Let Quiz 3/Economics - Macroeconomics

The difference between a change in quantity demanded and a change in demand is that a change in:

"If Congress cuts income taxes, demand for output is likely to increase" is a ________ statement about ________ policy.

Which of the following conditions must be satisfied for the demand for domestic goods to be equal to the domestic demand for goods?

4

Injections to the economy include consumption, investment, and government spending

5

An increase in the expected inflation rate will ________ the ________ for gold, ________ its price, everything else held constant

6

Everything else equal, if the growth rate of a country exceeds its sustainable rate, the central bank:

7

In the simple accelerator model, if expected output declines,

8

One of the two criteria for a resource to be considered as a natural resource is that it must:

9

The proportion of domestic demand for a good that is satisfied by domestic production relative to that supplied by imports is determined by:

10

Expansionary fiscal policy will

11

Over very long periods, U.S. real economic growth averaged around:

12

Most entrepreneurs become extremely wealthy.

13

As wages and prices become more flexible ________

14

The large number of banks in the United States is an indication of

15

Which of the following contributed to the sharp increase in Federal tax revenues between 1995 and 2001?

16

International capital mobility refers to

17

Suppose that there are only two countries in the world, Heartland and Soulland. The two countries produce only two goods, corn and drill presses. At its current level of production, Heartland must give up production of 1/4 drill press to produce an additional 100 bushels of corn. Soulland must give up 1 drill press to produce an additional 100 bushels of corn. No trade now occurs between the two economies, and both economies are operating on their respective production possibilities frontiers. 89. (Exhibit: Heartland and Soulland) The country with a comparative advantage in the production of corn is:

18

Suppose that there is a negative externality associated with alcohol consumption in the United States (e.g., costs of publicly funded alcoholism treatment centers). What will happen to the social costs of this externality if the United States eliminates all tariffs on alcohol imports?

19

The end of a recession is called the:

20

Referring to the table above, if consumption in period one is zero, then consumption in period two cannot be greater than ________

21

If the demand is perfectly elastic, what would happen to the quantity demanded if there is a tiny increase in price?

22

During the post war period,

23

Which of the following was an outcome of political disagreement about balancing the federal budget in 2013?

24

The usual response of the banking system to new government regulations is

25

In an economy of 100 people in the labor force, if 10 people are unemployed for 4 weeks during the year, and 30 people are unemployed for 8 weeks during the year, and the rest are employed continuously throughout the year, then the average duration of unemployment in this economy is:

26

Given the expected rate of return on all possible investment opportunities in the economy, a(n):

27

Which of the following is considered a potential solution to some regulatory capture?

28

The aggregate expenditure model focuses on the ________ relationship between real spending and ________.

29

If the exchange rate between the Canadian dollar and the American dollar was fixed at 1.30 Canadian dollars per U.S. dollar and investors perceived Canadian bonds to be equal in value and risk to U.S. bonds, if the U.S. bonds are selling for $1,000 and have a 5 percent interest rate, assuming capital flows freely between the two countries what will be the price and the interest rate of the Canadian bonds?

30

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206Suppose Smith and Jones begin by producing 0 computers and 220 calculators per hour. If they wish to produce 2 computers and 200 calculators per hour efficiently, then Smith should spend ________, and Jones should spend ________.

31

There is a double coincidence of wants when

32

What did Steckel (1986) find when he compared the slave population to today's white population?

33

An open market sale of securities will tend to cause

34

To say monetary policy is transparent implies:

35

Suppose the demand for money becomes less sensitive to changes in the interest rate

36

Assume that pencils and pens are substitutes. If the price of pencils rises ceteris paribus, then we will see

37

In most markets, the equilibrium price is achieved

38

An increase in taxes (when Ricardian equivalence doesn't hold) causes the real interest rate to ________ and the price level to ________ in general equilibrium

39

Banking crises have occurred throughout the world. What similarities do we find when we look at the different countries?

40

Compared to the GDP deflator, the consumer price index measures:

41

When the value of the British pound changes from $1.25 to $1.50, the pound has ________ and the U.S. dollar has ________

42

A World View article, "The Female 'Inequality Trap,'" says that in many poor nations the "… returns on female human capital investment is low." When women are not allowed to work outside the home or to receive an education, this is referred to as

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Let Quiz 3/Economics - Macroeconomics

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