Macro Final
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| The fundamental problem of economics is: | show 🗑
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| show | goods or services that are forgone in order to obtain something else
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| The doctrine of laissez faire is based on the belief that: | show 🗑
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| show | government failure
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| The government etsablishes the rules of the game for economic transactions in order to: | show 🗑
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| show | A higher price of a good
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| show | a decrease in demand for bagels
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| Ceteris paribus, which of the following is most likely to cause a decrease i the supply of skateboards? | show 🗑
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| From an economic standpoint, government intervention justified: | show 🗑
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| Governments usually build highways because it is difficult to exclude individuals who don't pay for the highways from using them. what type of market failure is involved? | show 🗑
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| show | there are external benefits associated with education
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| The primary function of taxes is to: | show 🗑
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| show | Benefits exceeds the opportunity costs
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| Which of the following is excluded from calculations of GDP? | show 🗑
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| Real GDP is more accurate than nominal GDP in making comparisons of output over time because: | show 🗑
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| show | Nominal GDP decreased
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| if the price level is 100 for 2005 and the price level is 106.5 in 2007 (the price level has increased by 6.5% from 2005-2007) a nominal GDP in 2007 is $15,600 billion would mean that real GDP in 2007 (in2005 prices) would be closest to: | show 🗑
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| the components of GDP are: | show 🗑
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| show | a part time store clerk who is looking for another job
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| show | 24.1%
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| show | Frictional unemployment
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| show | structural unemployement
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| To construct the Consumer Price Index, The Bureau of Labor Statistics must: | show 🗑
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| show | 13.6 %
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| In the Full Employment and Balanced Growth Act of 1978 | show 🗑
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| If the CPI doesnt measure product quality improvements, then the CPI tends to: | show 🗑
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| According to classical theory: | show 🗑
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| Unlike the Classical economists, Keynes asserted that: | show 🗑
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| show | How total quantity of output demanded varies with average price level
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| show | Reduces the value of savings, which reduces the purchase of goods and services
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| show | some costs do not rise when average prices rise
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| The cost effect implies that: | show 🗑
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| show | It is inconsistent with the macroeconomic goals
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| Ceteris paribus, the price level will decrease if the aggregate: | show 🗑
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| show | Increased government spending which reduced consumer spending
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| show | is temporary and in the long run the cost effect dominates
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| show | an increase in aggregate demand
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| The components of aggregate demand are: | show 🗑
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| show | It is equal to the slope of the consumption function
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| If an increase in disposable income causes consumption to increase from $4,000 to $10,000 and causes saving to increase from $2,000 to $4,000 it can be inferred that the MPC equals | show 🗑
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| show | Technology
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| If the availability of credit increases,then: | show 🗑
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| show | the AD curve will shift to the left
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| show | Cyclical
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| show | Imports
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| show | An injection into the circular flow, like government spending
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| If leakages exceed injections: | show 🗑
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| show | Increased unemployment results
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| show | Unemployment
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| show | Household and business receive income from consumption expenditures; they spend a portion of this new income; these expenditures in turn generate income for other businesses and households, which in turn spend a portion of the new income, and so on
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| show | $2,000
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| show | An increase in taxes and a decrease in government spending
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| show | A recessionary GDP gap will still exist
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| show | the AD shortfall
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| show | Government spending decreased by $150 million
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| A tax cut has a smaller impact on aggregate demand than an increase in government purchases of the same size because: | show 🗑
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| If the MPC for a ecpnpmy is .90, a $2 billion increasein taxes will ultimately cause consumption to decrease by: | show 🗑
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| show | Less government expenditure and higher taxes
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| show | Doing so may prevent the government from pulling the economy out of recession
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| show | interest payments on the national debt
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| The major reason why budget defecits were reduced during the 1990s and why there was a budget surplus in 1998-2000 is because of: | show 🗑
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| Increased government purchases crowd out private purchases whenever the economy is: | show 🗑
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| show | Are a redistribution of income from taxpayers to bondholders
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| Money is function as a store of value when you: | show 🗑
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| show | The composition of the money supply changes, but the size of the money supply does not change
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| Suppose University bank has zero excess reserves. If the required reserve ratio decreases, the: | show 🗑
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| If total reverses for a bank are $12,000, excess reserves are $2,000, and demand deposits are $100,000, then the money multiplier must be: | show 🗑
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| show | 7 members, 14 year terms
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| show | Ben Bernake
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| show | All 7 governers and 5 of the regional reserve bank presidents
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| show | Providing currency to private banks
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| The federal reserve system was created by: | show 🗑
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| show | Monetary policy
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| Open market operations involve the Fed dong what? | show 🗑
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| show | Open market operations
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| by raising and lowering the discount rate, the Fed changes the: | show 🗑
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| The rate of interest charged by the Fed reserve banks for lending reserves to member banks is the: | show 🗑
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| show | One bank lends to another bank
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| What are the 3 tools available to the Fed for controlling the money supply? | show 🗑
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| show | The price paid for the use of money
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| The liquidity trap refers to: | show 🗑
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| the federal funds rate is he interest rate for: | show 🗑
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| show | supply curve should shift leftward
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| How can the Fed change the equilibrium rate of interest? | show 🗑
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| show | increase as interest rates fall
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| someone holds $100 in cash in his wallet to make prchases for gas & groceries. This represents the: | show 🗑
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| show | market demand curve for money
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| show | Decrease
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| The choice hold your money in the form of cash results in: | show 🗑
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| show | currency held by the public, balances in transaction, balances in most savings accounts, money market mutual funds
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Created by:
Thomas.Siu
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