Archives: Quiz
978-0133460629 Chapter 07 Part 1
Foundations of Macroeconomics, 7e (Bade/Parkin) Chapter 7 The CPI and the Cost of Living 7.1 The Consumer Price Index 1) The CPI stands for A) Citizens Paying Index. B) Corporate Pricing Index. C) Consumer Paying Index. D) Consumer Price Index. […]
978-0133460629 Chapter 06 Part 10
6.5 Essay: Labor Market Indicators 1) How does the Current Population Survey determine if a person should be counted in the labor force? Skill: Level 1: Deinition Section: Checkpoint 6.1 Status: Old AACSB: Written and oral communication 2) What is […]
978-0133460629 Chapter 06 Part 9
68) At the peak of a business cycle, the A) cyclical unemployment rate is positive. B) unemployment rate is above the natural unemployment rate. C) frictional unemployment rate is zero. D) unemployment rate is below the natural unemployment rate. E) […]
978-0133460629 Chapter 06 Part 8
39) In 2008, as the economy moved into a recession, A) cyclical unemployment increased. B) structural unemployment decreased. C) natural unemployment decreased. D) frictional unemployment was not afected. E) the number of marginally attached workers decreased. Skill: Level 2: Using […]
978-0133460629 Chapter 06 Part 7
9) Bill just graduated with his degree in economics. Through Career Services he submitted his resume to several companies and he will visit them during the next two weeks. Bill is considered A) not in the labor force. B) frictionally […]
978-0133460629 Chapter 06 Part 6
34) Which is true concerning U-2? i. It does not count marginally attached workers as unemployed. ii. It counts as unemployed workers who were laid of. iii. It is smaller than U-3. A) i only B) i and ii C) […]
978-0133460629 Chapter 06 Part 5
4) During a recession, the unemployment rate A) is, by deinition, above 25 percent. B) is, by deinition, above 10 percent. C) usually increases but not necessarily to 10 percent or 25 percent. D) remains constant. E) usually decreases. Skill: […]
978-0133460629 Chapter 06 Part 4
87) Rick lost his job as a logistics and distribution coordinator nearly three years ago. After a long and failed search, Rick inally gives up and stops looking for a new job. Rick’s decision to suspend his job search causes […]
978-0133460629 Chapter 06 Part 3
57) Using the data in the above table, the labor force is A) 140.0 million. B) 152.1 million. C) 154.2 million. D) 250.0 million. E) 127.9 million. Skill: Level 2: Using deinitions Section: Checkpoint 6.1 Status: Old AACSB: Analytical thinking […]
978-0133460629 Chapter 06 Part 2
30) The working-age population of people over the age of 16 can be divided into two groups, people A) in the labor force and people looking for work. B) in the labor force and people with a job. C) looking […]
978-0133460629 Chapter 06 Part 1
Foundations of Macroeconomics, 7e (Bade/Parkin) Chapter 6 Jobs and Unemployment 6.1 Labor Market Indicators 1) The Bureau of Labor Statistics (BLS) compiles information about employment by A) performing a census of every household in the nation. B) performing a quarterly […]
978-0133460629 Chapter 05 Part 9
4) Are sales and purchases of used goods counted as part of GDP? Why or why not? Skill: Level 2: Using deinitions Section: Checkpoint 5.2 Status: Old AACSB: Written and oral communication 5) If you sell your textbook to your […]
978-0133460629 Chapter 05 Part 8
58) A new technology is discovered that results in all new cars producing 50 percent less pollution. The technology costs nothing to produce and cars do not change in price. As a result of the technology, there is a reduction […]
978-0133460629 Chapter 05 Part 7
28) As measured, GDP omits which of the following? i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services A) i only B) i and ii C) ii […]
978-0133460629 Chapter 05 Part 6
75) A south sea island produces only coconuts. In 2012, the price of a coconut is $1 and the quantity produced is 200. In 2013, the price of a coconut is $1.50 and the quantity produced is 250. 2012 is […]
978-0133460629 Chapter 05 Part 5
45) Real GDP can increase if the i. quantities of goods and services produced decrease and prices fall by a smaller percentage. ii. quantities of goods and services produced decrease and prices fall by a larger percentage. iii. quantities of […]
978-0133460629 Chapter 05 Part 4
17) When Jamie purchases a classic 1968 Plymouth Cuda convertible from Shane, GDP A) does not change, because the car was not produced this year. B) increases, because the car is a durable good and increases consumption. C) increases, because […]
978-0133460629 Chapter 05 Part 3
61) In a circular low diagram, i. the value of production = income. ii. the value of production = expenditure. iii. expenditure = income. A) i, ii and iii are true statements. B) Only iii is a true statement. C) […]
978-0133460629 Chapter 05 Part 2
31) Expenditures on U.S. produced steaks, shoes, and doctor visits are most likely classiied as A) consumption expenditure. B) investment. C) government expenditure on goods and services. D) net exports of goods and services. E) net imports of goods and […]
978-0133460629 Chapter 05 Part 1
Foundations of Macroeconomics, 7e (Bade/Parkin) Chapter 5 GDP: A Measure of Total Production and Income 5.1 GDP, Income, and Expenditure 1) A measure of a country‘s production is its A) gross daily production. B) general daily product. C) general domestic […]
978-0133460629 Chapter 04 Part 13
Answer: A shortage occurs when the price is below the equilibrium price. When the price is less than the equilibrium price, the quantity demanded is greater than the quantity supplied. Topic: Shortage Skill: Level 2: Using deinitions Section: Checkpoint 4.3 […]
978-0133460629 Chapter 04 Part 12
12) The above igures show the market for HD televisions. If the price of the LCD screens used to produce these televisions falls, which igure shows the efect of this change in price? A) Figure A B) Figure B C) […]
978-0133460629 Chapter 04 Part 11
95) When the demand for a good decreases, its equilibrium price ________ and equilibrium quantity ________. A) falls; decreases B) falls; increases C) rises; decreases D) rises; increases E) falls; does not change Skill: Level 3: Using models Section: Checkpoint […]
978-0133460629 Chapter 04 Part 10
66) The above igure shows the market for pizza. The market is in equilibrium when the cheese used to produce pizza falls in price. What point represents the most likely new price and quantity? A) A B) B C) C […]
978-0133460629 Chapter 04 Part 9
45) The initial equilibrium price in the market for Web pages is $200 per page and 1000 Web pages are created in a month. Many new Web design irms now enter the market. As a result, A) the supply of […]
978-0133460629 Chapter 04 Part 8
18) Using the data in the table above, the equilibrium quantity and equilibrium price for a cellular telephone are A) 50,000 and $100. B) 80,000 and $80. C) 60,000 and $50. D) 40,000 and $20. E) 100,000 and $20. Skill: […]
978-0133460629 Chapter 04 Part 7
68) An increase in the number of producers of bird seed ________ the supply of bird seed and shifts the supply curve of bird seed ________. A) increases; rightward B) increases; leftward C) decreases; rightward D) decreases; leftward E) does […]
978-0133460629 Chapter 04 Part 6
43) In the above igure, an increase in cost of the cheese used to produce pizza A) shifts the supply curve from S to S1. B) shifts the supply curve from S to S2. C) results in a movement from […]
978-0133460629 Chapter 04 Part 5
14) Which of the following shifts the supply curve of rutabagas rightward? (A rutabaga is a potato-like vegetable.) A) an increase in the price of a rutabaga B) an exceptionally cold summer that killed much of the rutabaga crop C) […]
978-0133460629 Chapter 04 Part 4
83) The table above gives the demand schedule for lattes at the Bottomless Cup. If the price of a latte is $3, then the quantity of lattes demanded is ________ an hour. A) 90 B) 30 C) 80 D) 60 […]
978-0133460629 Chapter 04 Part 3
61) A huge 50 percent of sale on golf clubs is advertised for next week. What happens this week in the market for golf clubs? A) The supply of golf clubs increases. B) The supply of golf clubs decreases. C) […]
978-0133460629 Chapter 04 Part 2
31) To ind the market demand curve for in-line skates, we must A) add the quantities demanded at every price and every income by every buyer of in-line skates. B) add the quantities demanded at prices that all buyers can […]
978-0133460629 Chapter 04 Part 1
Foundations of Macroeconomics, 7e (Bade/Parkin) Chapter 4 Demand and Supply 4.1 Demand 1) A market is deined as A) a physical place where people buy only goods. B) a physical place where people buy both goods and services. C) a […]
978-0133460629 Chapter 03 Part 12
5) The United States has an absolute advantage in producing sugar over all of the other sugar producing countries. Does this fact mean that we should not import any sugar from the other countries? Skill: Level 3: Using models Section: […]
978-0133460629 Chapter 03 Part 11
2) Why is the production possibilities frontier bowed out? Skill: Level 2: Using deinitions Section: Checkpoint 3.2 Status: Old AACSB: Written and oral communication 3) Why does the production possibilities frontier have a bowed out shape rather than being a […]
978-0133460629 Chapter 03 Part 10
14) Using the igure above, suppose with no trade Liz and Joe each produce at point A on their respective PPFs. Then, Liz suggests that they specialize and trade. She would produce only smoothies and Joe would produce only salads. […]
978-0133460629 Chapter 03 Part 9
61) “Comparative advantage” is deined as a situation in which one person can produce A) more of all goods than another person. B) more of a good than another person. C) a good for a lower dollar cost than another […]
978-0133460629 Chapter 03 Part 8
B) Pete has an absolute advantage in both assembling packets and stuing envelopes. C) Deb has a comparative advantage in stuing envelopes. D) Deb has an absolute advantage in both assembling packets and stuing envelopes. E) Deb has a comparative […]
978-0133460629 Chapter 03 Part 7
8) The United States can use all its resources to produce 250 DVDs or 500 shoes. China can use all of its resources to produce 30 DVDs or 300 shoes. The opportunity cost of producing a DVD in the United […]
978-0133460629 Chapter 03 Part 6
9) What is the opportunity cost of economic growth? A) current period consumption goods B) current period capital goods C) land D) both current period consumption and capital goods E) both current period capital goods and land Skill: Level 2: […]
978-0133460629 Chapter 03 Part 5
48) The table above presents the production possibilities frontier for a nation. Using the information in the table, moving from possibility C to B means that A) 4 units of capital goods are given up to get 55 units of […]
978-0133460629 Chapter 03 Part 4
20) The above igure shows the production possibility frontier for a country. Suppose the country is producing at point A. What would be the opportunity cost to increase the production of rice to 12 tons? A) 6 thousand bottles of […]
978-0133460629 Chapter 03 Part 3
54) The production possibilities frontier is a graph showing the A) exact point of greatest eiciency for producing goods and services. B) tradeof between free lunches. C) maximum combinations of goods and services that can be produced. D) minimum combinations […]
978-0133460629 Chapter 03 Part 2
30) The table above shows a production possibilities frontier for an economy. Which of the following combinations is unattainable? A) 0 loaves of bread and 800 books B) 100 loaves of bread and 800 books C) 200 loaves of bread […]
978-0133460629 Chapter 03 Part 1
Foundations of Macroeconomics, 7e (Bade/Parkin) Chapter 3 The Economic Problem 3.1 Production Possibilities 1) The United States produced approximately ________ worth of goods and services in 2011. A) $15 trillion B) $15 billion C) $150 trillion D) $150 billion E) […]
978-0133460629 Chapter 02 Part 8
3) The International Monetary Fund divides nations into three groups. What are the three groups and what are the characteristics of each group? Skill: Level 3: Using models Section: Checkpoint 2.2 Status: Old AACSB: Written and oral communication 4) Discuss […]
978-0133460629 Chapter 02 Part 7
5) Margo orders a MacBook Pro computer from The Apple Store online to use it in her graphic design business. How will this be relected in the igure above? A) as a low of a factor of production B) as […]
978-0133460629 Chapter 02 Part 6
46) If there is a national debt, we can conclude that the federal government has A) borrowed in the past. B) purchased more goods and services than were needed. C) spent money foolishly. D) loaned funds to U.S. taxpayers in […]
978-0133460629 Chapter 02 Part 5
16) A money low in the circular low diagram is i. the government’s collection of taxes. ii. Chevrolet’s production of SUVs. iii. Nike’s payment of wages to its workers. A) i and iii B) i, ii and iii C) i […]
978-0133460629 Chapter 02 Part 4
15) Which of the following correctly describes how the “global pie is baked”? A) Advanced economies account for about 50 percent of the value of the world’s production. B) The United States’ share of economic pie is increasing while China’s […]