Archives: Quiz
Economics Chapter 12 Keynes The Primary Determinant Person Saving Isa
Chapter 12 Consumption, Real GDP, and the Multiplier 455 43) According to the above figure, autonomous consumption equals A) $0. B) $5,000. C) $20,000. D) $5,000. 44) Refer to the above figure. If real disposable income is less than $5,000, […]
Economics Chapter 12 For Investment Take Place There Must Saving diff
Chapter 12 Consumption, Real GDP, and the Multiplier 12.1 Some Simplifying Assumptions in a Keynesian Model 1) Which of the following is NOT a simplifying assumption in the simple Keynesian model? A) Net investment and gross investment are equal. B) […]
Economics Chapter 11 Explaining Short Run Variations
Chapter 11 Classical and Keynesian Macro Analyses 417 37) If the U.S. government were to relax its restrictions on offshore oil well drilling and open drilling in Alaskan national parks, the result to aggregate supply would be to A) cause […]
Economics Chapter 11 Gross Domestic Product Gdp Greater Than Full employment
Chapter 11 Classical and Keynesian Macro Analyses 399 22) According to the above figure, what will the price level be in the new long run equilibrium? A) 115 B) 110 C) 100 D) Less than 100 23) What is the […]
Economics Chapter 11 Status Revised 59 Refer The Above Figure Which
Chapter 11 Classical and Keynesian Macro Analyses 379 21) Keynes suggested that the short run aggregate supply (SRAS) curve A) is vertical. B) is horizontal. C) slopes downward. D) is not a relevant concept. 22) Keynesian economics predicts that if […]
Economics Chapter 11 Higher unemployment tends to be associated with
Chapter 11 Classical and Keynesian Macro Analyses 359 86) Saving is not a problem in the classical model because A) the classical economists assume that saving was beneficial to people for retirement. B) saving would be spent by consumers eventually. […]
Economics Chapter 11 The Classical Modela Analytic
Chapter 11 Classical and Keynesian Macro Analyses 11.1 The Classical Model 1) Whom among the following was a classical economist? A) Adam Smith B) A. C. Pigou C) David Ricardo D) all of the above 2) All of the following […]
Economics Chapter 10 Status Previous Edition3 There Are Steady Decreases
322 Miller Economics Today, 16th Edition 15) When the price level is below the level at which the aggregate demand curve crosses the long run aggregate supply curve, A) there will be no price level change. B) there will be […]
Economics Chapter 10 Shifts The Aggregate Demand
304 Miller Economics Today, 16th Edition 81) The aggregate demand curve shows A) a direct relationship between changes in the price level and changes in real GDP. B) real GDP does not change as the price level changes. C) an […]
Economics Chapter 10 Total Expenditures And Aggregate
284 Miller Economics Today, 16th Edition 7) The sum of all planned expenditures for the entire economy at each possible price level is A) aggregate supply. B) effective demand. C) aggregate demand. D) actual expenditures by consumers. 8) The aggregate […]
Economics Chapter 10 The Above Figure Shows Aa Short Run
Chapter 10 Real GDP and the Price Level in the Long Run 10.1 Output Growth and the Long Run Aggregate Supply Curve 1) The aggregate supply curve A) shows what each producer is willing and able to produce at each […]
Economics Chapter 9 Establishing System Property Rights Creative Destruction Where
250 Miller Economics Today, 16th Edition 4) A system of private property rights A) enhances economic growth by creating incentives to the Fed to maintain stable prices. B) enhances economic growth by increasing the probability that a person can gain […]
Economics Chapter 9 New Growth Theory And The Determinants Growth
Chapter 9 Global Economic Growth and Development 235 18) According to economist Paul Romer, economies that wish to experience growth must A) invest most of their savings in national defense. B) invest in knowledge. C) drastically lower their standards of […]
Economics Chapter 9 Saving Fundamental Determinant Economic
Chapter 9 Global Economic Growth and Development 215 80) What is the real GDP after four years if Country X s average annual growth rate is 8.6 percent and the initial real GDP was $2,756.0 million? A) $2,993.0 million B) […]
Economics Chapter 9 Economic growth is best measured by increases in
Chapter 9 Global Economic Growth and Development 9.1 How Do We Define Economic Growth? 1) An increase in growth rates will cause the production possibilities curve to A) shift inward. B) b ecome steeper. C) b ecome flatter. D) shift […]
Economics Chapter 8 Gdp Measured Ind When Individual Does Not
176 Miller Economics Today, 16th Edition 51) Disposable personal income is A) the total of factor payments to owners of resources. B) the dollar value of all final goods and services produced in a country in a year. C) the […]
Economics Chapter 8 Excluding indirect business taxes and depreciation
Chapter 8 Measuring the Economy s Performance 157 85) Net investment refers to A) the change in the capital stock after subtracting out depreciation. B) the change in inventories over a 1 year period. C) the change in investment spending […]
Economics Chapter 8 Measuring Gdp Analytic Skills question Status Previous Edition consumption
Chapter 8 Measuring the Economy s Performance 137 107) Define and explain gross domestic product. 108) Why aren t financial transactions, sales of secondhand goods, and household production included in measuring GDP? Answer: Financial transactions do not involve the production […]
Economics Chapter 8 Status Previous Edition 66 Gdp Measure All The
Chapter 8 Measuring the Economy s Performance 117 25) Why might a homemaker be upset with the way Gross Domestic Product (GDP) is calculated? A) Because the government always underestimates the dollar value of the household services produced at home […]
Economics Chapter 8 Measuring The Economy Performance 81 The Simple
Chapter 8 Measuring the Economy s Performance 8.1 The Simple Circular Flow 1) The simple circular flow of income shows that the total income in an economy equals A) total profits earned by firms. B) all taxes paid by households. […]
Economics Chapter 7 The Macroeconomy Unemployment Inflation
Chapter 7 The Macroeconomy: Unemployment, Inflation, and Deflation 79 26) The nominal rate of interest is A) the interest rate observed in today s market. B) the interest rate observed in the market minus the inflation premium. C) not influenced […]
Economics Chapter 7 Inflation And Deflation Analytic Skills question Status Previous
Chapter 7 The Macroeconomy: Unemployment, Inflation, and Deflation 61 2005 Market Basket 2005 2010 Commodity Quantity Price Price A 50 3 4 B 75 2 3 50) Refer to the above table. You are given information on Jane s consumption […]
Economics Chapter 7 All Goods And Services Economy Relative Price
Chapter 7 The Macroeconomy: Unemployment, Inflation, and Deflation 41 36) Which of the following statements is true about the seasonally adjusted unemployment rate? A) The seasonally adjusted unemployment rate is the sum of the frictional unemployment rate, structural unemployment rate, […]
Economics Chapter 7 Status Previous Edition131 What
Chapter 7 The Macroeconomy: Unemployment, Inflation, and Deflation 21 87) A discouraged worker is someone who A) has been fired. B) is unemployed. C) is not in the labor force. D) is employed. 88) One criticism of the unemployment rate […]
Economics Chapter 7 The Duration Unemployment Tends Toa Increase When
Chapter 7 The Macroeconomy: Unemployment, Inflation, and Deflation 7.1 Unemployment 1) Which of the following is true of unemployment? A) It is defined as the number of people actively looking for work who do not have jobs. B) The result […]
Economics Chapter 6 Taxation From The Point
534 Miller Economics Today, 16th Edition 37) Dynamic tax analysis assumes A) all of the present tax rates will be in place for a minimum of twenty years. B) changes in the tax rates have no effect on the tax […]
Economics Chapter 6 The tax that brings in the most revenue in the
518 Miller Economics Today, 16th Edition 19) Eight years ago you purchased an asset for $100,000 that has yielded a nominal capital gain of $30,000. If you sold the asset today, your inflation adjusted capital gains would be zero due […]
Economics Chapter 6 United States The Value All Goods Services
Chapter 6 Funding the Public Sector 6.1 Paying for the Public Sector 1) The fact that every dollar that the government spends or transfers must ultimately be provided by the taxes and user charges it collects plus government borrowing is […]
Economics Chapter 5 Status Previous Edition 52 What One Result The
Chapter 5 Public Spending and Public Choice 483 24) In the above figure, if a Medicare subsidy that had previously been paid by the government has now been eliminated, the result will be A) an increase in the price received […]
Economics Chapter 5 The Political Functions Government question Status Previous
Chapter 5 Public Spending and Public Choice 467 94) Explain why ensuring economic stability is an economics function of government? 95) Suppose a valley periodically floods. A dam can be built in the river that would prevent the flooding. Explain […]
Economics Chapter 5 The Other Economic Functions
Chapter 5 Public Spending and Public Choice 447 9) The legal system in the United States tends A) to support monopolies. B) to actively discourage unionization. C) to discourage the entry of new firms into industries. D) to promote competition. […]
Economics Chapter 5 Economics Today Edition 99 External Benefits Are Taken
Chapter 5 Public Spending and Public Choice 427 61) An effluent fee is a A) subsidy given to the producer of a positive externality. B) charge to a polluter that gives the right to discharge pollution into the air. C) […]
Economics Chapter 5 Market failures occur when
Chapter 5 Public Spending and Public Choice 5.1 What a Price System Can and Cannot Do 1) Which of the following terms describes the situation in which too few or too many resources go to a specific economic activity because […]
Economics Chapter 4 Quantity Restrictions Analytic Skills question
Chapter 4 Extensions of Demand and Supply Analysis 395 9) The effect of legislation establishing a minimum wage above the market clearing wage is A) unemployment. B) a shortage of labor. C) higher wages for all workers. D) a shift […]
Economics Chapter 4 Price Floors Agriculture Analytic
382 Miller Economics Today, 16th Edition 21) The adverse effects of rent controls include A) keeping rental rates too high in a normal market. B) excessive construction of new rental housing. C) reduced incentive to construct new rental housing. D) […]
Economics Chapter 4 The Policy Government Imposed
362 Miller Economics Today, 16th Edition 32) Price ceilings often generate A) market clearing prices. B) rapid increases in supply to meet the excess demand. C) equilibriums that utilize rationing by price. D) b lack markets. 33) An example of […]
Economics Chapter 4 The Rationing Function Prices Analytic Skills question Status
342 Miller Economics Today, 16th Edition 115) When supply increases and at the same time demand decreases, we A) can predict that both equilibrium price and quantity will increase. B) can predict that both equilibrium price and quantity will decrease. […]
Economics Chapter 4 Changes Demand And Supply
322 Miller Economics Today, 16th Edition 41) An increase in the equilibrium quantity of good X can be caused by A) an increase the price of inputs utilized in producing good X. B) an increase in the price of good […]
Economics Chapter 4 Market Clearing Price Will Rise And Equilibrium
Chapter 4 Extensions of Demand and Supply Analysis 4.1 The Price System and Markets 1) An economic system in which relative prices change to reflect changes in supply and demand for different commodities is known as a A) socialist system. […]
Economics Chapter 3 The market clearing price is
286 Miller Economics Today, 16th Edition 34) When there is a shortage, I. there is a tendency for price to increase. II. there is an excess quantity demanded. A) I only B) II only C) Both I and II D) […]
Economics Chapter 3 the demand for a normal goods rises
Chapter 3 Demand and Supply 269 39) Which of the following is a non price determinant of supply? A) the price of related goods consumers may buy B) technological advances in production C) consumers incomes D) the number of consumers […]
Economics Chapter 3 Status Previous Edition 20 The Supply Curve Shows
Chapter 3 Demand and Supply 249 131) What is the difference between a normal good and an inferior good? How does this relate to the demand curve? 3.4 The Law of Supply 1) The law of supply implies that the […]
Economics Chapter 3 An increase in the price of socks
Chapter 3 Demand and Supply 229 47) Two goods are substitutes when A) an increase in the price of one reduces the demand for the other. B) an increase in the price of one raises the demand for the other. […]
Economics Chapter 3 Shifts Demand Analytic Skills question
Chapter 3 Demand and Supply 209 3) A demand curve A) slopes down because of the inverse relationship between price and quantity demanded. B) slopes up because of the direct relationship between price and quantity demanded. C) can slope up […]
Economics Chapter 3 Demand Analytic Skills question Status
Chapter 3 Demand and Supply 3.1 Demand 1) The law of demand states that A) consumers have unlimited demands for a good. B) a higher price will lead to increased sales. C) the price can never be too high for […]
Economics Chapter 2 Specialization And Greater Productivities Analytic Skills question
176 Miller Economics Today, 16th Edition 22) Suppose that at a bicycle shop, instead of having each worker assemble an entire bicycle themselves, one person welds the frames, another person works on the braking system, another person works on the […]
Economics Chapter 2 If an economy produces only steel and wheat
162 Miller Economics Today, 16th Edition 7) How is economic growth shown by the production possibilities curve? A) By shifting the curve to the right. B) By moving the curve to the left. C) By moving up the existing curve. […]
Economics Chapter 2 All The Above Are Correct answer
142 Miller Economics Today, 16th Edition 51) A point inside a production possibilities curve indicates A) resources are not being used efficiently. B) resources are being used very efficiently. C) opportunity costs are constant. D) an output combination that is […]
Economics Chapter 2 The Choices Society Faces
122 Miller Economics Today, 16th Edition 23) The curve that represents all possible combinations of goods that can be produced is called A) the production possibilities curve. B) the resource allocation curve. C) the efficiency curve. D) the supply curve. […]
Economics Chapter 2 Scarcity Choice And Opportunity
102 Miller Economics Today, 16th Edition 92) Briefly explain the factors of production and give an example of each. 93) Explain why even the most affluent people, businesses and counties never solve the problem of scarcity. Answer: Scarcity is a […]