Deck 5: Introduction to Macroeconomics.
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ملء الشاشة (f)
Deck 5: Introduction to Macroeconomics.
1
Which of the following economic measures is most useful in comparing different economies across the world?
A) aggregate supply
B) total unemployment
C) gross domestic product
D) net national product
E) aggregate expenditure
A) aggregate supply
B) total unemployment
C) gross domestic product
D) net national product
E) aggregate expenditure
gross domestic product
2
Which of the following is a flow variable?
A) price level
B) U.S. population
C) money supply
D) investment spending
E) household debt
A) price level
B) U.S. population
C) money supply
D) investment spending
E) household debt
investment spending
3
Which of the following would be studied by a macroeconomist?
A) demand for Apple watches
B) price of gasoline
C) consumption by one household
D) investments by Google
E) the economy
A) demand for Apple watches
B) price of gasoline
C) consumption by one household
D) investments by Google
E) the economy
the economy
4
The U.S. economy is ____ and most complex in world history.
A) the most volatile
B) the most stable
C) the largest
D) the most open
E) the most closed
A) the most volatile
B) the most stable
C) the largest
D) the most open
E) the most closed
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5
The measure of the market value of all final goods and services produced in a state during a particular period, usually a year is called the _____
A) net national product.
B) gross domestic product.
C) gross state product.
D) mercantilism.
E) gross world product.
A) net national product.
B) gross domestic product.
C) gross state product.
D) mercantilism.
E) gross world product.
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6
Which of the following statements regarding the gross domestic product is true?
A) It is useful in comparing the overall performances of different economies at the same time.
B) It measures aggregate income in an economy over a period of ten years.
C) It measures the value of all goods and services produced in the world during a given period.
D) It is a measure of an economy's price level during a particular year.
E) It is the difference between the value of all goods and services produced by the government and the value of those produced by the private sector.
A) It is useful in comparing the overall performances of different economies at the same time.
B) It measures aggregate income in an economy over a period of ten years.
C) It measures the value of all goods and services produced in the world during a given period.
D) It is a measure of an economy's price level during a particular year.
E) It is the difference between the value of all goods and services produced by the government and the value of those produced by the private sector.
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7
An economic variable that measures something at a particular point in time is called a _____.
A) stock variable
B) periodic variable
C) dummy variable
D) flow variable
E) constant variable
A) stock variable
B) periodic variable
C) dummy variable
D) flow variable
E) constant variable
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8
Macroeconomics studies _____
A) the different costs associated with production.
B) the price and output decisions made by different industries.
C) the overall performance of the economy.
D) the role of a market in determining an efficient outcome.
E) the role of input suppliers in determining the price and quantity of output.
A) the different costs associated with production.
B) the price and output decisions made by different industries.
C) the overall performance of the economy.
D) the role of a market in determining an efficient outcome.
E) the role of input suppliers in determining the price and quantity of output.
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9
The U.S. economy has about _____ households and more than _____ million businesses.
A) 130 million; 30 million
B) 125 million; 28 million
C) 120 million; 30 million
D) 110 million; 28 million
E) 100 million; 30 million
A) 130 million; 30 million
B) 125 million; 28 million
C) 120 million; 30 million
D) 110 million; 28 million
E) 100 million; 30 million
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10
Identify an example of a flow variable.
A) the volume of the federal government's debt in the current year
B) the population of a country in a particular year
C) an individual's total wealth
D) the amount of sales tax collected per year
E) the total unemployment in an economy
A) the volume of the federal government's debt in the current year
B) the population of a country in a particular year
C) an individual's total wealth
D) the amount of sales tax collected per year
E) the total unemployment in an economy
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11
How is GDP calculated?
A) by adding up the production of all goods and services in the economy
B) by adding up the cost of all goods and services in the economy
C) by adding up the quantity of all goods and services in the economy
D) by measuring the economy's price level during a particular year
E) by subtracting the value of all goods and services produced by the government and the value of those produced by the private sector
A) by adding up the production of all goods and services in the economy
B) by adding up the cost of all goods and services in the economy
C) by adding up the quantity of all goods and services in the economy
D) by measuring the economy's price level during a particular year
E) by subtracting the value of all goods and services produced by the government and the value of those produced by the private sector
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12
Most countries usually allow people and goods to move more freely _____ their borders than _____ their borders.
A) across; within
B) within; across
C) outside; across
D) outside; within
E) around;within
A) across; within
B) within; across
C) outside; across
D) outside; within
E) around;within
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13
Identify an example of a stock variable.
A) the growth in investment in an economy
B) the change in the price level in an economy over the years
C) the number of unemployed people in an economy in a particular year
D) the increase in the money supply in an economy
E) the fall in consumer spending during two consecutive years
A) the growth in investment in an economy
B) the change in the price level in an economy over the years
C) the number of unemployed people in an economy in a particular year
D) the increase in the money supply in an economy
E) the fall in consumer spending during two consecutive years
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14
Which of the following concepts is not included in the study of macroeconomics?
A) the unemployment level
B) the inflation rate
C) real income
D) the profit-maximizing condition
E) the role of government
A) the unemployment level
B) the inflation rate
C) real income
D) the profit-maximizing condition
E) the role of government
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15
The measure of the market value of all final goods and services produced in the world during a particular period, usually a year, is called the _____
A) net national product.
B) gross domestic product.
C) gross state product.
D) mercantilism.
E) gross world product.
A) net national product.
B) gross domestic product.
C) gross state product.
D) mercantilism.
E) gross world product.
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16
Macroeconomics is especially interested in _____
A) the effect of tariffs and quotas on the production of goods and services.
B) what makes an economy grow.
C) how the overall economy works.
D) improving the competitiveness of U.S. firms.
E) maximizing the efficiency of government.
A) the effect of tariffs and quotas on the production of goods and services.
B) what makes an economy grow.
C) how the overall economy works.
D) improving the competitiveness of U.S. firms.
E) maximizing the efficiency of government.
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17
The market value of all final goods and services produced in a nation during a particular period is called the _____
A) gross domestic product.
B) net national product.
C) national income.
D) gross national product.
E) gross world product.
A) gross domestic product.
B) net national product.
C) national income.
D) gross national product.
E) gross world product.
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18
Which of the following variables is measured only at a particular point in time and not over different time periods?
A) the unemployment rate
B) consumer income
C) the federal government's debt
D) the federal government's budget deficit
E) total expenditure
A) the unemployment rate
B) consumer income
C) the federal government's debt
D) the federal government's budget deficit
E) total expenditure
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19
The objective of macroeconomics is to _____
A) study the effect of tariffs and quotas on the production of goods and services.
B) analyze the role of government in the political system of a country.
C) develop and test theories about how the overall economy works.
D) improve the competitiveness of U.S. firms.
E) understand the different costs associated with production.
A) study the effect of tariffs and quotas on the production of goods and services.
B) analyze the role of government in the political system of a country.
C) develop and test theories about how the overall economy works.
D) improve the competitiveness of U.S. firms.
E) understand the different costs associated with production.
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20
Which of the following statements regarding the U.S. economy is correct?
A) The economy, unlike the body, does not renew itself.
B) Decision makers are not connected with the economy as a whole.
C) Money circulates throughout the economy.
D) Policy makers rarely need to know how a healthy economy works.
E) Macroeconomists have the ability to run economy-wide experiments.
A) The economy, unlike the body, does not renew itself.
B) Decision makers are not connected with the economy as a whole.
C) Money circulates throughout the economy.
D) Policy makers rarely need to know how a healthy economy works.
E) Macroeconomists have the ability to run economy-wide experiments.
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21
A key difference between recessions and depressions is that recessions are _____
A) longer than depressions.
B) more severe than depressions.
C) accompanied by price increases, while depressions are accompanied by price decreases.
D) shorter and less severe than depressions.
E) accompanied by price decreases, while depressions are accompanied by price increases.
A) longer than depressions.
B) more severe than depressions.
C) accompanied by price increases, while depressions are accompanied by price decreases.
D) shorter and less severe than depressions.
E) accompanied by price decreases, while depressions are accompanied by price increases.
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22
A period of decline in economic activity lasting more than a few months is a(n) _____
A) expansion.
B) contraction.
C) depression.
D) recession.
E) fluctuation.
A) expansion.
B) contraction.
C) depression.
D) recession.
E) fluctuation.
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23
Which of the following faulty economic policies was adopted by President Hoover during the Great Depression?
A) an increase in tax rate
B) an increase in trade barriers
C) a decrease in tax rate
D) a decrease in government spending
E) an increase in government spending
A) an increase in tax rate
B) an increase in trade barriers
C) a decrease in tax rate
D) a decrease in government spending
E) an increase in government spending
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24
Which of the following is true of economic fluctuations?
A) They can be experienced by the world economy as well as by a single nation.
B) They tend to be equal in length and intensity across all nations.
C) They reflect an economy's sociopolitical condition.
D) They tend to become more severe when the government attempts to stabilize an economy.
E) They have been completely offset by appropriate government policies during the last 40 years.
A) They can be experienced by the world economy as well as by a single nation.
B) They tend to be equal in length and intensity across all nations.
C) They reflect an economy's sociopolitical condition.
D) They tend to become more severe when the government attempts to stabilize an economy.
E) They have been completely offset by appropriate government policies during the last 40 years.
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25
An example of a flow variable in economics is _____
A) the total amount of bank loan taken by Emily.
B) the value of an apartment owned by Jerome.
C) the price of an antique painting used to decorate an office.
D) the earnings of Malaya from teaching piano classes each month.
E) the total value of the U.S. treasury bonds held by China.
A) the total amount of bank loan taken by Emily.
B) the value of an apartment owned by Jerome.
C) the price of an antique painting used to decorate an office.
D) the earnings of Malaya from teaching piano classes each month.
E) the total value of the U.S. treasury bonds held by China.
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26
Which of the statements best describes a flow variable?
A) an economic variable that measures something at a particular point in time
B) an economic variable whose value is determined by the market
C) an economic variable that is measured per unit of time
D) an economic variable whose value shows no change over time
E) an economic variable that remains static when other related variables change
A) an economic variable that measures something at a particular point in time
B) an economic variable whose value is determined by the market
C) an economic variable that is measured per unit of time
D) an economic variable whose value shows no change over time
E) an economic variable that remains static when other related variables change
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27
A recession is best defined as a period during which _____
A) the percentage of the population employed increases.
B) employment, output, and income decrease.
C) the money supply in an economy decreases.
D) the usage of labor and capital resources increases.
E) budget deficit and trade deficit decrease.
A) the percentage of the population employed increases.
B) employment, output, and income decrease.
C) the money supply in an economy decreases.
D) the usage of labor and capital resources increases.
E) budget deficit and trade deficit decrease.
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28
Which of the following best describes a stock rather than a flow?
A) Each week, you save $100.
B) Each week, you buy $10 worth of gasoline.
C) Each week, you buy $50 worth of groceries.
D) You earn $500 per week at your job.
E) You own $5,000 worth of government bonds.
A) Each week, you save $100.
B) Each week, you buy $10 worth of gasoline.
C) Each week, you buy $50 worth of groceries.
D) You earn $500 per week at your job.
E) You own $5,000 worth of government bonds.
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29
Which of the following statements is correct about the U.S. economy?
A) Economic fluctuations in the U.S. economy have been smoothed out.
B) The U.S. economy experiences economic fluctuations.
C) The U.S. economy has shrunk over the long term.
D) Business cycles usually involve a small number of states.
E) Business cycles only affect production and employment.
A) Economic fluctuations in the U.S. economy have been smoothed out.
B) The U.S. economy experiences economic fluctuations.
C) The U.S. economy has shrunk over the long term.
D) Business cycles usually involve a small number of states.
E) Business cycles only affect production and employment.
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30
The mercantilism policy failed to generate gains from trade for countries that adopted it because of _____
A) increases in consumer spending.
B) high levels of federal debt.
C) supply-side shocks from oil-exporting countries.
D) runaway inflation in the United States.
E) retaliations from other countries.
A) increases in consumer spending.
B) high levels of federal debt.
C) supply-side shocks from oil-exporting countries.
D) runaway inflation in the United States.
E) retaliations from other countries.
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31
Economic fluctuations _____
A) are linked, but not perfectly synchronized, across countries.
B) are perfectly synchronized across countries.
C) in one country are independent of fluctuations in other countries.
D) in the United States always occur after fluctuations in other developed economies.
E) in the United States usually occur before fluctuations in other developed economies.
A) are linked, but not perfectly synchronized, across countries.
B) are perfectly synchronized across countries.
C) in one country are independent of fluctuations in other countries.
D) in the United States always occur after fluctuations in other developed economies.
E) in the United States usually occur before fluctuations in other developed economies.
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32
An example of a stock variable in economic theory will be _____
A) the amount of money saved by an individual each week.
B) the amount of money spent on buying gasoline each month.
C) the weekly grocery bill of an average household.
D) the total value of the government bonds held by an individual.
E) the total fiscal spending during a particular quarter.
A) the amount of money saved by an individual each week.
B) the amount of money spent on buying gasoline each month.
C) the weekly grocery bill of an average household.
D) the total value of the government bonds held by an individual.
E) the total fiscal spending during a particular quarter.
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33
If all firms expect greater demand for their products or services, they will hire _____ resources like labor and capital and the economy will experience _____.
A) fewer; recession
B) fewer; growth
C) more; deflation
D) more; recession
E) more; growth
A) fewer; recession
B) fewer; growth
C) more; deflation
D) more; recession
E) more; growth
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34
An economic variable that is measured per unit of time, such as spending per year, is known as a _____
A) stock variable.
B) periodic variable.
C) dummy variable
D) flow variable.
E) controlled variable.
A) stock variable.
B) periodic variable.
C) dummy variable
D) flow variable.
E) controlled variable.
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35
Economic fluctuations or business cycles _____
A) measure changes in the total number of new businesses started during a year.
B) are fluctuations in the Dow Jones industrial average relative to a long-term growth trend.
C) look at the role played by business on the level of unemployment.
D) are fluctuations in the level of economic activity relative to a long-term growth trend.
E) are changes in government spending that occur over a period of time.
A) measure changes in the total number of new businesses started during a year.
B) are fluctuations in the Dow Jones industrial average relative to a long-term growth trend.
C) look at the role played by business on the level of unemployment.
D) are fluctuations in the level of economic activity relative to a long-term growth trend.
E) are changes in government spending that occur over a period of time.
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36
Which of the following best describes a flow rather than a stock?
A) You own $5,000 worth of government bonds.
B) You own a house valued at $100,000.
C) You own a coin collection valued at $10,000.
D) You earn $500 per week.
E) You own an automobile worth $45,000.
A) You own $5,000 worth of government bonds.
B) You own a house valued at $100,000.
C) You own a coin collection valued at $10,000.
D) You earn $500 per week.
E) You own an automobile worth $45,000.
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37
Which of the following is true of the mercantilism policy?
A) It accepts gold as a medium of exchange.
B) It encourages the free movement of labor and capital resources between nations.
C) It emphasizes government control over the production of important goods and services.
D) It emphasizes the importance of trade restrictions in achieving economic growth.
E) It believes that a nation's economic vitality depends on its employment level.
A) It accepts gold as a medium of exchange.
B) It encourages the free movement of labor and capital resources between nations.
C) It emphasizes government control over the production of important goods and services.
D) It emphasizes the importance of trade restrictions in achieving economic growth.
E) It believes that a nation's economic vitality depends on its employment level.
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38
Which of these signifies the role of money in an economy?
A) It acts as a tool for poverty alleviation in the economy.
B) It serves as a medium of exchange in the economy.
C) It indicates the economic wellbeing of a nation.
D) It helps differentiate between the nominal and real income of a nation.
E) It is a clear indicator of the growth in national income.
A) It acts as a tool for poverty alleviation in the economy.
B) It serves as a medium of exchange in the economy.
C) It indicates the economic wellbeing of a nation.
D) It helps differentiate between the nominal and real income of a nation.
E) It is a clear indicator of the growth in national income.
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39
Which of the following is true of a recessionary period?
A) It is usually accompanied by an improvement in the value of an economy's currency.
B) It is usually accompanied by low levels of unemployment.
C) It is usually accompanied by a dramatic decline in the stock of inventories.
D) It usually lasts for a few months.
E) It leads to a drastic decline in government spending.
A) It is usually accompanied by an improvement in the value of an economy's currency.
B) It is usually accompanied by low levels of unemployment.
C) It is usually accompanied by a dramatic decline in the stock of inventories.
D) It usually lasts for a few months.
E) It leads to a drastic decline in government spending.
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40
The economic policy based on the incorrect theory that a nation's economic objective should be to accumulate precious metals in the public treasury is called _____.
A) laissez-faire
B) deficit financing
C) socialism
D) mercantilism
E) capitalism
A) laissez-faire
B) deficit financing
C) socialism
D) mercantilism
E) capitalism
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41
When did the Great Depression end?
A) 1929
B) 1954
C) 2009
D) 2007
E) 2011
A) 1929
B) 1954
C) 2009
D) 2007
E) 2011
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42
Which of the following would indicate the beginning of a recessionary phase in an economy?
A) many new firms starting up
B) stock prices improving
C) businesses slowing down
D) demand for real estate picking up
E) orders for new equipment increasing
A) many new firms starting up
B) stock prices improving
C) businesses slowing down
D) demand for real estate picking up
E) orders for new equipment increasing
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43
The value of a country's final goods and services after adjusting for changes due to inflation is called its _____
A) real GDP.
B) nominal GDP.
C) disposable income.
D) net national product.
E) full employment output.
A) real GDP.
B) nominal GDP.
C) disposable income.
D) net national product.
E) full employment output.
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44
The demand for _____ is most severely affected by a recession.
A) medicines
B) automobiles
C) breakfast cereals
D) haircuts
E) gasoline
A) medicines
B) automobiles
C) breakfast cereals
D) haircuts
E) gasoline
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45
What is an increase in the economy's average price level called?
A) real GDP
B) interest
C) inflation
D) national product
E) unemployment
A) real GDP
B) interest
C) inflation
D) national product
E) unemployment
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46
When did the Great Recession end?
A) 1929
B) 1954
C) 2009
D) 2007
E) 2011
A) 1929
B) 1954
C) 2009
D) 2007
E) 2011
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47
What is the average GDP growth per year in the U.S. economy since 1929?
A) 3.1 percent per year
B) 2.5 percent per year
C) 1 percent per year
D) 5.2 percent per year
E) 7 percent per year
A) 3.1 percent per year
B) 2.5 percent per year
C) 1 percent per year
D) 5.2 percent per year
E) 7 percent per year
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48
As a rule of thumb, a recession means economic activity declines for more than _____ months.
A) 2
B) 3
C) 4
D) 5
E) 6
A) 2
B) 3
C) 4
D) 5
E) 6
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49
Identify a valid trend observed in U.S. business cycles since 1933.
A) Contractions lasted for more than two years on an average.
B) There were only two or three complete cycles.
C) There have been no recessions since 1979.
D) Expansions generally lasted longer than contractions.
E) Each cycle lasted longer than the previous one.
A) Contractions lasted for more than two years on an average.
B) There were only two or three complete cycles.
C) There have been no recessions since 1979.
D) Expansions generally lasted longer than contractions.
E) Each cycle lasted longer than the previous one.
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50
Which of the following factors can partly explain the long-term growth in production in the U.S. economy?
A) trade surpluses and accumulation of precious metals
B) a gradual but consistent increase in the price level
C) growth in population
D) improvements in technology
E) federal government budget deficits
A) trade surpluses and accumulation of precious metals
B) a gradual but consistent increase in the price level
C) growth in population
D) improvements in technology
E) federal government budget deficits
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51
A period of sustained decline in output in an economy is known as a(n) _____
A) expansion.
B) stagnation.
C) peak.
D) trough.
E) contraction.
A) expansion.
B) stagnation.
C) peak.
D) trough.
E) contraction.
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52
Which of the following would indicate the beginning of an expansionary phase in an economy?
A) a minor increase in the number of new firms
B) a decline in stock market prices
C) an improvement in consumer confidence
D) a slowdown in housing construction
E) a decrease in the number of orders for new equipment
A) a minor increase in the number of new firms
B) a decline in stock market prices
C) an improvement in consumer confidence
D) a slowdown in housing construction
E) a decrease in the number of orders for new equipment
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53
A depression can be defined as _____
A) a mild reduction in total production coupled with a rising unemployment rate that lasts for several years.
B) a mild decline in total production that lasts less than six months.
C) a severe fall in stock prices that causes financial panic and lasts less than six months.
D) a severe reduction in total production coupled with high unemployment that lasts for several years.
E) a decline in government spending and taxes that lasts less than six months.
A) a mild reduction in total production coupled with a rising unemployment rate that lasts for several years.
B) a mild decline in total production that lasts less than six months.
C) a severe fall in stock prices that causes financial panic and lasts less than six months.
D) a severe reduction in total production coupled with high unemployment that lasts for several years.
E) a decline in government spending and taxes that lasts less than six months.
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54
Which of the following statements about U.S. business cycles since 1945 is true?
A) Expansions are shorter and recessions are longer.
B) Expansions are longer and recessions are shorter.
C) Expansions and recessions are shorter.
D) Expansions and recessions are longer.
E) The duration of expansions and recessions have remained roughly the same.
A) Expansions are shorter and recessions are longer.
B) Expansions are longer and recessions are shorter.
C) Expansions and recessions are shorter.
D) Expansions and recessions are longer.
E) The duration of expansions and recessions have remained roughly the same.
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55
_____ are variables that predict or lead to a recession or recovery.
A) Coincident economic indicators
B) Lagging economic indicators
C) Leading economic indicators
D) Perfect economic indicators
E) Real economic indicators
A) Coincident economic indicators
B) Lagging economic indicators
C) Leading economic indicators
D) Perfect economic indicators
E) Real economic indicators
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56
How much more output did the U.S. economy produce in 2016 compared to 1929?
A) 8 times more output
B) 10 times more output
C) 12 times more output
D) 14 times more output
E) 16 times more output
A) 8 times more output
B) 10 times more output
C) 12 times more output
D) 14 times more output
E) 16 times more output
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57
Which of the following is true of a recession?
A) It is typically accompanied by inflation and investment growth.
B) It lasts for more than two years on an average.
C) It is typically longer than periods of expansion.
D) It begins after an expansion has peaked.
E) It continues as long as actual output exceeds the potential output.
A) It is typically accompanied by inflation and investment growth.
B) It lasts for more than two years on an average.
C) It is typically longer than periods of expansion.
D) It begins after an expansion has peaked.
E) It continues as long as actual output exceeds the potential output.
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58
A period of sustained growth in output in an economy is referred to as a(n) _____
A) expansion.
B) contraction.
C) peak.
D) trough.
E) recession.
A) expansion.
B) contraction.
C) peak.
D) trough.
E) recession.
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59
Which of the following partly accounts for the long-term growth in production in the U.S. economy?
A) an increase in government spending
B) an increase in the availability of resources
C) a reduction in federal taxes
D) a gradual but consistent increase in the price level
E) a general optimism about the future and the pioneering spirit of America
A) an increase in government spending
B) an increase in the availability of resources
C) a reduction in federal taxes
D) a gradual but consistent increase in the price level
E) a general optimism about the future and the pioneering spirit of America
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60
Long-term growth in production in the U.S. economy can be partially explained by _____
A) improvements in the rules of the game that facilitate production and exchange.
B) the peaks and troughs of the business cycle or economic fluctuations.
C) trade surpluses that lead to accumulation of precious metals.
D) increases in government budget deficits.
E) a gradual but consistent increase in the price level.
A) improvements in the rules of the game that facilitate production and exchange.
B) the peaks and troughs of the business cycle or economic fluctuations.
C) trade surpluses that lead to accumulation of precious metals.
D) increases in government budget deficits.
E) a gradual but consistent increase in the price level.
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61
The price level in any year _____
A) reflects aggregate output measured in dollars of constant purchasing power.
B) is an index number that compares average prices that year with average prices in some base year.
C) always represents a higher number than the base year index.
D) represents the relationship between the economy's price level and aggregate output demanded
E) represents the relationship between the economy's price level and real GDP.
A) reflects aggregate output measured in dollars of constant purchasing power.
B) is an index number that compares average prices that year with average prices in some base year.
C) always represents a higher number than the base year index.
D) represents the relationship between the economy's price level and aggregate output demanded
E) represents the relationship between the economy's price level and real GDP.
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62
_____ reflects the relationship between the economy's price level and aggregate output demanded.
A) Aggregate demand
B) The aggregate demand curve
C) Aggregate supply
D) The aggregate supply curve
E) Aggregate output
A) Aggregate demand
B) The aggregate demand curve
C) Aggregate supply
D) The aggregate supply curve
E) Aggregate output
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63
By a leading economic indicator, economists mean _____
A) an indicator of future economic activity.
B) an indicator that reflects economic fluctuations as they occur.
C) a highly accurate indicator that is easily measured.
D) an indicator that predicts the level of inflation in an economy.
E) any variable that follows changes in economic activity.
A) an indicator of future economic activity.
B) an indicator that reflects economic fluctuations as they occur.
C) a highly accurate indicator that is easily measured.
D) an indicator that predicts the level of inflation in an economy.
E) any variable that follows changes in economic activity.
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64
Which of these is the most ideal measure of aggregate output?
A) disposable income
B) nominal GDP
C) personal income
D) real GDP
E) gross national product
A) disposable income
B) nominal GDP
C) personal income
D) real GDP
E) gross national product
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65
Which of the following is the significance of a country's price index?
A) It helps in measuring changes in the nominal interest rate in the country.
B) It helps in measuring the total disposable income of the country.
C) It helps in determining the country's real GDP each year.
D) It helps in measuring changes in the prices of only luxury goods.
E) It helps in measuring the demand for goods and services exported by the country.
A) It helps in measuring changes in the nominal interest rate in the country.
B) It helps in measuring the total disposable income of the country.
C) It helps in determining the country's real GDP each year.
D) It helps in measuring changes in the prices of only luxury goods.
E) It helps in measuring the demand for goods and services exported by the country.
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66
_____ are variables that follow, or trail, changes in overall economic activity.
A) Coincident economic indicators
B) Lagging economic indicators
C) Leading economic indicators
D) Perfect economic indicators
E) Real economic indicators
A) Coincident economic indicators
B) Lagging economic indicators
C) Leading economic indicators
D) Perfect economic indicators
E) Real economic indicators
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67
The average price of aggregate output is called the economy's _____.
A) aggregate demand
B) real GDP
C) aggregate supply
D) price level
E) equilibrium
A) aggregate demand
B) real GDP
C) aggregate supply
D) price level
E) equilibrium
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68
_____ is a composite measure of all final goods and services produced in an economy during a given period.
A) Aggregate demand
B) The aggregate demand curve
C) Aggregate supply
D) The aggregate supply curve
E) Aggregate output
A) Aggregate demand
B) The aggregate demand curve
C) Aggregate supply
D) The aggregate supply curve
E) Aggregate output
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69
Identify the correct statement.
A) If the price level increases, we feel poorer and buy less.
B) If the price level increases, we feel richer and buy more.
C) If domestic prices increase, we substitute imported goods with domestic goods.
D) An increase in the price of a particular good does not affect the price level in an economy.
E) A decrease in the price of a particular good is like an increase in income, and therefore, we buy more of the good.
A) If the price level increases, we feel poorer and buy less.
B) If the price level increases, we feel richer and buy more.
C) If domestic prices increase, we substitute imported goods with domestic goods.
D) An increase in the price of a particular good does not affect the price level in an economy.
E) A decrease in the price of a particular good is like an increase in income, and therefore, we buy more of the good.
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70
When economists refer to an economy's price level, they indicate _____
A) the rate of inflation in that economy.
B) the prices of goods and services relative to consumers' incomes.
C) a composite measure of prices of all goods and services.
D) a period of level, or steady, prices in that economy.
E) the price of a specific consumer good.
A) the rate of inflation in that economy.
B) the prices of goods and services relative to consumers' incomes.
C) a composite measure of prices of all goods and services.
D) a period of level, or steady, prices in that economy.
E) the price of a specific consumer good.
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71
Which of the following statements about leading economic indicators is true?
A) Most people refer to them before making any important spending decision.
B) They are the only economic indicators available to economists.
C) They indicate when an economy is in a recession or an expansion.
D) They foreshadow turning points in the business cycle.
E) They can predict precisely when turning points in an economy will occur.
A) Most people refer to them before making any important spending decision.
B) They are the only economic indicators available to economists.
C) They indicate when an economy is in a recession or an expansion.
D) They foreshadow turning points in the business cycle.
E) They can predict precisely when turning points in an economy will occur.
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72
Which of these is a coincident economic indicator?
A) the demand for plant and machinery
B) personal income
C) real estate growth
D) the interest rate
E) the unemployment rate
A) the demand for plant and machinery
B) personal income
C) real estate growth
D) the interest rate
E) the unemployment rate
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73
Which of the following is a likely consequence of an increase in the price level in the economy, other things constant?
A) firms demanding less imported raw materials
B) government demanding less military hardware
C) foreigners demanding greater amounts of U.S. goods
D) households demanding more housing and furniture
E) firms demanding more capital resources
A) firms demanding less imported raw materials
B) government demanding less military hardware
C) foreigners demanding greater amounts of U.S. goods
D) households demanding more housing and furniture
E) firms demanding more capital resources
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74
Which of these describes the real gross domestic product?
A) gross domestic product from which depreciation costs have been deducted
B) gross domestic product that has been adjusted for changes in the price level
C) gross domestic product from which taxes have been deducted
D) gross domestic product that has been adjusted for changes in the exchange rate
E) gross domestic product that has been adjusted for changes in interest rates
A) gross domestic product from which depreciation costs have been deducted
B) gross domestic product that has been adjusted for changes in the price level
C) gross domestic product from which taxes have been deducted
D) gross domestic product that has been adjusted for changes in the exchange rate
E) gross domestic product that has been adjusted for changes in interest rates
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75
Economists use the price index to eliminate year-to-year changes in GDP caused solely by changes in _____
A) the exchange rate.
B) the unemployment rate.
C) fiscal spending.
D) consumer demand.
E) the price level.
A) the exchange rate.
B) the unemployment rate.
C) fiscal spending.
D) consumer demand.
E) the price level.
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76
Which of these is a lagging economic indicator?
A) the unemployment rate
B) personal income
C) industrial production
D) total employment
E) fluctuations in stock prices
A) the unemployment rate
B) personal income
C) industrial production
D) total employment
E) fluctuations in stock prices
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77
Economic activities that signal forthcoming changes in the economy are referred to as _____
A) coincidental economic indicators.
B) GDP implicit price deflators.
C) lagging economic indicators.
D) perfect economic indicators.
E) leading economic indicators.
A) coincidental economic indicators.
B) GDP implicit price deflators.
C) lagging economic indicators.
D) perfect economic indicators.
E) leading economic indicators.
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78
The price index _____
A) represents the relationship between the economy's price level and aggregate output demanded.
B) shows how the economy's output changes over time.
C) is used to figure out real GDP each year.
D) aggregates output measured in dollars of constant purchasing power.
E) represents the relationship between the economy's price level and real GDP.
A) represents the relationship between the economy's price level and aggregate output demanded.
B) shows how the economy's output changes over time.
C) is used to figure out real GDP each year.
D) aggregates output measured in dollars of constant purchasing power.
E) represents the relationship between the economy's price level and real GDP.
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79
Which of the following describes an economy's price level?
A) the cost of producing goods and services using domestically owned factors of production
B) the difference between nominal GDP and real GDP for a particular year
C) the year-to-year changes in the prices of consumer goods
D) the total price of aggregate output
E) the average price of aggregate output
A) the cost of producing goods and services using domestically owned factors of production
B) the difference between nominal GDP and real GDP for a particular year
C) the year-to-year changes in the prices of consumer goods
D) the total price of aggregate output
E) the average price of aggregate output
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80
_____ are variables that reflect peaks and troughs in economic activity as they occur.
A) Coincident economic indicators
B) Lagging economic indicators
C) Leading economic indicators
D) Perfect economic indicators
E) Real economic indicators
A) Coincident economic indicators
B) Lagging economic indicators
C) Leading economic indicators
D) Perfect economic indicators
E) Real economic indicators
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