A drop in the price of a compact disc shifts the demand curve for prerecorded tapes
leftward. From that you know compact discs and prerecorded tapes are
complements.
substitutes.
inferior goods.
normal goods.
Inferior goods are those for which demand increases as
the price of a substitute falls.
the price of a substitute rises.
income decreases.
income increases.
When the price is below the equilibrium price, the quantity demanded
is less than the equilibrium quantity. So is the quantity supplied.
is less than the equilibrium quantity. The quantity supplied exceeds the equilibrium
quantity.
exceeds the equilibrium quantity. So does the quantity supplied.
exceeds the equilibrium quantity. The quantity supplied is less than the equilibrium
quantity.
The price elasticity of demand for cigarettes is 0.4. If government wants to reduce
smoking by 10 percent, by how much should it raise the price of cigarettes?
By 10 percent.
By 20 Percent.
By 25 percent.
By 50 percent.
A price ceiling set below the equilibrium price ________ search activity and ________ the use
of black markets.
increases; increases
increases; decreases
decreases; increases
decreases; decreases
In the above figure, which demand curve illustrates perfectly elastic demand?
G
H
I
J
The demand and the supply for a good are each neither perfectly elastic nor perfectly
inelastic. Imposing a sales tax on sellers of the good is
paid by only buyers.
paid by only sellers.
paid by both buyers and sellers.
paid by neither buyers nor sellers.
As Sean's consumption of rice goes up, his
average utility from consuming rice increases.
total utility from consuming rice increases.
marginal utility from consuming rice increases.
elasticity of utility from consuming rice increases.
Suppose the price of a soda is $2 each, the price of a hot dog is $3 each and the budget
is $20. If the marginal utility of the fourth soda is 100 and the marginal utility of the
fourth hot dog is 150, to maximize utility, a person will buy
4 sodas and 4 hot dogs.
more hotdogs than 4 and fewer sodas than 4 because hot dogs provide more utility.
buy more sodas than 4 to increase their utility.
fewer sodas than 4 and more hot dogs than 4.
If Bill thinks tacos and turkey sandwiches are perfect substitutes, then his indifference
curves for these two goods
are L-shaped.
are negatively sloped and linear.
are positively sloped and linear.
have slopes equal to 1.
In the above figure, if the market was a single-price monopoly rather than perfectly
competitive, which area shows the transfer from consumers to producers?
A + B
C + D
C + D + E
E + H
In the above figure, which area is the deadweight loss from a single-price monopoly?
E
E + H
E + H + K
E + H + K + J
Within a monopolistically competitive industry,
firms can freely enter and exit and economic profits are zero in the long run.
firms can freely enter and exit and economic profits are greater than zero in the long run.
there are some barriers to entry and exit but economic profits are zero in the long run.
there are some barriers to entry and exit and economic profits are greater than zero
in the long run.
Excess capacity and high advertising expenditures are encountered in
perfect competition.
monopolistic competition.
monopoly.
non-profit competition.
Excess capacity and high advertising expenditures are encountered in
perfect competition.
monopolistic competition.
monopoly.
non-profit competition.
A fall in the expected future inflation rate
increases aggregate demand.
increases the aggregate quantity demanded.
decreases the aggregate quantity demanded.
decreases aggregate demand.
Suppose the economy is experiencing a recessionary gap. In the long run, the money
wage rate ________, unemployment ________, and the price level ________.
falls; rises; falls
falls; falls; falls
rises; rises; rises
rises; falls; rises
The productivity curve shows that an increase in technological progress results in
an increase in the level of real GDP per hour of labor at any level of capital per hour
of labor.
no change in the level of real GDP per hour of labor at any level of capital per hour
of labor.
a decrease in the level of real GDP per hour of labor at any level of capital per hour
of labor.
an increase in the quantity of labor.
Suppose that capital per hour of labor rises by 10 units, increasing output per hour of
labor by 1 unit. Then a further 10 unit increase in capital per hour of labor will
increase output per hour of labor by more than 1 unit.
increase output per hour of labor by 1 unit.
increase output per hour of labor by less than 1 unit.
decrease output per hour of labor by less than 1 unit.
You deposit $4,000 in currency in your checking account. The bank holds 20 percent of
all deposits as reserves. As a direct result of your deposit, your bank will create
$200 of new money.
$800 of new money.
$1,600 of new money.
$3,200 of new money.
If the Fed carries out an open market operation and buys U.S. government securities,
the interest rate
falls and the quantity of money increases.
rises and the quantity of money increases.
falls and the quantity of money decreases.
rises and the quantity of money decreases.
In the long run, an increase in the quantity of money ________ real GDP and ________ the
price level.
increases; raises
does not change; raises
decreases; raises
decreases; lowers.
An increase in the interest rate creates a ________ the money demand curve, and an
increase in real GDP creates a ________ the money demand curve.
movement down along; leftward shift of
rightward shift of; movement up along
movement up along; rightward shift of
leftward shift of; rightward shift of
Which of the following statements is correct?
Actual aggregate expenditures does not always equal real GDP.
Planned investment exceeds actual investment when real GDP is greater than
aggregate planned expenditures.
Actual investment exceeds planned investment when real GDP is less than
aggregate planned expenditures.
None of the above are correct.
If real GDP is $2 billion and planned aggregate expenditure is $2.25 billion, inventories
will
be depleted and output will increase.
be depleted and output will decrease.
pile up and output will decrease.
pile up and output will increase.
In a simple economy in which prices are constant and with no income taxes or imports,
the marginal propensity to save is 0.2. If exports increase $50, what impact will that
have on aggregate expenditure?
increase by $250
increase by $100
decrease by $250
decrease by $100
The term "crowding out" relates to
an effect of government dissaving.
increases in the real interest rate due to government budget deficit.
decreases in private investment because of government dissaving.
All of the above answers are correct.
An increase in government purchases shifts the AD curve ________ and an increase in
taxes shifts the AD curve ________.
rightward; rightward
rightward; leftward
leftward; rightward
leftward; leftward
If potential real GDP decreases, a fixed rule results in actual real GDP ________ and the
price level ________.
increasing; rising
increasing; falling
decreasing; rising
decreasing; falling
Suppose that in the United States in 2004, investment is $1,600, saving is $1,400
billion, government purchases are $1,500 billion, exports are $2,000 billion, and
imports are $2,500 billion.
(1) What is the amount of tax revenue?
(2) What is the government budget balance?
(3) What fiscal policy action might increase investment and speed economic growth?
Explain how the policy action would work.
You are given the following information about the economy of zeeland: Autonomous
consumption expenditure is $100 billion, and the marginal propensity to consume is 0.9.
Investment is $460 billion, government purchase of goods and services are $400 billion,
and net taxes are a constant $400 billion-they do not vary with income.
(1) What is the consumption function?
(2) What is the equation that describes the aggregate expenditure curve?
(3) Calculate equilibrium expenditure.
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