Home Depot sells new and used doors to contractors who build new homes. Home
Depot also sells new and used doors to homeowners. Which of the following would be
counted in GDP?
The sale of a new door to homeowner.
The sale of a used door to a homeowner.
The sale of a new door to TapKon construction for installation into a new home.
The sale of a used door to TapKon construction for installation into a new home.
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 rise as U.S. imports decrease
net exports will decrease as U.S. exports decrease
net exports will decrease as U.S. imports decrease
If planned aggregate expenditures are below potential GDP, and planned aggregate
expenditures equal GDP then
the economy is in a recession.
actual inventory investment will be greater than planned inventory investment.
the economy is at full employment.
actual inventory investment will be less than planned inventory investment.
If the economy is currently in equilibrium at a level of GDP that is below potential
GDP, which of the following would move the economy back to potential GDP?
an increase in interest rates
an increase in wealth
a decrease in business confidence
an increase in the value of the dollar relative to other currencies
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.
not change M1 and not change M2.
decrease M1 and decrease M2.
decrease M1 and not change M2.
If households in the economy decide to take money out of checking account deposits
and put this money into savings accounts this will initially
increase M1 and decrease M2.
decrease M1 and not change M2.
decrease M1 and increase M2.
decrease M1 and decrease M2.
When you open a checking account at Bank of America, Bank of America
has more reserves, but excess reserves remain unchanged.
has more reserves and more excess reserves.
has more deposits and less in excess reserves.
has more deposits, but excess reserves remain unchanged.
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.
higher interest rates and a lower exchange rate.
higher interest rates and a higher exchange rate.
lower interest rates and a higher exchange rate.
Consider the hypothetical information in the table below for potential real GDP, real
GDP and the price level in 2011 and in 2012 if the Congress and the president do not
use fiscal policy. If the Congress and the president want to keep real GDP at its
potential level in 2012, it should
conduct expansionary fiscal policy.
buy Treasury securities.
decrease the discount rate.
decrease government purchases.
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:
(A)increase the level of real GDP.
increase the level of real GDP.
decrease both the price level and increase real GDP.
increase both the price level and the level of real GDP.
increase the price level.
Which of the events below cause the shifts in supply and demand shown in the market
for dollars against the British pound shown in the graph below?
interest rates rise in England
real income falls in England
interest rates rise in the United States
real income rises in the United States
decrease; increase
decrease; decrease
increase; increase
increase; decrease
2,000,000; 2,100,000
20,000,000; 21,000,000
20,000,000; 22,000,000
40,000,000; 40,000,000
$0; $100,000
$0; $600,000
$100,000; $600,000
$600,000; $600,000
Of the following choices, which good should have the most elastic price elasticity of
demand?
Candy bars.
Snickers candy bars.
Chocolate candy bars.
Candy.
Which of the following utility functions is an example of preferences for perfect
substitutes?
U(x, y) = xy
U(x, y) = 3x + 5y
U(x, y) = min{2x, y}
is currently minimizing total cost in the long run.
cannot lower cost without also lowering the level of output.
could lower cost by increasing the usage of labor and decreasing the usage of
capital.
could lower cost by increasing the usage of capital and decreasing the usage of
labor.
under-pricing; 8
over-pricing; 16
under-pricing; 16
over-pricing; 8
An increase of 5.
A decrease of 5.
A decrease of 4.
A decrease of 2.
Suppose every automobile requires exactly one engine (E) and four tires (T). The
production function for this process is
The consumer is currently maximizing utility.
Nothing can be said about the consumer’s utility because we do not know the
consumer’s income or utility function.
The consumer could increase utility by consuming more of good B and less of good
A.
The consumer could increase utility by consuming more of good A and less of good
B.
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