1363763
Descripción
Test por mehmehmehdino, actualizado hace más de 1 año
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Creado por mehmehmehdino
hace casi 10 años
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Pregunta 1
Pregunta
What is the business cycle?
Respuesta
-
The short-run movements (inflations and deflations) of prices
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The relationship between political activity and economic activity
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The short-run movements (expansions and recessions) of economic activity
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The long-run growth trend of the economy
Pregunta 2
Pregunta
The definition of inflation is:
Respuesta
-
a one-time increase in the price level
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a period in which average prices are rising over time
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a period in which average prices are falling over time
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a one-time decrease in the price level
Pregunta 3
Pregunta
From 1900 to 1970, the United States had a trade deficit.
Respuesta
- True
- False
Pregunta 4
Pregunta
Economist could agree about the effects of a particular economic policy but disagree about the desirability of implementing the policy. This would occur if they ____ about the positive analysis and _____ about the normative analysis of the policy
Respuesta
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Agree;Disagree
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Disagree;Disagree
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Agree;Agree
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Disagree;Agree
Pregunta 5
Pregunta
Which of the following questions are positive in nature? (as opposed to normative in anaylsis)
Respuesta
-
A tax cut will raise interest rates.
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A reduction in the payroll tax would primarily benefit poor and middle-class workers.
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Payroll taxes are too high.
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A cut in the payroll tax would improve the President's popularity ratings.
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Payroll taxes should not be cut unless capital gains taxes are cut also.
Pregunta 6
Pregunta
The components of total spending are
Respuesta
-
investment, intermediate Goods, and Factors of Production
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Consumption, Imports, Investment, and Money Supply
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Consumption, Investment, Government Spending, and Net Exports
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Consumption, Investment, Government Spending, Exports, and Imports
Pregunta 7
Pregunta
Why are imports subtracted when GDP is calculated in the expenditure approach?
Respuesta
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They do not do so in formal markets and thus cannot be calculated through GDP.
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They are valued in currencies other than domestic currency.
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They are produced abroad and GDP only counts domestic production.
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They are not a part of consumption in the domestic economy.
Pregunta 8
Pregunta
It is discovered that consumers bought $6 Billion more furniture than previously thought. This furniture was manufactured in North Carolina during the current year. What effects would this have on the United States national income and product accounts?
Respuesta
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Consumption increases by $ 6 Billion, Imports increase by $6 Billion, and GDP does not change.
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Investment increases by $6 Billion, and GDP increases by $6 Billion.
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Consumption increases by $6 Billion, and GDP increases by $6 Billion.
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Investment Increases by $ 6 Billion, imports increase by $ 6 Billion, GDP does not change.
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None of the above is correct.
Pregunta 9
Pregunta
It is discovered that consumers bought $ 6 Billion more furniture than previously thought. This furniture was manufactured in Sweden during the current year.
Respuesta
-
Consumption increases by $ 6 Billion, imports increase by $ 6 Billion, and GDP does not change.
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Consumption increases by $6 Billion, and GDP increases by $ 6 Billion.
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Investment increases by $ 6 Billion, and GDP increases by $6 Billion.
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Investment increases by $ 6 Billion, imports increase by $6 Billion, and GDP does not change.
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None of the above answers is correct.
Pregunta 10
Pregunta
How does GDP differ from GNP?
Respuesta
-
GDP and GNP both measure production, there is no difference between them.
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GDP measures production, but GNP measures income.
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GDP measures national productivity, while GDP measures both national and international productivity.
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GDP measures the output of factors of production in a nation, while GNP measures both national and international productivity.
Pregunta 11
Pregunta
If a country employs many foreign workers, GDP is likely to be ________GNP
Respuesta
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Higher than
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Lower than
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Equal to
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Not Enough Information
Pregunta 12
Pregunta
Colonel Hogwash purchases a Civil War-era mansion for $1,000,000. The broker's fee is 6%, which the colonel also pays, for a total expenditure of $1,060,000. Using the expenditure approach, this transaction would be recorded as:
Respuesta
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$60,000 increase in residential investment.
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$1,060,000 increase in domestic value added, for the value of the house.
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$60,000 increase in domestic value added by the brokerage sector.
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$1,060,000 increase in consumption.
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$60,000 increase in income received by the real estate broker.
Pregunta 13
Pregunta
Colonel Hogwash purchases a Civil War-era mansion for $1,000,000. The broker's fee is 6% , which the colony also pays, for a total expenditure of $1,060,000.
Respuesta
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$1,060,000 increase in residential investment.
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$60,000 increase in residential investment.
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$1,060,000 increase in domestic value added, for the value of the house.
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$60,000 increase in domestic value added by the brokerage sector.
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$60,000 increase in income received by the real estate broker.
Pregunta 14
Pregunta
What is a flow variable?
Respuesta
-
Variable that are measured per unit of time.
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Variable that are defined at a point of time.
Pregunta 15
Pregunta
What is a stock variable?
Respuesta
-
Variable that are measured per unit of time.
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Variables that are defined at a point of time.
Pregunta 16
Pregunta
Which of the following best describes the relationship between savings and wealth?
Respuesta
-
Saving is a flow into the stock of wealth.
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Saving is a flow out of current income, but wealth is a flow into current into current income.
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Wealth is a flow into the stock of saving.
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Saving and wealth are unrelated variables.
Pregunta 17
Pregunta
Since United States investment is generally higher than United States national saving:
Respuesta
-
the US current account balance is generally postive
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US national saving will rise in the future
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US investment will fall in the future.
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the US current account balance is generally negative.
Pregunta 18
Pregunta
Private savings is equal to:
Respuesta
-
Government spending minus taxes.
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Disposable income minus consumption.
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Income minus consumption.
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Income minus consumption minus taxes
Pregunta 19
Pregunta
National saving is equal to:
Respuesta
-
The same as government saving
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Government saving plus private saving plus capital
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The same as private saving.
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Government saving plus private saving.
Pregunta 20
Pregunta
Real GDP
Respuesta
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Under chain weighting equals real consumption + real investment + real government purchases + real net exports.
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Growth rates under chain weighting change when the base year changes.
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Equals nominal GDP divided by CPI
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and nominal GDP are equal in the base year because current prices and base-year prices are the same in the base year.
Pregunta 21
Pregunta
Real GDP is a better measure of economic growth than nominal GDP because
Respuesta
-
an increase in nominal GDP does not correctly measure market values of production in the economy.
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an increase in nominal GDP may show an increase in prices rather than an increase in output.
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an increase in nominal GDP only shows increases in prices.
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an increase in nominal GDP only shows output.
Pregunta 22
Pregunta
The correct interest rate for studying most economic decision is
Respuesta
-
the expected interest rate
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the nominal interest rate
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the real interest rate
Pregunta 23
Pregunta
A problem with using the expected real interest rate is that:
Respuesta
-
Interest rates are important to banks and businesses but not to be consumers
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People do not generally make informed economic decision.
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It is difficult to determine what the public's expected rate of inflation is.
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Interest rates change frequently, so the public cannot form stable expectations.
Pregunta 24
Pregunta
The base year is a point where
Respuesta
-
nominal and real GDP collide
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point were the GDP deflator= 100
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all of the above
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none of the above
Pregunta 25
Pregunta
A technological breakthrough raises a country's total factor productivity, A, by 10%.
How does this change affect the production function relating output to capital and the production function relating output to labor?
Respuesta
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The production function relating to capital to output will shift upward, the production function relating labor to output will shift downwards.
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Both production functions will shift upwards.
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The production function relating capital to output will shift downward, the production function relating labor to output will shift upward.
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Both production functions will shift downward.
Pregunta 26
Pregunta
What is the marginal product of labor?
Respuesta
-
the additional amount of output produced when one unit of labor is added.
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the additional amount of output produced when one unit of capital and one unit of labor is added
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the total amount of output produced when an additional unit of labor is added
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the additional amount of output produced when one unit of capital is added.
Pregunta 27
Pregunta
How is the MPN curve related to the labor demand curve?
Respuesta
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The MPN curve divided by the price level is the labor demand curve.
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The MPN curve is not related to the labor demand curve.
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The MPN curve is identical to the labor demand curve.
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The MPN curve multiplied by price level is the labor demand curve.
Pregunta 28
Pregunta
A large number of immigrants entering the country would have which of the following impacts on the economy
Respuesta
-
Increase the Labor Force
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Decrease the Labor Force
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Not Impact the Labor Force
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Increase Full Employment Output
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Decrease Full Employment Output
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Not Impact Full Employment Output
Pregunta 29
Pregunta
Energy Supplies become depleted. Which of the following answers would describe the impact on the economy? (mark more than one response if more than one response is true)
Respuesta
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Increases Factors of production
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Decreases Factors of Production
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Increases the capital stock
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Decreases the Capital Stock
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Increases Full Employment Output
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Decreases Full Employment output
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Does not impact full employment output
Pregunta 30
Pregunta
Shutting down unsafe forms of capital would have which of the following effects on the economy. Mark all that apply
Respuesta
-
Increase Capital Stock
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Decrease Capital Stock
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Increase Other Factors of production
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Decrease other factors of production
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Decrease Full Employment Output
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Increase Full Employment Output
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Does not impact full employment output
Pregunta 31
Pregunta
How does full-employment output affected by a decrease in the labor supply?
Respuesta
-
Full-employment output will decrease.
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Full-employment output will not change
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Full -employment output will increase.
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The effect on full-employment output cannot be determined.
Pregunta 32
Pregunta
How is full-employment output affected by a beneficial supply shock ?
Respuesta
-
Full-employment will increase
-
Full-employment will not change
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Full-employment output will decrease
-
The effect on full-employment output cannot be determined
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