If inflation in the U.S. is higher than inflation in other countries, what will be the effect
on net exports for the U.S.?
net exports will rise as U.S. exports increase
net exports will decrease as U.S. imports decrease
net exports will decrease as U.S. exports decrease
net exports will rise as U.S. imports decrease
If planned aggregate expenditures are below potential GDP, and planned aggregate
expenditures equal GDP, then
the economy is at full employment
actual inventory investment will be less than planned inventory investment.
the economy is in a recession.
actual inventory investment will be greater than planned inventory investment.
Suppose the economy is at a short run equilibrium GDP that lies above potential GDP.
Which of the following will occur because of the automatic mechanism adjusting the
economy back to potential GDP?
Short-run aggregate supply will shift to the left.
Prices will decline.
Output will increase.
Unemployment will decline.
decreases; increases
increases; increases
increases; decreases
decreases; decreases
If households in the economy decide to take money out of checking account deposits
and hold it as currency, this will initially
not change M1 and increase M2.
decrease M1 and not change M2.
decrease M1 and decrease M2.
not change M1 and not change M2.
If the U.S. dollar increases in value relative to other currencies, how does this affect
the aggregate demand curve?
This will move the economy down along a stationary aggregate demand curve.
This will shift the aggregate demand curve to the left.
This will shift the aggregate demand curve to the right.
This will move the economy up along a stationary aggregate demand curve.
An increase in government spending, as the price level rises,
decreases the interest rate, and consumption and investment spending decline.
increases the interest rate, and consumption and investment spending decline.
decreases the interest rate, and consumption and investment spending rise.
increases the interest rate, and consumption and investment spending rise.
Crowding out, following an increase in government spending, results from (the
exchange rate is the foreign exchange price of the domestic currency).
lower interest rates and a lower exchange rate.
lower interest rates and a higher exchange rate.
higher interest rates and a higher exchange rate.
higher interest rates and a lower exchange rate.
Consider a tax cut which affects not only consumer disposable income, but also after
tax earnings from labor supplied to labor markets and from financial assets acquired
through saving. In the long run we would expect this tax cut to:
increase the level of real GDP.
increase the price level.
increase both the price level and level of real GDP.
decrease both the price level and increase real GDP.
The price level in the economy between 2005 and 2006 rose from 100 to 105. Between
2006 and 2007, the price level rose from 105 to 110.25. How does the short-run
Phillips curve predict the unemployment rate will change as a result?
The unemployment rate will decrease since inflation decreased.
The unemployment rate will not change since there is no change in the rate of
inflation.
The unemployment rate will decrease since inflation increased.
The unemployment rate will increase since inflation increased.
If a country gas a fixed exchange rate,
central banks have more control over real GDP in the economy.
central banks must buy and sell their holdings of currencies to maintain a given
exchange rate.
the equilibrium exchange rate in that market does not respond to changes in supply
and demand for currency.
the equilibrium exchange rate is not allowed to fluctuate in response to changes in
the supply and demand for currency.
If the government finances an increase in government purchases with an increase in
taxes, which of the following would you not expect to see?
an increase in the exchange rate
a decrease in the interest rate
a decrease in net exports
an increase in aggregate demand
$0; $100,000
$0; $600,000
$100,000; $600,000
$600,000; $600,000
higher; increase
higher; decrease
higher; not change
lower, increase
The price of good A falls and the demand for good B decreases. Goods A and B are
Cannot be determined
Substitutes
Complements
Normal goods
perfect substitutes.
perfect complements.
normal goods.
inferior goods.
Which of the following utility functions is an example of preferences for perfect
complements?
Suppose every automobile requires exactly one engine (E) and four tires (T). The
production function for this process is
economies of scale.
diseconomies of scale.
neither economies nor diseconomies of scale.
indeterminate scale economies since the level of output and the prices of the inputs
are unknown.
The smoker will continue to smoke because that is his right.
The smoker will stop smoking, just to be a nice guy.
The non-smoker will offer to pay the smoker between $6 and $10 to stop smoking,
but the smoker will refuse because he has the right to smoke.
The non-smoker will offer to pay the smoker between $6 and $10 to stop smoking,
and the smoker will accept the money and refrain from smoking.
An increase of 5.
A decrease of 2.
A decrease of 4.
A decrease of 5.
increasing returns to scale.
constant returns to scale.
decreasing returns to scale.
undefined returns to scale.
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