2730154
Descripción
Test por Taylor Morris, actualizado hace más de 1 año
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Creado por Taylor Morris
hace alrededor de 9 años
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Pregunta 1
Pregunta
Equilibrium GDP on the demand side occurs when total spending
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equals total production, and inventories are zero.
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equals total production, and firms are unable to adjust inventories.
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exceeds total production, and inventories are rising.
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equals total production, and inventories remain at desired levels.
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is less than total production, and inventories are falling.
Pregunta 2
Pregunta
The expenditure schedule will shift upward when
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net exports decrease.
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net exports increase.
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total imports increase.
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total exports decrease.
Pregunta 3
Pregunta
If total spending exceeds total output, then
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inventory levels will rise.
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inventory levels will remain constant.
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inventory levels will fall.
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output will eventually decrease.
Pregunta 4
Pregunta
The aggregate demand curve
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slopes upward.
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slopes downward.
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is perfectly vertical.
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is perfectly horizontal.
Pregunta 5
Pregunta
In the income-expenditure model, at equilibrium GDP
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either unemployment or inflation may occur.
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inflation can occur but unemployment cannot.
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unemployment can occur but inflation cannot.
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both unemployment and inflation are impossible.
Pregunta 6
Pregunta
John Maynard Keynes concluded that investment spending is determined by
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business confidence.
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economic expectations.
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psychological perceptions about the economy.
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All of the above are correct.
Pregunta 7
Pregunta
Government stabilization policy
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cannot influence investment spending
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can stimulate aggregate demand and thereby induce businesses to invest, but the amount is not totally predictable.
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can stimulate aggregate demand, but investment spending will not be affected.
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can stimulate aggregate demand, but only in the long run.
Pregunta 8
Pregunta
Given the slope of the aggregate demand curve, real GDP demanded will decrease when
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real income rises.
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real income falls.
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the price level falls.
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the price level rises.
Pregunta 9
Pregunta
A level of GDP cannot be at equilibrium when aggregate demand exceeds output because firms will notice that
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inventory stocks are building up.
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inventory stocks are being depleted.
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their profits are negative.
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many of their workers have little to do.
Pregunta 10
Pregunta
45° line diagrams show how
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investment varies with income.
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expenditures vary with income.
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investment spending rises when GDP rises.
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GDP is affected by government purchases.
Pregunta 11
Pregunta
Writing during the Great Depression, Keynes naturally focused on problems of
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hyperinflation.
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budget deficits.
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trade deficits.
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unemployment
Pregunta 12
Pregunta
At the equilibrium level of income it must be true that total
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income equals total spending.
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product equals total output.
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output equals total inventory.
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income equals total saving.
Pregunta 13
Pregunta
When equilibrium real GDP falls short of potential GDP, there is a(n)
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inflationary gap.
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potential gap.
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recessionary gap.
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precautionary gap.
Pregunta 14
Pregunta
In the circular flow diagram saving
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is a leakage and investment is an injection.
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and investment are both injections.
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is an injection and investment is a leakage.
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and investment are both leakages.
Pregunta 15
Pregunta
In the 2007-2009 period, the expenditure level in the United States intersected the 45-degree line below potential GDP, causing
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hyperinflation.
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a growing trade deficit.
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a government budget surplus.
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unemployment.
Pregunta 16
Pregunta
A rising price level should shift the expenditure schedule
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upward and decrease equilibrium real GDP .
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downward and increase equilibrium real GDP .
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downward and decrease equilibrium real GDP .
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upward and increase equilibrium real GDP .
Pregunta 17
Pregunta
When businesses are cutting back production, then it probably true that
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total spending is greater than total output.
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total output is greater than total income.
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total spending is less than total output.
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inventory levels are decreasing.
Pregunta 18
Pregunta
Each C + I + G + (X − IM) expenditure schedule is drawn assuming a specific
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income level.
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spending level.
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production level.
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price level.
Pregunta 19
Pregunta
The federal government could stimulate investment spending by
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A) phasing out the depreciation allowance on corporate income taxes.
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B) enacting an investment tax credit.
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C) reinstating the windfall profits tax.
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D) reducing the tax rate on capital gains.
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E) Both b and d are correct.
Pregunta 20
Pregunta
If the price level rises, the effect on the expenditure schedule and equilibrium real GDP is to
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increase both.
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decrease both.
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shift the expenditure schedule upward and decrease equilibrium real GDP.
Pregunta 21
Pregunta
Stagflation" refers to the unwelcome combination of
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inflation and rising prices.
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deflation and unemployment.
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inflation and unemployment.
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inflation and expansion.
Pregunta 22
Pregunta
To calculate a firm's per unit of output profit, it is necessary to subtract
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price from cost per unit.
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price from resource costs.
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cost per unit from product price.
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cost per unit from cost of resources.
Pregunta 23
Pregunta
Increases in the availability of natural resources will affect the aggregate supply curve such that it
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shifts inward and becomes flatter.
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shifts inward.
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shifts outward.
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becomes flatter.
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becomes steeper.
Pregunta 24
Pregunta
In contrast to changes in government spending, tax changes affect spending
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directly.
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in the same proportion.
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by a greater amount.
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indirectly.
Pregunta 25
Pregunta
How does a tax cut affect the expenditure schedule?
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It causes movement to the left along the schedule.
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It causes the schedule to shift upward.
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It causes movement to the right along the schedule.
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It causes the schedule to shift downward.
Pregunta 26
Pregunta
How will a cut in a fixed tax affect the consumption schedule?
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It will shift downward.
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It will shift upward.
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It will become flatter.
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It will become steeper.
Pregunta 27
Pregunta
In 2009, President Obama and Congress stimulated aggregate demand by
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increasing taxes and government spending.
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decreasing taxes and government spending.
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increasing taxes and decreasing government spending.
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decreasing taxes and increasing government spending.
Pregunta 28
Pregunta
For conservatives, the United States needs
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an expanded public sector to protect consumers.
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a smaller public sector and less regulation.
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a larger tax rate and more government spending.
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more public goods and services, such as national health care.
Pregunta 29
Pregunta
The slope of the aggregate supply curve increases as output increases because
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the cost of resource-use increases as potential is reached.
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consumers are willing to pay more as output expands.
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firms substitute capital for labor as prices increase.
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firms substitute capital for labor as capacity is reached.
Pregunta 30
Pregunta
"Fiscal Policy" is the federal government's plan for
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international trade, designed to balance exports and imports.
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spending and taxes, designed to influence the level of aggregate demand.
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manipulating the money supply and the control of interest rates.
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All of the above are correct.
Pregunta 31
Pregunta
If the price level in Figure below were 120,
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there would be excess goods on the market.
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firms would have to raise their prices.
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inventories would be disappearing.
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aggregate quantity demanded would exceed aggregate quantity supplied.
Pregunta 32
Pregunta
When government spending is added to the basic macroeconomic model, the multiplier for G would
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be higher than the multiplier for autonomous spending.
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be lower than the multiplier for autonomous spending.
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be equal to the multiplier for autonomous spending.
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have no relationship to the autonomous spending multiplier.
Pregunta 33
Pregunta
An increase in wages will cause the aggregate supply curve to
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shift outward.
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shift inward.
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become flatter.
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become steeper.
Pregunta 34
Pregunta
If wealthy U.S. consumers save most of their tax cut, this means that, compared to government spending changes,
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tax changes would have a higher multiplier effect.
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tax changes would have a weaker multiplier effect.
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government spending would have a weaker multiplier effect.
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U.S. consumers would spend all of their tax cut.
Pregunta 35
Pregunta
The existence of an inflationary gap or an recessionary gap depends on the
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aggregate supply only.
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expenditure schedule.
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leakages schedule.
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injections schedule.
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aggregate demand and aggregate supply schedules.
Pregunta 36
Pregunta
In 2009, the U.S. economy was experiencing a(n)
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recessionary gap.
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inflationary gap.
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balance of trade deficit.
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hyperinflation.
Pregunta 37
Pregunta
To eliminate an inflationary gap, the aggregate demand curve should
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shift outward.
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become vertical.
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become horizontal.
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shift inward.
Pregunta 38
Pregunta
If resource prices are fixed and the selling price rises, then
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profits will decrease.
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profits will increase.
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profits will remain constant.
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both profits and output will decrease.
Pregunta 39
Pregunta
Economists generally assume that there is a short-run trade-off between
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output and employment.
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inflation and employment.
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deflation and unemployment.
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inflation and unemployment.
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output and growth.
Pregunta 40
Pregunta
The slope of the aggregate supply curve is
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perfectly vertical.
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perfectly horizontal.
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upward.
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downward.
Pregunta 41
Pregunta
The president has influence on Federal Reserve policy because
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he can veto any Fed policy.
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he appoints the board members and the chair.
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he can fire the chair.
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he can replace board members at any time.
Pregunta 42
Pregunta
If the Fed buys a T-bill from a commercial bank, how will it pay for the T-bill?
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It will give the bank new reserves.
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It will write the bank a check.
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It will transfer cash to the bank's vault.
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It will take reserves from another bank.
Pregunta 43
Pregunta
Technically, the Federal Reserve district banks are corporations whose stockholders are the
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state governments in each district.
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citizens of the United States.
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Departments of Treasury and Commerce.
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member banks.
Pregunta 44
Pregunta
The Federal Open Market Committee meets
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once a month.
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eight times a year.
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four times a year.
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semi-annually.
Pregunta 45
Pregunta
Agraria sends wheat to Cyberia in exchange for computers and technology goods. This is an example of
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unidirectional trade.
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joint venture.
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barter.
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monetary exchange.
Pregunta 46
Pregunta
The principal difference between income and money is that income is a ____ and money is a ____.
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schedule, curve
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point, line
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stock, flow
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flow, stock
Pregunta 47
Pregunta
The Federal Open Market Committee consists of
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the president and the Board of Governors.
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Congresspeople, Senators, and the Board of Governors.
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the Secretary of the Treasury and the Board of Governors.
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the Board of Governors and five district bank presidents.
Pregunta 48
Pregunta
The immediate impetus for the establishment of the Federal Reserve System came from
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severe outbreaks of inflation in the early 1900s.
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four severe banking panics between 1873 and 1907.
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the discovery of gold in Alaska.
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the desire to copy the founding of the Bank of England.
Pregunta 49
Pregunta
Nowadays, most observers believe that monetary policy
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is less important than fiscal policy.
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is more important than fiscal policy.
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and fiscal policy are equally important.
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and fiscal policy are both unimportant.
Pregunta 50
Pregunta
The central bank of the United States is known as the
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Internal Revenue Service.
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Federal Reserve System.
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Federal Deposit Insurance Corporation.
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Department of Commerce.
Pregunta 51
Pregunta
Agraria uses bushels of wheat to quote prices. In this case, bushels of wheat act as a
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medium of exchange.
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store of value.
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commodity value.
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unit of account.
Pregunta 52
Pregunta
One advantage of a money system compared to a barter system is that
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barter never works.
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money creates the need for banks.
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money is more efficient.
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everyone has money.
Pregunta 53
Pregunta
Critics of Fed independence argue that
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monetary policy and fiscal policy are necessarily inconsistent.
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political control ensures low rates of inflation.
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monetary policy run by specialists is inherently inflationary.
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unelected officials are undemocratic.
Pregunta 54
Pregunta
Fiat money is money
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backed by land.
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backed by gold or silver.
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that can be converted to gold or silver.
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because a government says it is.
Pregunta 55
Pregunta
Which of the following is included in M1?
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savings accounts
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money market deposit accounts
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money market mutual funds
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certificates of deposit
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None of the above are included.
Pregunta 56
Pregunta
Fiat money is
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always backed by gold or silver.
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useful in buying Italian cars.
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only backed by government decree.
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not as liquid as precious metals.
Pregunta 57
Pregunta
Barter is a system of
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trade without the use of money.
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trading one good for another.
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the double coincidence of wants.
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All of the above are correct.
Pregunta 58
Pregunta
People are often heard saying, "She makes good money." An economic interpretation of this statement would be that
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she has an honest job.
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she makes money that is not counterfeit.
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she has a high income.
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there is little inflation.
Pregunta 59
Pregunta
The primary feature of money is that it serves as
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barter value.
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a medium of exchange.
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intrinsic value.
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commodity value.
Pregunta 60
Pregunta
If depositors become worried about the safety of their deposit accounts, they may trigger a
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deposit surplus.
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bank run.
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fiscal policy crisis.
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required reserve increase.
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