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Frictional unemployment
Structural unemployment
Full unemployment
Cyclical unemployment
3. Macroeconomics is:
An analysis of economic reality that proceeds from the parts to the whole.
Frictional unemployment
Cyclical unemployment
Structural unemployment
Natural unemployment
5. If banks hold excess reserves whereas before they did not, the money
multiplier:
Will be unaffected
They have the same effects on output but investments in technology are
much more closely tied to the level of saving than investments in capital.
Real asset.
Financial liability.
Financial asset.
Real liability.
$50
$100
$500
$20
10. Suppose farmers can use their land to grown either wheat or corn. The law of
supply predicts that an increase in the market price of wheat will cause:
11. According to Keynes, why might deflation create problems for an economy?
The cost of repricing goods would increase costs, and therefore reduce
profits, for businesses and they would cut production.
People would drop out of unions because unions would become ineffective
at keeping wages of members high.
Consumers might expect prices to fall further and cut back consumption
now.
13. According to the Classical growth model, an economy that increases its
saving will grow:
Quickly since the increase in saving will permit more rapid technological
progress.
An increase in taxes
17. In which of the following situations is a budget surplus most likely to occur?
Government spending
Net exports
Investment
Consumption
19. Which of the following is the path through which contractionary monetary
policy works?
Money down implies interest rate down implies investment down implies
income down.
20. As a country develops economically, what changes usually take place in the
goods it exports?
21. What would make foreigners want to buy more from the United States?
Higher tariffs
23. The government of Crossland wants to influence its exchange rate. It will do
so by buying and selling:
Commodities
Transfers
24. If a country wants to prevent its exchange rates from falling, it could:
Have the same effect on the price of domestically produced goods if they
are set appropriately.
Yield the same amount of tax revenue if they are set appropriately.
27. Between 2007 and 2009, the U.S. unemployment rate rose from under 5
percent to over 8 percent. A Keynesian economist would most likely blame this
increase in unemployment on:
29. The law of demand states that quantity demanded of a good is inversely
related to the price of that good. Therefore, as the price of a good goes: