Which of the following statements is true?
Growth accounting explains what part of growth in total export is due to
growth in different factors of production.
Changes in total productivity are also called the Cobb-Douglas residual.
Robert Lucas contributed greatly to neoclassical growth theory in the 1950s
and 1960s.
Growth in government consumption expenditures is a source of long-term
output growth.
Empirical study of East Asian growth by Alwyn Young concludes that the
remarkably high growth in these countries is mostly explained by increases
in labor force participation and in capital input.
Which of the following statements about business cycles is true?
Consumption is far more volatile than investment over the business cycle.
In a recession, households respond to the fall in their incomes by
consuming less durable goods and more non-durable goods.
The negative relationship between the change in the unemployment rate
and the percentage change in real GDP is called Phillips curve.
Leading indicators are variables that tend to fluctuate in advance of the
overall economy.
In macroeconomics, the difference between the short run and the long run
is the behavior of exchange rates.
0 percent
1.5 percent
2 percent
4 percent
None of the above.
Assume that the long-run aggregate supply curve is vertical.
The aggregate supply relationship depends on the time horizon because
prices are sticky in the long run but are flexible in the short run.
The level of output is independent of money supply.
Changes in aggregate demand affect output but not prices.
Following an expansion in money supply, the economy ends up with output
that is higher than potential output.
The aggregate demand and aggregate supply curves together pin down the
economy’s price level, but not the economy’s quantity of output.
Consider an increase in government purchases in the IS-LM model.
The IS curve shifts to the left.
The increase in government purchases raises income, interest rates, and the
price level.
Crowding out occurs because expansionary fiscal policy causes interest
rates to rise, thereby reducing government purchases.
The increase in income in response to the fiscal expansion is larger than it
is in the Keynesian cross.
Suppose the monetary authorities increase the money supply to keep the
interest rate at its original level, the increase in income in response to the
fiscal expansion will be the same as it is in the Keynesian cross.
A fiscal expansion under floating exchange rates raises both the exchange
rate and income.
Crowding out occurs because expansionary fiscal policy causes interest
rates to rise, thereby reducing private investment.
A monetary expansion under floating exchange rates lowers the exchange
rate and raises income.
A fiscal expansion under fixed exchange rates raises both exchange rate and
income.
Under fixed exchange rates, monetary policy is more effective than fiscal
policy.
Which of the following statements is false?
The real wage is pro-cyclical: the real wage tends to rise when output rises.
In the sticky-wage model, the real wage should be pro-cyclical.
We can derive the Phillips-curve equation from the aggregate supply
equation.
The assumption that people form their expectations of inflation based on
recently observed inflation is called adaptive expectations.
The assumption that people optimally use all the available information to
forecast the future is called rational expectations.
Assume that private domestic investment decreased by $10 billion, government
budget deficit increased by $25 billion, exports decreased by $15 billion, and
imports decreased $20 billion. By how much did private domestic saving
change?
Private domestic saving increased by $10 billion.
Private domestic saving increased by $20 billion.
Private domestic saving increased by $30 billion.
Private domestic saving did not change at all.
The change in private domestic saving cannot be determined from this
in-formation.
Which of the following statements is true?
The unemployment rate is defined as the percentage of the total population
that is unemployed.
The accounting system used to measure GDP and many related statistics is
called national growth accounting.
The ratio of labor income to total income in industrial countries has
remained constant over a long period of time, while the ratio of capital
income to total income is more volatile.
To maximize profit, a competitive firm hires up to the point at which the
marginal product of labor equals to nominal wage.
The primary way in which a modern central bank controls the supply of money
is through
Open market operations
Discount window
Reserve requirements
Bailouts
Sterilization policies
Which of the following identities for an open economy is false?
Net exports are equal to domestic output minus domestic spending.
Net capital outflow is equal to trade balance.
Saving-investment gap is equal to trade balance.
Under fixed exchange rates, balance of payments are equal to the changes
in official reserves.
Balanced trade implies net capital inflow.
City B has an absolute advantage in the production of red and white color
socks.
City A has a comparative advantage in both color socks.
City B has a comparative advantage in the production of red color sock.
If the cities trade with each other, city B will export white color sock to city A.
None of the above is true.
Suppose the price elasticity of pizza is 0.3. If the price of a pizza increases
from $2 to $4, what happens to the quantity of pizza demanded? (Use the
midpoint method in your calculations)
The quantity falls by 20 percent.
The quantity falls by 30 percent.
The quantity falls by 40 percent.
The quantity falls by 50 percent.
The quantity falls by 60 percent.
Which of the following examples represents a positive externality?
The exhaust from automobiles.
Shabby historic buildings.
Barking dogs.
Research into new technologies.
None of the above.
Which of the following examples represents public goods?
A fireworks display
National defense
Basic research
Fighting poverty
All of the above.
The average tax rates for people earning $40,000 is 25%.
The average tax rates for people earning $80,000 is 30%.
The marginal tax rate as income rises from $40,000 to $80,000 is 30%.
The marginal tax rate as income rises from $80,000 to $160,000 is 40%.
None of the above.
A cost that does not depend on the quantity produced is a
opportunity cost
total cost
fixed cost
variable cost
marginal cost.
Which of the following statements is false?
An oligopoly is a market with only a few sellers, each offering a product
similar or identical to the others.
The market for cigarettes is an example of oligopoly.
Monopolistic competition is a market in which there are many firms selling
products that are similar but not identical.
Markets for novels, movies, and computer games are examples of
monopolistic competition.
Nash equilibrium is the solution to a cooperative game.
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