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the market where business sell goods and services to
households and the government is called a. goods market b. factor
market c. capital market d. money market 2. Real gross domestic
product is best defined as a. the market value of intermediate
goods and services produced in an economy including exports b. all
goods and services produced in an economy, stated in prices in a
given year and multiplied by quantity c. the market value of all
final goods and services produced in an economy stated in the
prices of a given year d. the market value of goods and services
produced in an economy stated in current year prices 3.
underemployment includes a. who work off the books to avoid paying
taxes b. who are working part time or not using all their skills at
a fulltime job c. who are tired of looking for a job so they quit
looking but still want one d. whose skills are not in demand
anymore 4. .The bureau of economic analysis is responsible for
which of the following a. setting interest rates b. managing the
money supply c. calculating the US gross domestic product d. paying
unemployment benefits 5. The federal reserve provides which of the
following data a. federal funds rate b. stock price of GE c. bond
yields of corporation d. debt to GDP of Ireland 6. Consider if the
government instituted a 10% income tax surcharge. In terms of the
AS/AD model this change should have a. shifted the AD curve to the
left b. shifted the AD curve to the right c. made the AD curve
flatter 7. The largest source of household income is in the U.S. is
obtained a. stock dividends b. wages and salaries c. interest
earnings d. rental income 8. If the depreciation of a country’s
currency increases it aggregate expenditures by 20, the AD curve
will a. shift right by more than 20 b. shift right by less than 20
c. shift right by exactly 20 d. not shift at all 9. Aggregate
demand management policies are designed most directly to a.
minimize unemployment b. minimize inflation c. control the
aggregate level of spending in the economy d. prevent budget
deficits or surpluses 10. Suppose that consumer spending is
expected to decrease in the near future. If output is at potential
output, which of the following policies is most appropriate
according to the AS/AD model a. an increase in government spending
b. an increase in taxes c. a reduction in government spending d. no
change in taxes or government spending. 11. According to Keynes,
market economies A. never experience significant declines in
aggregate demand B. quickly recover after they experience a
significant decline in aggregate demand C. may recover slowly after
they experience a significant decline in aggregate demand D. are
constantly experiencing significant declines in aggregate demand
12. The laissez-faire policy prescription to eliminate unemployment
was to A. eliminate labor unions and government policies that hold
real wages too high B. strengthen unions and government regulations
protecting unions and workers C. increase real wages so that people
are encouraged to work D. have government guarantee jobs for
everyone 13. In the AS/AD model, an expansionary monetary policy
has the greatest effect on the price level when it A. increases
both nominal and real income B. increases real income but not
nominal income C. increases nominal income but not real income D.
doesn’t increase real or nominal income 14. The Federal funds rate
A. is always slightly higher than the discount rate B. can never be
close to zero C. may sometimes have to be targeted at zero D. is an
intermediate target 15. What tool of monetary policy will the
Federal Reserve use to increase the federal funds rate from 1% to
1.25%? A. Open-market operations B. The discount rate C. A change
in reserve requirements D. Margin requirements 16. If the Federal
Reserve increases the required reserves, financial institutions
will likely lend out A. more than before, increasing the money
supply B. less than before, decreasing the money supply C. more
than before, decreasing the money supply D. less than before,
increasing the money supply 17. Suppose the money multiplier in the
U.S. is 3. Suppose further that if the Federal Reserve changes the
discount rate by 1 percentage point, banks change their reserves by
300. To increase the money supply by 2700 the Federal Reserve
should A. reduce the discount rate by 3 percentage points B. reduce
the discount rate by 10 percentage points C. raise the discount
rate by 3 percentage points D. raise the discount rate by 10
percentage points 18. If the Federal Reserve reduced its reserve
requirement from 6.5 percent to 5 percent. This policy would most
likely A. increase both the money multiplier and the money supply
B. increase the money multiplier but decrease the money supply C.
decrease the money multiplier but increase the money supply D.
decrease both the money multiplier and the money supply 19. A
country can have a trade deficit as long as it can A. purchase
foreign assets B. make loans to other countries C. borrow from or
sell assets to foreigners D. produce more than it consumes. 20. A
weaker dollar A. raises inflation and contracts the economy. B.
reduces inflation and contracts the economy C. raises inflation and
expands the economy D. reduces inflation and expands the economy
21. In the short run, a trade deficit allows more consumption, but
in the long run, a trade deficit is a problem because A. the
country eventually will consume more and produce less B. the
country eventually will sell all its financial assets to foreigners
C. the domestic currency will appreciate D. the country eventually
has to produce more than it consumes in order to pay foreigners
their profits 22. Considering an economy with a current trade
deficit and considering only the direct effect on income, an
expansionary monetary policy tends to A. decrease the exchange rate
and increase the trade deficit B. increase the exchange rate and
increase the trade deficit C. decrease the exchange rate and
decrease the trade deficit D. increase the exchange rate and
decrease the trade deficit 23. The balance of trade measures the A.
difference between the value of imports and exports B. share of
U.S. imports coming from various regions of the world C. share of
U.S. exports going to various regions of the world D. exchange rate
needed to make imports equal exports 24. When a country runs a
trade deficit, it does so by: A. borrowing from foreign countries
or selling assets to them. B. borrowing from foreign countries or
buying assets from them. C. lending to foreign countries or selling
assets to them. D. lending to foreign countries or buying assets
from them. 25. Expansionary fiscal policy tends to A. raise U.S.
income, increase U.S. imports, and increase the trade deficit B.
raise U.S. income, increase U.S. imports, and lower the trade
deficit C. lower U.S. income, reduce U.S. imports, and increase the
trade deficit D. lower U.S. income, reduce U.S. imports, and lower
the trade deficit 26. In considering the net effect of expansionary
fiscal policy on the trade deficit, the A. income effect offsets
the price effect B. price effect offsets the income effect C.
income and price effects work in the same direction, so the trade
deficit is decreased D. income and price effects work in the same
direction, so the trade deficit is increased 27. If U.S. interest
rates fall relative to Japanese interest rates and Japanese
inflation falls relative to U.S. inflation, then the A. dollar will
lose value in terms of yen B. dollar will gain value in terms of
yen C. dollar’s value will not change in terms of yen D. change in
the dollar’s value cannot be determined 28. Expansionary monetary
policy tends to A. lower the U.S. interest rate and increase the
U.S. exchange rate B. lower the U.S. interest rate and decrease the
U.S. exchange rate C. increase the U.S. interest rate and decrease
the U.S. exchange rate D. increase the U.S. interest rate and
increase the U.S. exchange rate 29. The U.S. has limits on Chinese
textile imports. Such limits are an example of A. a tariff B. a
quota C. a regulatory trade restriction D. an embargo 30. Duties
imposed by the U.S. government on imported Chinese frozen and
canned shrimp are an example of A. tariffs B. quotas C. voluntary
restrictions D. regulatory trade restrictions
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