hardship and the severity of recessions
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144. In which of the following environments is the efficiency wage most likely to be effective?
Answer
Correct Answer:
Manufacturing
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145. The amount of real output the economy would produce if its labor and other resources were fully employed is known as ______.
Answer
Correct Answer:
Potential output
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146. Which of the following types of unemployment is used to calculate the natural rate of unemployment?
Answer
Correct Answer:
Structural
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147. Which type of unemployment results from the persistent mismatch of the skills of workers and the requirements of jobs?
Answer
Correct Answer:
Structural
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148. Which of the following groups typically has a high rate of unemployment?
Answer
Correct Answer:
Teenagers
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149. Why is the unemployment rate an imperfect measure of unemployment?
Answer
Correct Answer:
It does not take into account discouraged workers.
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150. Which of the following refers to the percentage of the population age 16 and older who are willing and able to work but are unable to obtain a job?
Answer
Correct Answer:
Unemployment rate
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151. What is meant by real in the term real gross domestic product?
Answer
Correct Answer:
Adjusted for inflation
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152. Unemployment is the percentage of the population age ____ and older who are willing and able to work but are unable to obtain a job
Answer
Correct Answer:
16
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153. Under employment is a situation in which a worker’s skill level is higher than necessary for a job
Answer
Correct Answer:
True
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154. ____ is the point in time when output stops declining, that is, when business activity is at its lowest point in the cycle
Answer
Correct Answer:
Trough
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155. The unemployment that results from the persistent mismatch of the skills of workers and the requirements of jobs is ____ employment
Answer
Correct Answer:
Structural
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156. The time and inconvenience cost incurred when individuals reduce their money holdings because of inflation is known as shoe leather cost
Answer
Correct Answer:
True
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157. The price of a specific good compared to the price of other goods is called
Answer
Correct Answer:
Relative price
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158. An individual who worked before and is now reentering the labor force is called
Answer
Correct Answer:
Reentrant
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159. A period of significant decline in output and employment is called
Answer
Correct Answer:
Recession
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160. The total value of all final goods and services produced in a given period, such as a year or a quarter, adjusted for inflation is real gross domestic product
Answer
Correct Answer:
True
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161. Producer price index is a measure of the cost of goods and services bought by firms
Answer
Correct Answer:
True
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162. The ____ level of prices in the economy is price level
Answer
Correct Answer:
Average
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163. A measure of the trend in prices paid for a certain bundle of goods and services over a given period is called
Answer
Correct Answer:
Price index
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164. The amount of real output the economy would produce if its labor and other resources were fully employed, that is, at the natural rate of unemployment is called potential output
Answer
Correct Answer:
True
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165. The point in time when expansion comes to an end, that is, when output is at the highest point in the cycle is called
Answer
Correct Answer:
Peak
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166. The reported interest rate that is not adjusted for inflation is called nominal interest rate
Answer
Correct Answer:
True
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167. An individual who has not held a job before but is now seeking employment is ___ entrant
Answer
Correct Answer:
New
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168. The median, or “typical,” unemployment rate, equal to the sum of frictional and structural unemployment when they are at a maximum is natural rate of unemployment
Answer
Correct Answer:
True
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169. An hourly wage floor set above the equilibrium wage is minimum wage rate
Answer
Correct Answer:
True
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170. The costs imposed on a firm from changing listed prices is called
Answer
Correct Answer:
Menu costs
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171. Leading economic indicators are factors that economists at the Department of Commerce have found typically change before changes in economic activity
Answer
Correct Answer:
True
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172. The percentage of the working-age population in the labor force is called labour force participation rate
Answer
Correct Answer:
True
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173. The number of people age ___ and over who are available for employment is labour force
Answer
Correct Answer:
16
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174. An individual who has been temporarily laid off or fired is job loser
Answer
Correct Answer:
True
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175. A person who quits his or her job is job leaver
Answer
Correct Answer:
True
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176. The percentage change in the price level from one year to the next is called inflation rate
Answer
Correct Answer:
True
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177. Extremely high rates of inflation for sustained periods of time is called
Answer
Correct Answer:
Hyperinflation
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178. GDP deflator is a price index that helps measure the ____ price level of all final consumer goods and services produced
Answer
Correct Answer:
Average
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179. The unemployment that results from workers searching for suitable jobs and firms looking for suitable workers is frictional unemployment
Answer
Correct Answer:
True
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180. When output (real GDP) is rising significantly—the period between the trough of a recession and the next peak is called
Answer
Correct Answer:
Expansion
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181. Efficiency wage model is theory stating that ____ wages lead to greater productivity
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Correct Answer:
Higher
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182. An individual who has left the labor force because he or she could not find a job is known as
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Correct Answer:
Discouraged worker
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183. A severe recession or contraction in output is called
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Correct Answer:
Depression
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184. A decrease in the overall price level, which increases the purchasing power of money is called
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Correct Answer:
Deflation
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185. Unemployment due to short-term cyclical fluctuations in the economy is cyclical unemployment
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Correct Answer:
True
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186. When the economy is slowing down—measured from the peak to the trough is called
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Correct Answer:
Contraction
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187. A measure of the cost of a market basket that represents the consumption of a typical household is called consumer price index
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Correct Answer:
True
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188. Short-term fluctuations in the economy relative to the long-term trend in output is called
Answer
Correct Answer:
Business cycles
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189. A period of ____ economic expansion
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Correct Answer:
Prolonged
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