Quiz 3 In Tutorial Library

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TITLE: Quiz 3

UNIVERSITY / INSTITUTE: Saint Leo University

CLASS / COURSE: ECO201

QUESTION DESCRIPTION:

Quiz 3:

 

 
1. Question : Issues of growth are generally considered in:
 
  Student Answer: the short-run framework. 
 
 
 the long-run framework. 
 
  both the short-run and the long-run frameworks. 
 
 
 neither the short-run nor the long-run frameworks. 
 
 
 
  Points Received: 0 of 5 
  Comments:
 
 
 
 
 2. Question : The business cycle is:
 
  Student Answer:
 the term used to describe fluctuations in output around its long-term trend. 
  the length of time required by a firm to buy inputs and produce and sell output. 
  the pattern of increases and decreases in the inflation rate. 
  regular and predictable. 
 
 
 
  Points Received: 5 of 5 
  Comments:
 
 
 
 
 3. Question : The price index that includes the widest number of goods and services is the:
 
  Student Answer: CPI (urban consumers). 
 
  CPI (urban wage earners). 
 
 
 GDP deflator. 
 
  PPI. 
 
 
 
  Points Received: 5 of 5 
  Comments:
 
 
 
 
 4. Question : If the price of housing (which accounts for 40% of total expenditures in the CPI basket), rises by 5% in one year while the prices of all other goods remain constant, by how much will the CPI rise?
 
  Student Answer:
 2 percent 
 
  5 percent 
 
 
 10 percent 
 
  40 percent 
 
 
 
  Points Received: 0 of 5 
  Comments:
 
 
 
 
 5. Question : When people stop looking for work, because they can't find a job, but still want a job, they're called:
 
  Student Answer:
 unemployed. 
 
  structural unemployment. 
 
  underemployed. 
 
 
 discouraged workers. 
 
 
 
  Points Received: 0 of 5 
  Comments:
 
 
 
 
 6. Question : Which of the following types of unemployment is considered to be the most controllable through macroeconomic policy?
 
  Student Answer: Frictional unemployment. 
 
 
 Natural unemployment. 
 
 
 Cyclical unemployment. 
 
  Structural unemployment. 
 
 
 
  Points Received: 0 of 5 
  Comments:
 
 
 
 
 7. Question : According to Say's Law, people:
 
  Student Answer:
 supply goods in order to obtain other goods. 
 
  supply goods in order to accumulate profits. 
 
  demand goods in order to maximize their welfare. 
 
  demand goods so they can supply them to others. 
 
 
 
  Points Received: 5 of 5 
  Comments:
 
 
 
 
 8. Question : The Rule of 72 implies that a country with a growth rate of 6 percent will double its income in about:
 
  Student Answer: 6 years. 
 
 
 8 years. 
 
 
 12 years. 
 
  16 years. 
 
 
 
  Points Received: 0 of 5 
  Comments:
 
 
 
 
 9. Question : Suppose the value of your home increases from $100,000 to $125,000. If you continue to live in your home, the increase in its value:
 
  Student Answer:
 adds nothing to GDP. 
 
 
 increases GDP by $25,000. 
 
  increases GDP by $100,000. 
 
  increases GDP by $125,000. 
 
 
 
  Points Received: 0 of 5 
  Comments:
 
 
 
 
 10. Question : The Rule of 72 implies that a country will double its income in about 4 years if its growth rate is:
 
  Student Answer: 8 percent. 
 
  12 percent. 
 
 
 18 percent. 
 
  25 percent. 
 
 
 
  Points Received: (not graded) 
  Comments:
 
 
 
 
 11. Question : Small differences in growth rates can create large differences in income levels because of:
 
  Student Answer: specialization. 
 
 
 compounding. 
 
 
 the division of labor. 
 
  Say's Law. 
 
 
 
  Points Received: 0 of 5 
  Comments:
 
 
 
 
 12. Question : If output increases by 2 percent and population growth is 3 percent, per capita output:
 
  Student Answer: falls by 5 percent. 
 
 
 falls by 1 percent. 
 
  grows by 1 percent. 
 
  grows by 5 percent. 
 
 
 
  Points Received: 5 of 5 
  Comments:
 
 
 
 
 13. Question : If nominal output is $5.28 trillion and the GDP deflator is 20 percent higher than in the base year, then real output is:
 
  Student Answer: $4.84 trillion. 
 
 
 $4.4 trillion. 
 
  $4 trillion. 
 
 
 $3.84 trillion. 
 
 
 
  Points Received: 0 of 5 
  Comments:
 
 
 
 
 14. Question : Economic growth:
 
  Student Answer: does not affect living standards at all. 
 
  has a relatively small effect on living standards over long periods of time. 
 
 has a relatively large effect on living standards over long periods of time. 
  may or may not affect living standards. 
 
 
 
  Points Received: 5 of 5 
  Comments:
 
 
 
 
 15. Question : The short-run aggregate supply curve is most likely to shift down (to the right) if:
 
  Student Answer: productivity falls. 
 
  wages rise. 
 
  sales taxes increase. 
 
 
 import prices fall. 
 
 
 
  Points Received: 5 of 5 
  Comments:
 
 
 
 
 16. Question : Which of the following would shift the aggregate demand curve to the right?
 
  Student Answer:
 an increase in foreign income. 
 
  an appreciation of the value of a country's currency. 
 
 
 a lower future expected price level. 
 
  an increase in imports. 
 
 
 
  Points Received: 0 of 5 
  Comments:
 
 
 
 
 17. Question : A fall in a foreign country's income will most likely cause:
 
  Student Answer:
 a reduction in U.S. exports, so the U.S. aggregate demand curve shifts left. 
  a reduction in U.S. exports, so the U.S. aggregate demand curve shifts right. 
 
 an increase in U.S. exports, so the U.S. aggregate demand curve shifts left. 
  an increase in U.S. exports, so the U.S. aggregate demand curve shifts right. 
 
 
  Points Received: 0 of 5 
  Comments:
 
 
 
 
 18. Question : All of the following effects cause the AD curve to slope downward except the:
 
  Student Answer: international effect. 
 
  interest rate effect. 
 
 
 substitution effect. 
 
 
 wealth effect. 
 
 
 
  Points Received: 0 of 5 
  Comments:
 
 
 
 
 19. Question : An increase in production costs is most likely to shift the:
 
  Student Answer:
 short-run aggregate supply curve up (to the left). 
 
  short-run aggregate supply curve down (to the right). 
 
  aggregate demand curve to the left. 
 
  aggregate demand curve to the right. 
 
 
 
  Points Received: 5 of 5 
  Comments:
 
 
 
 
 20. Question : The interest rate effect exists because changes in the price level affect:
 
  Student Answer:
 the multiplier. 
 
  exchange rates. 
 
  real wealth. 
 
 
 real cash balances. 
 
 
 
  Points Received: 0 of 5 
  Comments:
 
 

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SUBJECTS / CATEGORIES:
1. Business Economics
2. Economics
3. Macroeconomics

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