Which person has the highest opportunity cost of obtaining a college degree (assuming
that attending college requires giving up his or her current position)?
Bill, who is unemployed.
Jane, who is an unwed mother and earns $15,000 a year.
Larry, who is a technician in the Navy earning $18,000 a year with free food and
housing.
Mary, who has a job earning $60,000 a year as a computer programmer.
Unable to determine from the data given.
How does scarcity affect the range of possible choices that decision makers face?
It narrows the choice to a single option.
It narrows the range of choices.
It increases the possible methods for solving problems.
It clarifies the choices by highlighting the best solutions.
It simplifies the choices and therefore widens the range.
Pork can be used to produce bacon or sausage, but not both. If the price of bacon rises
for some reason, then, everything else equal,
the price of sausage will rise.
the price of sausage will fall.
the resources used in raising Pork will become more expensive.
the resources used in raising Pork will become less expensive.
It might be useful to think of macroeconomics as a study of ________ and
microeconomics as a study of ________ .
big corporations, small businesses
oceans, fish
the long run, the short run
abstract, concrete
theory, reality
Which of the following is included in GDP?
the value of illegally produced goods.
the value of housework by a stay-at-home dad.
the value of volunteer work done at a local homeless shelter.
the cost of government-provided social services.
If part of the labor force is unemployed, the foregone goods and services are
lost until the unemployed find jobs.
are replaced by unemployment insurance.
are lost forever.
are replaced by an equal amount of imports.
When a lender underestimates the rate of inflation,
purchasing power is redistributed to the lender.
purchasing power is redistributed to the borrower.
the real rate of interest will be higher than expected.
the nominal interest rate was set too low.
The marginal propensity to consume is
disposable income divided by consumption.
the change in consumption divided by the change in disposable income.
consumption divided by disposable income.
the change in disposable income divided by the change in consumption.
The basic idea behind the multiplier is that an increase in
GDP brings about an additional, larger increase in GDP.
consumer spending causes a larger increase in investment spending.
government spending causes a larger increase in tax revenues.
spending will cause an even larger increase in equilibrium GDP.
If net exports are reduced, the expenditure schedule will shift
downward and equilibrium real GDP will rise.
upward and equilibrium real GDP will rise.
downward and equilibrium real GDP will fall.
upward and equilibrium real GDP will fall.
If scientific research produces a technological breakthrough in the production of
computer memory, then
business costs will increase, profits will fall, and production will decrease.
business costs will fall, but profits will also fall, and production will decrease.
business costs will fall, profits will improve, and production will increase.
profits will increase, allowing businesses to cut back production.
The reason why inflation reduces the value of the multiplier is that part of the change
in demand is
absorbed by price changes.
saved rather than spent.
matched by changes in supply.
matched by changes in income.
Expansionary fiscal policy can cause a rise in real GDP in combination with
an increase in the price level.
a decrease in the price level.
on change in the price level.
a decrease in the price level if the aggregate supply curve is upward sloping.
Barter is a system of
trade without the use of money.
trading one good for another.
the double coincidence of wants.
All of the above are correct.
Fiat money is money
backed by land.
backed by gold or silver.
that can be converted to gold or silver.
because a government says it is.
Excess reserves make a bank less vulnerable to runs, but bankers do not like to hold
excess reserves because holding excess reserves
are disliked by depositors.
means lower profits for banks.
are discouraged by government regulators.
All of the above are correct.
Fiscal policy has a role in monetarist analysis because expansionary fiscal policy
stimulates investment spending and reduces the money supply.
increase consumer spending and decrease saving.
increase interest rates, and higher interest rates increase velocity.
reduces interest rates, which stimulates investment demand.
The Phillips curve shows the relationship between
the rate of inflation and the rate of unemployment.
the rate of growth of real GDP and the rate of unemployment.
real prices and real GDP.
the rate of inflation and the rate of growth of real GDP.
As a result of pure free trade in a commodity the
price of the commodity must be the same in all countries.
total quantity imported will exceed the total quantity exported.
price of the commodity will be higher in the producing country.
price of the commodity will be lower in the producing country.
What factors are held constant along a given demand curve for a good?
the price of the good.
the technology used to produce the good.
the supply of the good.
consumer incomes and the prices of other goods.
The term “unit elasticity” is used to describe a situation in which a rise in price is
accompanied by
a fall in total expenditure.
a rise in total expenditure.
constant total expenditure.
a unit decrease in total expenditure.
The result that perfectly competitive firms produce at the lowest per-unit cost is
derived from the assumptions of
homogeneous products.
few sellers.
firms facing horizontal demand curves.
free entry and exit.
in the long run the prices charged by a firm in monopolistic competition will be
high enough to provide profits to the firm.
so low that many firms will drop out of the industry.
equal to marginal cost.
equal to average cost, including the opportunity cost of capital.
The derived demand curve for loans slopes downward because as interest rates
fall, future income becomes less valuable.
fall, investors develop pessimistic expectations.
fall, future income becomes more valuable.
rise, investors become pessimistic.
“If a player has a dominant strategy in a simultaneous-move game, then she is sure
to get her best possible outcome.” True or false? Explain and give an example of a
gem that illustrates your answer.
Suppose that the government increases taxes without also increasing spending. In
the short run, how will this action affect real GDP and the price level in a closed
economy? How will the effect of this action differ in an open economy?
True/False Questions. Briefly explain your answer. (10%)
1. Fiscal policy has a greater impact in a closed economy than it does in an open
economy.
2. Ceteris paribus, falling demand by foreign portfolio managers for U.S. stocks
and bonds will cause a depreciation in the dollar and rising U.S. price level.
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