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ECON 103 Exam#2

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ECON 103 Quiz sobre ECON 103 Exam#2, criado por Natalie Balzert em 07-11-2016.
Natalie Balzert
Quiz por Natalie Balzert, atualizado more than 1 year ago
Natalie Balzert
Criado por Natalie Balzert aproximadamente 8 anos atrás
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Resumo de Recurso

Questão 1

Questão
Aggregate Supply represents:
Responda
  • total expenditure in the economy
  • total production in the economy
  • total of all wages paid in the economy
  • a and b only
  • a, b, and c

Questão 2

Questão
Two other names for the LRAS is [blank_start]Natural Real GDP[blank_end], [blank_start]Full Employment Real GDP[blank_end].
Responda
  • Natural Real GDP
  • Full Employment Real GDP

Questão 3

Questão
An oil price decrease in the US should shift:
Responda
  • aggregate demand to the left
  • aggregate supply to the left
  • aggregate demand to the right
  • aggregate supply to the right

Questão 4

Questão
An oil price decrease in the US should increase prices and lower Real GPD.
Responda
  • True
  • False

Questão 5

Questão
An increase in the money supply would shift:
Responda
  • aggregate demand to the left
  • aggregate supply to the left
  • aggregate demand to the right
  • aggregate supply to the right

Questão 6

Questão
A government budget cut would shift:
Responda
  • aggregate demand to the left
  • aggregate supply to the left
  • aggregate demand to the right
  • aggregate supply yo the right

Questão 7

Questão
A government budget cut would:
Responda
  • increase prices and lower Real GDP
  • increase prices and raise Real GDP
  • decrease prices and lower Real GDP
  • decease prices and raise Real GDP

Questão 8

Questão
An increase in US imports would:
Responda
  • increase prices and lower Real GDP
  • Increase prices and raise Real GDP
  • decrease prices and lower Real GDP
  • decrease prices and raise Real GDP

Questão 9

Questão
In a Classical view of the world, what factor makes savings equal to investment?
Responda
  • wages
  • interest rates
  • neither a or b
  • a and b together

Questão 10

Questão
Classical economists believe the government never should try to balance the economy, it is better left alone.
Responda
  • True
  • False

Questão 11

Questão
Say's Law is:
Responda
  • good money drives bad money out of the circulation
  • production creates the income necessary to buy everything produced
  • prices must adjust so that all goods produced are sold
  • equilibrium always exists

Questão 12

Questão
Classical economists believe that in the long run, whether or not there is unemployment is determined solely by aggregate supply, not aggregate demand.
Responda
  • True
  • False

Questão 13

Questão
If my wage was $10 per hour and bread cost $2.50 per loaf last month and this month my wage is $9 per month and bread costs $3 per loaf, my nominal wage has fallen and my real wage has risen.
Responda
  • True
  • False

Questão 14

Questão
[blank_start]Thomas Malthus[blank_end] was the person who believed that population growth would outpace the food supply.
Responda
  • Thomas Malthus

Questão 15

Questão
A recessionary gap would be eliminated, according to Classical economists:
Responda
  • only through government spending and taxing changes
  • because wages fall, without any government spending action
  • because wages fall, caused by actions of the government
  • because wages rise, without any government action

Questão 16

Questão
Classical economists believed the economy would reach a "stationary state" in the long run.
Responda
  • True
  • False

Questão 17

Questão
Classical economics is based on the concept that markets always give the correct price and that they move to that price quickly.
Responda
  • True
  • False

Questão 18

Questão
Suppose my income this month is $8,000 and I spent $7,000, and last month my income was $6,000 and I spent $6,000. What is my MPC? My MPC is [blank_start]0.5[blank_end].
Responda
  • 0.5

Questão 19

Questão
If my MPC is what you calculated previously, a &50 billion increase in government spending would cuase how big a change in GDP? $ [blank_start]100[blank_end] B.
Responda
  • 100

Questão 20

Questão
A recessionary gap would be eliminated, according to Keynesian economists:
Responda
  • only though government action
  • because wages fall, without any government action
  • because wages fall, caused by actions of the government
  • because wages rise, without any government action

Questão 21

Questão
To Keynes, the most common cause of recessions is not enough:
Responda
  • consumption
  • investment
  • savings
  • prices

Questão 22

Questão
According to Keynes, in the long run we are all [blank_start]dead[blank_end].
Responda
  • dead

Questão 23

Questão
According to Keynes, the most important determinant of investment is [blank_start]expectations[blank_end].
Responda
  • expectations

Questão 24

Questão
Keynes' other expression for the previous answer is [blank_start]Animal Spirit[blank_end].
Responda
  • Animal Spirit

Questão 25

Questão
In Keynes' view, savings and investment do not have to be equal, where in the Classical view they always were.
Responda
  • True
  • False

Questão 26

Questão
Keynes believed the Great Depression came about because:
Responda
  • wages did not fall far enough
  • wages did not fall fast enough
  • wages fell, but prices didn't
  • none of the above

Questão 27

Questão
Keynes' theory is based primarily around:
Responda
  • aggregate demand
  • aggregate supply
  • using both aggregate demand and aggregate supply together
  • 2:30 in the afternoon

Questão 28

Questão
According to Keynes, the most important determinant of savings is [blank_start]income[blank_end].
Responda
  • income

Questão 29

Questão
According to the Classical Theory, savings and investments are determined by [blank_start]interest rates[blank_end].
Responda
  • interest rates

Questão 30

Questão
[blank_start]Arthur Laffer[blank_end] is the person who is thought of as the creator of supply side economics.
Responda
  • Arthur Laffer

Questão 31

Questão
According to supply side theory, the Reagan and Bush tax cuts which targeted the rich will [blank_start]trickle down[blank_end] to the poor and middle class, helping everyone eventually.
Responda
  • trickle down

Questão 32

Questão
One legacy of supply side economics is that we now care anout what variable in macroeconomics that we did not before?
Responda
  • investment
  • nominal wages
  • worker productivity
  • taxes

Questão 33

Questão
According to your professor, John Lennon was killed by [blank_start]income taxes[blank_end].
Responda
  • income taxes

Questão 34

Questão
The equation of exchange is [blank_start]MV[blank_end] = [blank_start]PQ[blank_end].
Responda
  • MV
  • PQ

Questão 35

Questão
[blank_start]Milton Friedman[blank_end] is the person we associate with this equation in modern times.
Responda
  • Milton Friedman

Questão 36

Questão
The equation of exchange as interpreted by the person in the previous question says that increases in the money supply cause inflation and decrease in the money supply cause recessions.
Responda
  • True
  • False

Questão 37

Questão
The Neo-Classical [blank_start]Synthesis[blank_end] is the bringing together of Classical and Keynesian theory into modern economic theories.
Responda
  • Synthesis

Questão 38

Questão
New Keynesian economists blame recessions on:
Responda
  • "sticky" wages and prices
  • lack of spending
  • supply shocks
  • effective demand failures

Questão 39

Questão
New Classical economists blame recessions on:
Responda
  • "sticky" wages and prices
  • lack of spending
  • supply shocks
  • effective demand failures

Questão 40

Questão
Ben Bernanke, former chair of the Federal Reserve, blames the 2007 recession om too much savings coming into the United States, mostly from China.
Responda
  • True
  • False

Questão 41

Questão
Both New Keynesians and New Classicals believe the economy works according to Classical theory in the long run.
Responda
  • True
  • False

Questão 42

Questão
Aggregate Demand is:
Responda
  • total expenditure in the economy
  • total production in the economy
  • total consumer activity in the economy
  • both a and b

Questão 43

Questão
Keynesian economists believed that interest rates are determined by:
Responda
  • savings and investment
  • supply and demand for money
  • supply and demand for investment
  • money and savings

Questão 44

Questão
According to the Keynesians, the economy may be in disequiliribium.
Responda
  • True
  • False

Questão 45

Questão
The key to supply side economics is [blank_start]incentives[blank_end].
Responda
  • incentives

Questão 46

Questão
According to a Keynesian, _____ is the most volatile factor of the following:
Responda
  • consumption
  • taxes
  • savings
  • investment

Questão 47

Questão
Supply Side economics was correct in predicting that deregulation targeted at individual industries would improve the performance of the whole economy.
Responda
  • True
  • False

Questão 48

Questão
Most modern economists are:
Responda
  • New Monetarists
  • New Keynesians
  • New Classicals
  • New Orleans

Questão 49

Questão
The Laffer Curve says that there is a trade-off between inflation and unemployment.
Responda
  • True
  • False

Questão 50

Questão
New Classicals argue that new technologies destroy old jobs before they create many new jobs.
Responda
  • True
  • False

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