Macro test
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | depreciation
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| "Net foreign factor income" in the national income accounts refers to the difference between | show 🗑
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| Which of the following is not economic investment? | show 🗑
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| show | a check for $250 sent by a parent to a daughter at college
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| Net exports are negative when | show 🗑
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| Arthur sells $100 worth of cotton to Bob. Bob turns the cotton into cloth, which he sells to Camille for $300. Donita sells the dresses for $1,200 to kids attending the prom. The total contribution to GDP of this series of transactions is | show 🗑
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| show | the child-care services provided by stay-at-home parents
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| show | $4,108 billion
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| show | monetary value of all final goods and services produced within the borders of a nation in a particular year.
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| When local police and fire departments buy new cars for their operations, these are counted as part of | show 🗑
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| Environmental pollution is accounted for in | show 🗑
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| show | All of these are identified as causes of business cycle changes.
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| show | 8 percent
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| What are the primary effects of cost-push inflation? | show 🗑
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| show | not in the labor force
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| Kara voluntarily quit her job as an insurance agent to return to school full time to earn an MBA degree. With degree in hand, she is now searching for a position in management. Kara presently is | show 🗑
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| show | may cause the official unemployment rate to understate the true amount of unemployment.
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| The consumer price index was 177.1 last year and 179.9 this year. Therefore, the current rate of inflation is about | show 🗑
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| show | strucutural
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| In which phase of the business cycle will the economy most likely experience rising real output and falling unemployment rates? | show 🗑
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| If the nominal interest rate is 5 percent and the real interest rate is 2 percent, then the inflation premium is | show 🗑
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| show | capital goods and durable consumer goods
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| Rising per-unit production costs are most directly associated with | show 🗑
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| Recurring upswings and downswings in an economy's real GDP over time are called | show 🗑
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| If actual GDP is $500 billion and there is a negative GDP gap of $10 billion, potential GDP is | show 🗑
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| show | that rate of unemployment occurring when the economy is at its potential output.
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| show | cyclical
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| Cost-of-living adjustment clauses (COLAs) | show 🗑
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| In the expansion phase of a business cycle, | show 🗑
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| show | demand-pull inflation
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| Which of the following constitute the types of unemployment occurring at the natural rate of unemployment? | show 🗑
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| Personal saving is equal to | show 🗑
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| show | all the points at which consumption and income are equal.
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| Which of the following factors would decrease investment demand? | show 🗑
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| The purchase of capital goods, like ____ consumer goods, can be postponed; it tends to contribute to _____ in investment spending. | show 🗑
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| As disposable income increases, consumption | show 🗑
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| show | 0.80
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| show | 0.1
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| Disposable Income Consumption $ 10,000 $ 12,000 18,000 18,000 26,000 24,000 34,000 30,000 42,000 36,000 50,000 42,000 Refer to the accompanying consumption schedule. If disposable income is $42,000, then saving is | show 🗑
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| The relationship between the MPS and the MPC is such that | show 🗑
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| show | a decrease in disposable income
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| show | decrease
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| If Matt's disposable income increases from $4,000 to $4,500 and his level of saving increases from $200 to $325, it may be concluded that his marginal propensity to | show 🗑
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| show | 0.12
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| Investment spending in the United States tends to be unstable because | show 🗑
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| show | $20 billion
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| show | 12 billion
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| The MPC for an economy is | show 🗑
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| If disposable income is $900 billion when the average propensity to consume is 0.9, it can be concluded that | show 🗑
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| show | an increase in the real rate of interest will reduce the level of investment.
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| If disposable income increases from $912 to $927 billion and MPC = 0.6, then consumption will increase by | show 🗑
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| With a marginal propensity to save of 0.4, the marginal propensity to consume will be | show 🗑
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| show | 0.75, and the multiplier is 4.
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| show | undertake the investment because the expected rate of return of 10 percent is greater than the real rate of interest.
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| show | r is greater than i
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| Dissaving means | show 🗑
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