Macroeconomics FTC1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| show | Scarcity
🗑
|
||||
| show | Should Ford use expensive industrial robots or inexpensive Mexican autoworkers to produce SUV's?
🗑
|
||||
| show | compare marginal costs and marginal benefits
🗑
|
||||
| show | Positive
🗑
|
||||
| show | Normative
🗑
|
||||
| What would be an example of a consumption good or service? (Select 2) | show 🗑
|
||||
| The largest share of total production in the United States is | show 🗑
|
||||
| show | capital goods are used to produce additional goods while consumption goods are not.
🗑
|
||||
| Which of the following correctly lists the categories of factors of production? | show 🗑
|
||||
| show | The MRI Machine
🗑
|
||||
| show | B) An accounting software for a retail store, D) a drill press in your local machine shop
🗑
|
||||
| In the circular flow model, | show 🗑
|
||||
| Production efficiency is represented by ________ a production possibilities frontier. | show 🗑
|
||||
| show | A) Production of 700 books and 400 tables is attainable but inefficient., B) Production of 1000 books and 600 tables is unattainable.
🗑
|
||||
| The production possibilities frontier illustrates which of the following economic ideas? | show 🗑
|
||||
| show | a decrease in the quantity of gasoline demanded.
🗑
|
||||
| show | a change in the price of an apple.
🗑
|
||||
| show | substitute goods.
🗑
|
||||
| Hot dogs and hot dog buns are complements. If the price of a hot dog falls, then | show 🗑
|
||||
| Classify the following goods as inferior or normal: [As income increases, demand for bus rides decreases. Hence, bus rides are] | show 🗑
|
||||
| show | Normal Goods
🗑
|
||||
| show | The supply of cheese decreases.
🗑
|
||||
| show | The supply decreases
🗑
|
||||
| show | a surplus; is less than
🗑
|
||||
| Suppose the current price of a pound of steak is $6 per pound and the equilibrium price is $9 per pound. What takes place? | show 🗑
|
||||
| If consumers buy a large number of plug-in electric cars, the equilibrium price of electricity will ________ and the equilibrium quantity of electricity will ________. | show 🗑
|
||||
| Suppose that the price of flour used to produce bagels increases. Hence the equilibrium price of a bagel ________ and the equilibrium quantity ________. | show 🗑
|
||||
| Suppose that the price for flour, which is used to produce bagels, increases. In the market for cream cheese, | show 🗑
|
||||
| When personal computers were first produced, the price was very high. As time passed, the price of personal computers fell because | show 🗑
|
||||
| show | market value of the final goods and services produced in a given year within a country.
🗑
|
||||
| Which of the following is included in U.S. GDP? i. the rental value of homes owned by U.S. citizens ii. the production of Suburban SUVs by GM in its plant in Mexico iii. tickets sold by U2 for concerts held in the United States | show 🗑
|
||||
| Which of the following is a final good or service? | show 🗑
|
||||
| In measuring GDP, which of the following is included? | show 🗑
|
||||
| show | because firms pay out everything they receive as income to the factors of production.
🗑
|
||||
| Which two of the following does GDP measure? (Select 2) | show 🗑
|
||||
| show | indirect taxes and depreciation.
🗑
|
||||
| show | An increase in real GDP
🗑
|
||||
| The CPI is calculated by the Bureau of Labor Statistics on a frequency of every | show 🗑
|
||||
| show | 100.
🗑
|
||||
| show | housing
🗑
|
||||
| show | weights the goods and services according to the budget of an average urban household.
🗑
|
||||
| Which of the following is true? | show 🗑
|
||||
| show | i and ii
🗑
|
||||
| show | increased for women and decreased for men.
🗑
|
||||
| show | There was an increase in the educational level of women., Technological change in the home increased the time available for work outside the home.
🗑
|
||||
| show | frictional
🗑
|
||||
| show | cyclical unemployment.
🗑
|
||||
| Full employment occurs when | show 🗑
|
||||
| When the unemployment rate is greater than the natural unemployment rate, real GDP is | show 🗑
|
||||
| show | rapidly; high
🗑
|
||||
| show | new goods bias, commodity substitution bias, outlet bias
🗑
|
||||
| show | real GDP is smaller than nominal GDP.
🗑
|
||||
| show | annual percentage change of real GDP.
🗑
|
||||
| show | real GDP produced by one hour of labor.
🗑
|
||||
| Sustained increases in the standard of living depend on | show 🗑
|
||||
| show | shift the productivity curve upward; labor and capital become more productive
🗑
|
||||
| show | anything accepted as a means of payment.
🗑
|
||||
| show | indicator of supply
🗑
|
||||
| show | unit of account.
🗑
|
||||
| show | checkable deposits
🗑
|
||||
| If Joe withdraws a $100 bill from his checking account and Jack deposits another $100 bill in his savings account, by how will M1 and M2 change? | show 🗑
|
||||
| show | maximize the wealth of its stockholders.
🗑
|
||||
| show | a savings and loan association
🗑
|
||||
| show | provides banking services to banks but not individuals.
🗑
|
||||
| show | Federal Reserve System.
🗑
|
||||
| The main policy making body of the Federal Reserve System is the | show 🗑
|
||||
| show | setting the required reserve ratios, conducting open market operations
🗑
|
||||
| show | purchase or sale of government securities by the Fed
🗑
|
||||
| show | decreased the federal funds rate to almost zero by buying large sums of securities.
🗑
|
||||
| When the Fed ________ securities in an open market operation, banks' reserves ________, and therefore lending ________. | show 🗑
|
||||
| show | is the money that people choose to hold.
🗑
|
||||
| The opportunity cost of holding money is that you | show 🗑
|
||||
| show | nominal interest rate is equal to the real interest rate plus the inflation rate.
🗑
|
||||
| show | tax; redistributes goods and services from households and businesses to the government
🗑
|
||||
| show | time spent trying to spend money quickly.
🗑
|
||||
| The aggregate supply curve shows the relationship between | show 🗑
|
||||
| The aggregate supply curve slopes ________ because a ________ in the price level brings a ________ in the real wage rate. | show 🗑
|
||||
| show | increase in potential GDP
🗑
|
||||
| Which of the following does NOT shift the aggregate demand curve? | show 🗑
|
||||
| show | aggregate demand decreases and the AD curve shifts leftward.
🗑
|
||||
| show | Shift of AD curve
🗑
|
||||
| show | Shift of AS curve
🗑
|
||||
| Match the events to the resulting changes [Change in price level] | show 🗑
|
||||
| show | multiplier; decrease; decrease
🗑
|
||||
| In the figure below, the economy is at an equilibrium with real GDP of $16 trillion and a price level of 110. At this point there is | show 🗑
|
||||
| Demand-pull inflation starts with | show 🗑
|
||||
| The short-run Phillips curve is a curve that shows the relationship, other things being constant, between ________ and ________. | show 🗑
|
||||
| show | is equal to the expected inflation rate.
🗑
|
||||
| Suppose an economy experiences a permanent increase in its expected inflation rate. As a result, there is | show 🗑
|
||||
| show | tax revenues exceeds government outlays.
🗑
|
||||
| show | of debt outstanding that arises from past budget deficits.
🗑
|
||||
| show | the President, the Congress
🗑
|
||||
| Fiscal policies that move the economy toward potential GDP without a change in policy are called | show 🗑
|
||||
| If the government reduces expenditure on goods and services by $30 billion, then aggregate demand | show 🗑
|
||||
| To eliminate a recessionary gap, the government can ________ government expenditures on goods and services or ________ taxes. | show 🗑
|
||||
| show | keeping the inflation rate low, attaining maximum employment
🗑
|
||||
| show | federal funds rate
🗑
|
||||
| When the Fed buys government securities, banks' reserves ________, the quantity of money ________, and the federal funds rate ________. | show 🗑
|
||||
| show | will sell government securities in the open market.
🗑
|
||||
| If the AS and the AD curve intersect at a level of real GDP that exceeds potential GDP, then the appropriate monetary policy is one that ________ the federal funds rate and ________ aggregate demand. | show 🗑
|
||||
| The fundamental force that generates international trade is | show 🗑
|
||||
| When a country imports a good, the ________ to consumers is ________ the ________ to producers. | show 🗑
|
||||
| show | world market price plus the tariff.
🗑
|
||||
| What is the dumping argument for protection from international trade? | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
rebej07
Popular Economics sets