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Exam 2 Chapters 8, 9, 10

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Macroeconomics

Pregunta 1 de 103

1

If real GDP in a small country in 2005 is $8 billion and the real GDP in the same country in 2006 is $8.3 billion, the growth rate of real GDP between 2005 and 2006

Selecciona una de las siguientes respuestas posibles:

  • is 3.75%

  • is 3.6%

  • is 3.0%

  • cannot be determined from the information given.

Explicación

Pregunta 2 de 103

1

According to the "Rule of 70", how many years will it take for real GDP per capita to double when the growth rate of real GDP per capita is 5%?

Selecciona una de las siguientes respuestas posibles:

  • less than 1 year

  • 14 years

  • 5 years

  • 35 years

Explicación

Pregunta 3 de 103

1

The quantity of goods and services that can be produced by one worker or by one hour of work is

Selecciona una de las siguientes respuestas posibles:

  • labor productivity

  • technology

  • real GDP

  • human capital

Explicación

Pregunta 4 de 103

1

What two factors are the keys to determining labor productivity?

Selecciona una de las siguientes respuestas posibles:

  • technology and the quantity of capital per hour worked

  • the growth rate of real GDP and interest rate

  • the average level of education of the workforce and the price level

  • the business cycle and the growth rate of real GDP

Explicación

Pregunta 5 de 103

1

Human capital refers to which of the following?

Selecciona una de las siguientes respuestas posibles:

  • manufactured goods that are used to produce other goods and services

  • the accumulated knowledge and skills workers acquire from education and training or from their life experiences

  • the quality of good and services that can be produced by one worker or by one hour of work

  • physical that is made by human laborers, not machines

Explicación

Pregunta 6 de 103

1

On difference between stocks and bonds is that

Selecciona una de las siguientes respuestas posibles:

  • stocks represent ownership in companies, while bonds represent ownership in banks.

  • stocks usually issued in electronic form, while bonds are usually issued in paper form.

  • stocks so not involve a promise to repay the purchaser of the stock, while bonds represent a promise to repay the purchase price of the bond.

  • stocks are financial securities, while bonds are labor market securities.

Explicación

Pregunta 7 de 103

1

In addition to matching households that have excess funds with firms that want to borrow funds, what three key services does the financial system provide for savers and borrowers?

Selecciona una de las siguientes respuestas posibles:

  • risk-sharing, liquidity, and information

  • information, profit, and interest

  • high risk, high profit, and low savings

  • bonds, stocks, and mutual funds

Explicación

Pregunta 8 de 103

1

In a closed economy, which of the following components of GDP is NOT included?

Selecciona una de las siguientes respuestas posibles:

  • consumption

  • government spending

  • net exports

  • investment

Explicación

Pregunta 9 de 103

1

In a closed economy, which of the following equations reflects investment? (Y=GDP, C= Consumption, G=Government purchases, T=Taxes, and TR=Transfers)

Selecciona una de las siguientes respuestas posibles:

  • Y - C - G

  • C + G - T

  • Y - T + TR

  • Y - C - T

Explicación

Pregunta 10 de 103

1

Under which of the following circumstances would the government be running a deficit?

Selecciona una de las siguientes respuestas posibles:

  • G= $7 trillion
    T= $10 trillion
    TR= $3 trillion

  • G= $7 trillion
    T= $7 trillion
    TR= $0

  • G= $5 trillion
    T= $7 trillion
    TR= $1 trillion

  • G= $5 trillion
    T= $5 trillion
    TR= $1 trillion

Explicación

Pregunta 11 de 103

1

Inflation tends to________during the expansion phase of the business cycle and________during a recession phase of the business cycle.

Selecciona una de las siguientes respuestas posibles:

  • increase; increase further

  • increase; decrease

  • decrease; decrease further

  • decrease; increase

Explicación

Pregunta 12 de 103

1

Consider the following data for a simple economy:

Total Population 20,000
Working-Age Population 15,000
Employment 1,000
Unemployment 100

Selecciona una de las siguientes respuestas posibles:

  • (100/1,000) X 100

  • (100/20,000) X 100

  • (100/15,000) X 100

  • (100/1,100) X 100

Explicación

Pregunta 13 de 103

1

Total Population 20,000
Working-Age Population 15,000
Employment 1,000
Unemployment 100
Refer to the table above. The unemployment rate for this simple economy equals

Selecciona una de las siguientes respuestas posibles:

  • (1,100/20,000) X 100

  • (1,000/15,000) X 100

  • (1,000/1,100) X 100

  • (1,100/15,000) X 100

Explicación

Pregunta 14 de 103

1

Cyclical employment is the result of

Selecciona una de las siguientes respuestas posibles:

  • a slowdown in the economy

  • the ups and downs in inflation

  • the search process of matching workers with jobs

  • frictional unemployment equals zero

Explicación

Pregunta 15 de 103

1

Economist consider full employment to occur when

Selecciona una de las siguientes respuestas posibles:

  • everyone who wants a job has a job

  • all existing unemployment is either frictional unemployment or structural unemployment

  • frictional unemployment and structural unemployment equals zero

  • frictional unemployment equals zero

Explicación

Pregunta 16 de 103

1

Which of the following would be the best measure of the cost of living?

Selecciona una de las siguientes respuestas posibles:

  • real GDP per person

  • GDP deflator

  • real GDP

  • Consumer Price Index

Explicación

Pregunta 17 de 103

1

The consumer price index is the

Selecciona una de las siguientes respuestas posibles:

  • ratio of the dollar amount necessary to buy the market basket of goods in that year divided by the dollar amount necessary to buy of goods in the base year.

  • ratio of the dollar amount necessary to buy a basket of goods typically consumed in the current period divided by the dollar amount necessary to buy the market basket of goods in the base year.

  • cost of a basket of goods typically consumed in the current period.

  • the cost of a basket of goods typically consumed in the base year.

Explicación

Pregunta 18 de 103

1

Consider the following values of the consumer price index for 2002 and 2003.

Year CPI
2002 180
2003 184

The inflation rate for 2003 equals

Selecciona una de las siguientes respuestas posibles:

  • 184 percent

  • 2.2 percent

  • 4.0 percent

  • 18.4 percent

Explicación

Pregunta 19 de 103

1

The real interest rate equals the nominal interest rate_______the inflation rate.

Selecciona una de las siguientes respuestas posibles:

  • times

  • divided by

  • minus

  • plus

Explicación

Pregunta 20 de 103

1

Suppose you borrow $1,000 at an interest rate of 12 percent. If the expected real interest rate is 5 percent, then the rate of inflation over the upcoming year that would be most beneficial to you would be a rate inflation.

Selecciona una de las siguientes respuestas posibles:

  • less than 7 percent

  • greater than 7 percent

  • equal to 7 percent

  • equal to 0 percent

Explicación

Pregunta 21 de 103

1

Assume the market basket for the consumer price index has two products--meant and potatoes--with the following values in 2000 and 2006 for price and quality:

Base Year

Product Quality Price (2000) Product Quality Price (2006)
Meat 100 $10 Meat 120 $12
Potatoes 200 $2 Potatoes 180 $3

The Consumer Price Index for 2006 equals

Selecciona una de las siguientes respuestas posibles:

  • 125

  • 141

  • 129

  • 135

Explicación

Pregunta 22 de 103

1

Full employment is not considered to be zero unemployment, because

Selecciona una de las siguientes respuestas posibles:

  • of cyclical unemployment

  • some people do not want a job

  • even though there are enough jobs, the search process of matching workers with jobs and the mismatch between skills and job requirements prevent individuals from immediately finding jobs.

  • there are not enough jobs for everyone who wants one.

Explicación

Pregunta 23 de 103

1

Gross domestic product in the economy is measured by the

Selecciona una de las siguientes respuestas posibles:

  • total number of goods and services produced in the economy

  • total number of services produced in the economy

  • dollar value of all final goods and services produced in the economy

  • total number of goods produced int eh economy

Explicación

Pregunta 24 de 103

1

How are intermediate goods treated in the calculation of GDP?

Selecciona una de las siguientes respuestas posibles:

  • Their value is not counted separately, but included as part of the value of the final good for.

  • Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input.

  • They are included only if they are imported.

  • Their value is counted separately, but not included as part of the value of the final good for which they are an input.

Explicación

Pregunta 25 de 103

1

Investment spending includes spending on

Selecciona una de las siguientes respuestas posibles:

  • transfer payments

  • food

  • changes in business inventories

  • stocks

Explicación

Pregunta 26 de 103

1

In a small economy, gross investment in 2009 is $1,500, consumption spending is $6,000, net investment is $200, government spending is $1,500, exports are $2,000 and imports are $1,000. What is the GDP for the economy in 2009?

Selecciona una de las siguientes respuestas posibles:

  • $10,700

  • $10,300

  • $10,200

  • $10,000

Explicación

Pregunta 27 de 103

1

GDP is not a perfect measure of well-being because

Selecciona una de las siguientes respuestas posibles:

  • GDP is not adjusted for pollution.

  • GDP is adjusted for increases in drug addiction .

  • GDP is adjusted for changes in crime rates.

  • the value of leisure is included in GDP.

Explicación

Pregunta 28 de 103

1

The underground economy can be described as

Selecciona una de las siguientes respuestas posibles:

  • production of infrastructure that spurs growth in the rest of the economy.

  • production of intermediate goods and services.

  • economic production that includes mining.

  • economic activity that is hidden from the government to avoid taxed or because the activity is illegal.

Explicación

Pregunta 29 de 103

1

The measure of production that values production using current prices is called

Selecciona una de las siguientes respuestas posibles:

  • underground GDP

  • real GDP

  • nominal GDP

  • value-added GDP

Explicación

Pregunta 30 de 103

1

Given the information, what can we say has happened in the economy from 2008 and 2009?

2008 2009
Nominal GDP $10,000 $12,000
Real GDP $9,500 $10,500

Selecciona una de las siguientes respuestas posibles:

  • The price level has risen.

  • The price level has remained constant.

  • The price level has fallen.

  • Not enough information is available to determine what has happened to prices.

Explicación

Pregunta 31 de 103

1

If real GDP increases we know for sure that

Selecciona una de las siguientes respuestas posibles:

  • prices have risen

  • output has risen

  • prices have remained constant

  • prices have risen but output has remained constant

Explicación

Pregunta 32 de 103

1

If the GDP deflator rises from 185 to 190, what is the rate of inflation between the two years.

Selecciona una de las siguientes respuestas posibles:

  • 270%

  • 50%

  • 5%

  • 2.7%

Explicación

Pregunta 33 de 103

1

Gross national product is defined as

Selecciona una de las siguientes respuestas posibles:

  • the value of final goods and services produced within the United States, by United States residents.

  • the value of final goods and services produced outside of the United States.

  • the value of final goods and services produced by residents of the United States even if the production takes place outside of the United States.

  • the value of final goods and services produced within the United States.

Explicación

Pregunta 34 de 103

1

Disposable personal income is

Selecciona una de las siguientes respuestas posibles:

  • national income minus depreciation.

  • personal income minus indirect business taxes.

  • national income minus personal taxes.

  • personal income minus personal taxes.

Explicación

Pregunta 35 de 103

1

National income is

Selecciona una de las siguientes respuestas posibles:

  • NNP minus income taxes.

  • GDP minus depreciation.

  • GNP plus depreciation.

  • GDP minus sales taxes.

Explicación

Pregunta 36 de 103

1

What are the four major categories of expenditure?

Selecciona una de las siguientes respuestas posibles:

  • Labor, capital, natural resources, and entrepreneurship.

  • Final goods, intermediate goods, production, and income.

  • Wages, interest, rent, and profit.

  • Consumption, investment, government purchases, and net exports.

Explicación

Pregunta 37 de 103

1

What is GDP an imperfect measurement of total production in the economy?

Selecciona una de las siguientes respuestas posibles:

  • GDP does not include household production or production form the underground economy.

  • The official measure of GDP does not include intermediate goods and services.

  • GDP measures total income paid to the factors of production, not production

  • The BEA does not include the value of new houses in GDP

Explicación

Pregunta 38 de 103

1

What are the four categories of income?

Selecciona una de las siguientes respuestas posibles:

  • wages, salaries, interest, and dividends

  • consumption, investment, government purchases, and net exports

  • wages, interest, rent, and profit

  • labor , capital, natural resources, and entrepreneurship

Explicación

Pregunta 39 de 103

1

Suppose the base year is 2001. Looking at GDP data from the United States from 2001 to the present, what would be true of the relationship between nominal GDP and real GDP?

Selecciona una de las siguientes respuestas posibles:

  • RGDP = NGDP because prices are stable.

  • RGDP < NGDP because prices are rising.

  • RGDP > NGDP because prices are falling.

  • The relationship is uncertain without more information on prices.

Explicación

Pregunta 40 de 103

1

Real GDP per capita is often used as a measure of general well-being. While increases in real GDP often do lead to increases in the well-being of the population, why is real GDP not a perfect measure of well-being?

Selecciona una de las siguientes respuestas posibles:

  • The costs of pollution are not included.

  • The value of leisure is not included

  • GDP does not include crime rates or income distribution

  • All of the above

Explicación

Pregunta 41 de 103

1

Personal income is

Selecciona una de las siguientes respuestas posibles:

  • national income minus retained corporate earnings plus government transfer payments and interest on government bonds.

  • national income minus income taxes.

  • equal to the value of all final goods and services produced within a country's borders during one year.

  • national income plus government transfer payments.

Explicación

Pregunta 42 de 103

1

The largest component of gross domestic income is

Selecciona una de las siguientes respuestas posibles:

  • rent.

  • profits.

  • wages.

  • interests.

Explicación

Pregunta 43 de 103

1

Coffee beans purchased by a coffee shop are a

Selecciona una de las siguientes respuestas posibles:

  • intermediate good.

  • neither.

  • final good.

Explicación

Pregunta 44 de 103

1

Johnny is currently "in-between" jobs. What type of unemployment fits Johnny's status?

Selecciona una de las siguientes respuestas posibles:

  • Structurally unemployed

  • Seasonally unemployed

  • Cyclically unemployed

  • Fictionally unemployed

Explicación

Pregunta 45 de 103

1

Which of the following makes changes in the CPI overstate the true inflation rate?

Selecciona una de las siguientes respuestas posibles:

  • Increase in quality bias

  • New product bias

  • Substitution bias

  • All of the above

Explicación

Pregunta 46 de 103

1

Which of the following best describes a current trend in the labor force participation rate?

Selecciona una de las siguientes respuestas posibles:

  • It is increasing for men and decreasing for women.

  • It is decreasing for both men and women.

  • It is increasing for both men and women.

  • It is decreasing for men and increasing for women.

Explicación

Pregunta 47 de 103

1

How does the U.S. economy create and destroy millions of jobs each year? (Mark all that apply.)

Selecciona una o más de las siguientes respuestas posibles:

  • Some businesses are expanding, while others are contracting

  • In the market system, new firms are constantly entering and exiting various industries.

  • The federal government determines that certain industries are obsolete and closes firms.

  • When unemployment is high, the federal government hires more workers to offset the effects of unemployment.

Explicación

Pregunta 48 de 103

1

IF a 3-month Treasury bill pays 5.5% and the change in the consumer price index (CPI) is 4.7%, what is the real interest rate (the true return to lending)?

Selecciona una de las siguientes respuestas posibles:

  • 4.7%

  • 10.2%

  • 5.5%

  • 0.8%

Explicación

Pregunta 49 de 103

1

Your father earned $34,000 per year in 1984. To the nearest dollar, what is that equivalent to in 2008 if the CPI in 2008 is 215 and the CPI in 1984 is 104?

Selecciona una de las siguientes respuestas posibles:

  • $34,000

  • $70,288

  • $16,447

  • $73,100

Explicación

Pregunta 50 de 103

1

Having happy workers increases business. This is an example of

Selecciona una de las siguientes respuestas posibles:

  • Structural unemployment

  • Union contracts

  • Market strategies

  • Efficiency wages

Explicación

Pregunta 51 de 103

1

Even perfectly anticipated inflation imposes costs. Why?

Selecciona una de las siguientes respuestas posibles:

  • A)Some wages will fail to keep up with the anticipated inflation.

  • B)Menu costs

  • C)Paper money loses it purchasing power by the rate of inflation.

  • A and C only.

  • All of the above

Explicación

Pregunta 52 de 103

1

Consider the following table:

Nominal Average
Year Hourly Earnings CPI
2008 $16 202
2009 $17 207
2010 $18 209

What is the real average hourly wage in 2009?

Selecciona una de las siguientes respuestas posibles:

  • $8.61

  • $7.92

  • $8.21

  • $17.42

Explicación

Pregunta 53 de 103

1

Consider the following table:

Nominal Average
Year Hourly Earnings CPI
2008 $16 202
2009 $17 207
2010 $18 209

What can be said about real average hourly earnings and nominal average hourly earnings between 2008 and 2010?

Selecciona una de las siguientes respuestas posibles:

  • Real average hourly earnings decreased and nominal average hourly earnings increased.

  • Both real and nominal average hourly earnings decreased.

  • Real average hourly earnings increased and nominal average hourly earnings decreased.

  • Both real and nominal average hourly earnings increased.

Explicación

Pregunta 54 de 103

1

Indicate whether the following statement is true or false and why. "A wage rising slower than the rate of inflation is actually falling."

Selecciona una de las siguientes respuestas posibles:

  • True. If wages are increasing slower that the average price of goods and services, purchasing power increases.

  • True. If wages are increasing slower that the average price of goods and services, purchasing power falls.

  • False. A higher wage decreases purchasing power regardless of inflation.

  • False. A higher wage increases purchasing power regardless of inflation.

Explicación

Pregunta 55 de 103

1

Indicate whether the following statement is true or false and why. "A wage rising slower than the rate of inflation is actually falling."

Selecciona una de las siguientes respuestas posibles:

  • True. If wages are increasing slower that the average price of goods and services, purchasing power increases.

  • True. If wages are increasing slower that the average price of goods and services, purchasing power falls.

  • False. A higher wage decreases purchasing power regardless of inflation.

  • False. A higher wage increases purchasing power regardless of inflation.

Explicación

Pregunta 56 de 103

1

Indicate whether the following statement is true or false and why. "A wage rising slower than the rate of inflation is actually falling."

Selecciona una de las siguientes respuestas posibles:

  • True. If wages are increasing slower that the average price of goods and services, purchasing power increases.

  • True. If wages are increasing slower that the average price of goods and services, purchasing power falls.

  • False. A higher wage decreases purchasing power regardless of inflation.

  • False. A higher wage increases purchasing power regardless of inflation.

Explicación

Pregunta 57 de 103

1

When the economy is at full employment,

Selecciona una de las siguientes respuestas posibles:

  • all remaining unemployment is either frictional or structural.

  • the nature rate of unemployment prevails.

  • the unemployment rate is greater than zero.

  • All of the above.

Explicación

Pregunta 58 de 103

1

Which of the following formulas does the Bureau of Labor Statistics use to calculate the unemployment rate?

Selecciona una de las siguientes respuestas posibles:

  • Number of unemployed
    ________________________ x 100
    Working-age population

  • Number of unemployed
    ________________________ x 100
    Number of employed

  • Number in labor force
    ________________________ x 100
    Number of unemployed

  • Number of unemployed
    ________________________ x 100
    Number in labor force

Explicación

Pregunta 59 de 103

1

The true cost of borrowing and lending is best measured by

Selecciona una de las siguientes respuestas posibles:

  • the inflation rate.

  • the three-month U.S. Treasury bill rate.

  • the nominal interest rate.

  • the real interest rate.

Explicación

Pregunta 60 de 103

1

Which of the following can give an early warning of future increases in the price level?

Selecciona una de las siguientes respuestas posibles:

  • Consumer price index

  • Producer price index

  • GDP deflator

  • All of the above

Explicación

Pregunta 61 de 103

1

Which of the following can give an early warning of future increases in the price level

Selecciona una de las siguientes respuestas posibles:

  • Consumer price index

  • Producer price index

  • GDP deflator

  • All of the above

Explicación

Pregunta 62 de 103

1

As of September 2011, which of the following demographics groups has the highest unemployment rate?

Selecciona una de las siguientes respuestas posibles:

  • Asians

  • African Americans

  • Hispanics

  • Whites

Explicación

Pregunta 63 de 103

1

What effect do labor unions have on the unemployment rate?

Selecciona una de las siguientes respuestas posibles:

  • By increasing the wage above market equilibrium, labor unions considerably increase the unemployment rate.

  • By increasing the wage above market equilibrium, labor unions considerably decrease the unemployment rate.

  • Labor unions can significantly increase the unemployment rate when members go on strike.

  • Since few non-government workers are unionized, there is no significant effect on the unemployment rate.

Explicación

Pregunta 64 de 103

1

What factors would cause the U.S. labor productivity to be nearly six times higher than Russian labor productivity?

Selecciona una de las siguientes respuestas posibles:

  • The size of the civilian labor force in larger in Russia, causing diminishing returns to set in.

  • The size of the civilian labor force is larger in the U.S.

  • The U.S. has more capital available per worker and higher levels of technology.

  • Russia overall has a smaller capital stock

Explicación

Pregunta 65 de 103

1

During a recession, unemployment would be expected to

Selecciona una de las siguientes respuestas posibles:

  • increase

  • decrease

  • stay the same

Explicación

Pregunta 66 de 103

1

during a recession, durable goods production, such as automobiles, would be expected to

Selecciona una de las siguientes respuestas posibles:

  • increase

  • decrease

  • stay the same

Explicación

Pregunta 67 de 103

1

During a recession, the inflation rate would be expected to

Selecciona una de las siguientes respuestas posibles:

  • stay the same

  • decrease

  • increase

Explicación

Pregunta 68 de 103

1

The most important factor in explaining increases in real GDP per capita in the long run is increase in productivity.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 69 de 103

1

When tax revenue exceeds government spending (government purchases and transfer payment) there is a

Selecciona una de las siguientes respuestas posibles:

  • budget surplus

  • balanced budget

  • budget deficit

Explicación

Pregunta 70 de 103

1

When tax revenue equals government spending there is a

Selecciona una de las siguientes respuestas posibles:

  • balanced budget

  • budget surplus

  • budget deficit

Explicación

Pregunta 71 de 103

1

When tax revenue is less than government spending there is a

Selecciona una de las siguientes respuestas posibles:

  • budget deficit

  • a balanced budget

  • budget surplus

Explicación

Pregunta 72 de 103

1

Which of the following expressions shows the investment-saving equality?

Selecciona una de las siguientes respuestas posibles:

  • S=Y+T-TR-G

  • S=Y+T-C-G

  • S=Y-C-G

  • S=Y+TR-C-T

Explicación

Pregunta 73 de 103

1

Which of the following is not a loanable fund?

Selecciona una de las siguientes respuestas posibles:

  • Real estate

  • Bank certificates of deposit

  • Bonds

  • Mutual fund shares

Explicación

Pregunta 74 de 103

1

Households supply loanable funds because of the

Selecciona una de las siguientes respuestas posibles:

  • wage income earned from working in the financial markets.

  • rent income they receive as resource owner.

  • interest income received from the borrowers

  • profit income earned from running a money-lending business

Explicación

Pregunta 75 de 103

1

Businesses demand loanable funds because

Selecciona una de las siguientes respuestas posibles:

  • firms need to borrow funds for new projects, such as building new factories or carrying out new projects

  • households charge a much higher rate of interest than the going rate of interest in the loanable funds market.

Explicación

Pregunta 76 de 103

1

What is the general relationship between the business cycle and unemployment and inflation?

Selecciona una de las siguientes respuestas posibles:

  • During an expansion, unemployment and inflation increase.

  • During an expansion, unemployment falls and inflation increase.

  • During an recession, unemployment and inflation increase.

  • During an recession, unemployment and inflation decrease.

Explicación

Pregunta 77 de 103

1

The rule of 70 is a mathematical formula that is used to calculate the number of years it takes real GDP per capita or any other variable to double.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 78 de 103

1

Crowding out occurs when governments must borrow funds which cause interest rates to rise and thus private investment is reduced.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 79 de 103

1

Two key factors that cause labor productivity to increase over time are

Selecciona una o más de las siguientes respuestas posibles:

  • quantity of capital per hour worked

  • level of technology

  • quantity of labor per hour worked

  • decline in unionization

  • slacking of labor laws

Explicación

Pregunta 80 de 103

1

Which of the following will NOT lead to economic growth?

Selecciona una de las siguientes respuestas posibles:

  • Technological change

  • Increase in the capital stock

  • Increase in average wages

  • Improved labor productivity

Explicación

Pregunta 81 de 103

1

Which of the following is most likely to lead to sustained long-run growth?

Selecciona una de las siguientes respuestas posibles:

  • increases in labor productivity

  • increases in the labor participation rate

  • exploitation of natural resources

  • transfer of workers from agricultural to industrial sectors

Explicación

Pregunta 82 de 103

1

During the expansion phase of the business cycle, production, employment, and income

Selecciona una de las siguientes respuestas posibles:

  • increase

  • decrease

Explicación

Pregunta 83 de 103

1

During the recession phase of the business cycle, production, employment, and income

Selecciona una de las siguientes respuestas posibles:

  • increase

  • decrease

Explicación

Pregunta 84 de 103

1

Firms that act as financial intermediaries match households that have excess funds with firms that want to borrow funds. What other key services does the financial system provide to savers and lenders?

Selecciona una o más de las siguientes respuestas posibles:

  • allows savers to spread their money among many financial investments.

  • provides an easy method of exchanging a financial security for money.

  • collects and communicates information about borrowers to savers.

  • insures investments against decreasing in value.

Explicación

Pregunta 85 de 103

1

Long-run growth in GDP is determined by

Selecciona una de las siguientes respuestas posibles:

  • capital, labor productivity, and technology

  • capital, labor productivity, and government expenditures

  • consumption, investment, and government expenditures

  • consumption, investment, and technology

Explicación

Pregunta 86 de 103

1

Technological progress is affected by

Selecciona una o más de las siguientes respuestas posibles:

  • private property rights

  • new software developments

  • population growth

  • investment in capital

  • entrepreneurship

Explicación

Pregunta 87 de 103

1

Potential GDP

Selecciona una o más de las siguientes respuestas posibles:

  • measures the maximum that a firm is capable of producing

  • increases over time as the labor force grows.

  • increases over time as technological change occurs

Explicación

Pregunta 88 de 103

1

Which of the following contribute(s) to shorter recessions,longer expansions, and less severe fluctuations in real GDP?

Selecciona una o más de las siguientes respuestas posibles:

  • monetary policy

  • unemployment insurance

  • a service-based economy

Explicación

Pregunta 89 de 103

1

Business cycle: alternating periods of economics expansion and economic recession.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 90 de 103

1

Long-run economic growth: the process by which rising productivity increases the average standard of living.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 91 de 103

1

The best measurement for the standard of living is

Selecciona una o más de las siguientes respuestas posibles:

  • GDP per person

  • real GDP per capita

Explicación

Pregunta 92 de 103

1

This is the equation of growth of real GDP:

Real GDP 2012 - Real GDP 2011
--------------------------------------------- x 100
Real GDP 2011

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 93 de 103

1

Rule of 70= the number of years to double.

70
----------------
Growth rate

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 94 de 103

1

The quantity of goods and services that can be produced in one hour of work or by one worker

Selecciona una de las siguientes respuestas posibles:

  • labor productivity

  • capital

  • potential GDP

Explicación

Pregunta 95 de 103

1

The quantity of goods and services that can be produced in one hour of work or by one worker

Selecciona una de las siguientes respuestas posibles:

  • labor productivity

  • capital

  • potential GDP

Explicación

Pregunta 96 de 103

1

Manufactured goods that are used to produce goods and services.

Selecciona una de las siguientes respuestas posibles:

  • capital

  • Financial markets

Explicación

Pregunta 97 de 103

1

The level of real GDP attained when all firms are producing at capacity.

Selecciona una de las siguientes respuestas posibles:

  • Potential GDP

  • Labor productivity

Explicación

Pregunta 98 de 103

1

Markets where financial securities such as stocks and bonds are bought and sold.

Selecciona una de las siguientes respuestas posibles:

  • financial markets

  • financial intermediaries

Explicación

Pregunta 99 de 103

1

The system of financial markets and financial intermediaries through which firms gain funds from households.

Selecciona una de las siguientes respuestas posibles:

  • Financial system

  • Financial market

Explicación

Pregunta 100 de 103

1

Firms such as banks, mutual funds, pension funds, and insurance companies, that barrow funds from savers and lend then to borrowers.

Selecciona una de las siguientes respuestas posibles:

  • Financial intermediaries

  • Financial advisors

Explicación

Pregunta 101 de 103

1

The interaction of borrowers and lenders that determines the market interest rate and quantity of loanable funds exchanged.

Selecciona una de las siguientes respuestas posibles:

  • Market for loanable funds

  • Crowding out

Explicación

Pregunta 102 de 103

1

A decline in private expenditures as a result of an increase in Government purchases.

Selecciona una de las siguientes respuestas posibles:

  • Crowding out

  • Crowding in

Explicación

Pregunta 103 de 103

1

During a recession, durable goods decrease and undurable goods don't change because they are essential.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

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