MacroEconFinal
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| Economics is the study of | show 🗑
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| Economics is not a | show 🗑
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| show | 1776
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| show | 1867
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| Economic resources in America are | show 🗑
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| show | interest
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| show | trade surplus
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| Comparative advantage is not | show 🗑
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| NAFTA has | show 🗑
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| Which one of the following expressions best states the idea of opportunity cost? | show 🗑
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| The four factors of production are | show 🗑
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| Which of the following is a land resource? | show 🗑
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| show | 4 units of capital goods
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| show | tend to generate a more rapid growth rate
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| Refer to the above table. A total output of 4 units of capital goods and 4 units of consumer goods | show 🗑
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| show | Achieve the full employment of available resources
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| show | larger and larger amounts of capital goods must be sacrificed to get additional units of consumer goods
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| show | a construction crane
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| Unemployment | show 🗑
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| show | technology is fixed
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| Which of the following is a distinguishing feature of a command system | show 🗑
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| command systems are also known as | show 🗑
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| show | workers specialize in various production tasks
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| show | it promotes specialization by overcoming the problems with barter
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| Which of the following is one of the five fundamental questions | show 🗑
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| show | encourages innovation because successful innovators are rewarded with economic profits
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| Refer to above data. In view of the indicated resource prices, the economically most efficient production technique is technique | show 🗑
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| Refer to above data. If a new production technique is developed that enables a firm to produce 20 units of output with 3 units of land, 3 of labor, 1 of capital, and 2 of entrepreneurial ability, this technique would | show 🗑
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| The market system's answer to the fundamental question "What will be produced?" is essentially | show 🗑
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| show | idea that the decisions of producers must ultimately conform to consumer demands
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| Which of the following best describes the invisible-hand concept? | show 🗑
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| show | allocates resources efficiently and allows economic freedom
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| show | both Latalia and Trombonia is subject to constant opportunity costs
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| show | is 5 tons of beans
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| Refer to tables. If these two nations specialize on the basis of comparative advantage | show 🗑
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| show | 4 tons of beans
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| Refer to tables. Which of the following would be feasible terms for trade between Latalia and Trombonia | show 🗑
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| show | households are on the selling side of the resource market and on the buying side of the product market
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| The two basic markets shown by the simple circular flow model are | show 🗑
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| show | decrease
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| show | increase
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| Supply is not determined by the | show 🗑
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| If the price of oranges increases, the supply of orange juice will | show 🗑
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| show | increase, increase
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| show | increase, be unknown
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| show | the negative externalities
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| show | assume many buyers and sellers of a standardized product
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| show | price and quantity demanded
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| In the past few years, the demand for donuts has greatly increased. This increase in demand might best be explained by | show 🗑
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| An economist for a bicycle company predicts that, other things equal, a rise in consumer incomes will increase the demand for bicycles. This prediction assumes that | show 🗑
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| show | a decrease in the price of one will increase the demand for the other
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| By an "increase in demand" economists mean that | show 🗑
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| show | quantity demanded to decrease
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| An improvement in production technology will | show 🗑
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| Suppose that corn prices rise significantly. If farmers expect the price of corn to continue rising relative to other crops, then we would expect | show 🗑
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| show | $2
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| Refer to data. If the price in this market was $4 | show 🗑
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| Refer to data. If price was initially $4 and free to fluctuate, we would expect the | show 🗑
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| Refer to diagram. The equilibrium price and quantity in this market will be | show 🗑
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| Refer to diagram. A surplus of 160 units would be encountered if the price was | show 🗑
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| show | $0.50
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| A market is in equilibrium | show 🗑
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| If the supply and demand curves for a product both decrease, then equilibrium | show 🗑
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| Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. This statement | show 🗑
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| With a downsloping demand curve and an upsloping supply curve for a product, a decrease in resource prices will | show 🗑
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| Market failure is said to occur whenever | show 🗑
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| The two main characteristics of a public good are | show 🗑
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| Cost-benefit analysis attempts to | show 🗑
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| Refer to data. For Plan D marginal costs and marginal benefits are | show 🗑
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| Refer to data. On the basis of cost-benefit analysis government should undertake | show 🗑
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| Refer to data. Plan C entails | show 🗑
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| show | the benefits associated wit ha product exceed those accruing to people who consume it
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| show | 800
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| show | 4,000,000
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| During the depression, the ___ was the one appliance people could not live without | show 🗑
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| show | Huey Long
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| The purpose of a tight money supply is to ____ the supply of money | show 🗑
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| If you are estimating your total expenses for school next semester, you are using money primarily as | show 🗑
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| show | coins, paper currency, and checkable deposits
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| Currency held in a vault is | show 🗑
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| show | board of governors of the federal reserve
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| show | 1913
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| show | paper money in the form of gold receipts was rarely redeemed for gold
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| show | net worth
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| Excess reserves refer to the | show 🗑
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| Refer to data. This commercial bank has required reserves of | show 🗑
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| show | $6,000
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| Refer to data. This bank can safely expand its loans by a maximum of | show 🗑
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| show | $6,000
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| Refer to data. Assuming the bank loans out all of its remaining excess reserves as a checkable deposit, and has a check cleared against it for that amount, its reserves and checkable deposits will now be | show 🗑
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| show | $30,000
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| A single commercial bank must meet a 25% reserve requirement. If the bank has no excess reserves initially and $5,000 of cash is deposited in the bank, it can increase its loans by a maximum of | show 🗑
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| show | have $45 of additional excess reserves
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| show | the amount of required reserves the bank must have will fall
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| show | is larger the smaller the required reserve ratio
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| The transactions demand for money is most closely related to money functioning as a | show 🗑
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| show | supply of money curve and the total demand for money curve
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| show | A liability as viewed by the Federal Reserve Banks
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| The four main tools of monetary policy are | show 🗑
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| show | decreases the money supply by decreasing excess reserves and decreasing the monetary multiplier
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| show | rate at which the Federal Reserve Banks lend to commercial banks
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| The purpose of a restrictive monetary policy is to | show 🗑
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| An increase in the money supply will | show 🗑
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| show | raise interest rates and restrict the availability of bank credit
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| Which of the following actions by the Fed would cause the money supply to increase | show 🗑
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| show | Sales of government bonds to the public
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| Henry Ford saw a direct relationship between the ____ people were paid and the ____ of cars he could sell | show 🗑
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| show | expanding businesses
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| show | the $5.00 a day wage
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| show | air conditioning
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| show | increased
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| Nominal GDP has ____ in the past 50 years | show 🗑
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| Real GDP minus nominal GDP does not equal the | show 🗑
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| The business cycle is not | show 🗑
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| _____ and _____ are the two major problems associated with the business cycle | show 🗑
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| show | the general rise in prices
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| Inflation causes the dollar to | show 🗑
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| show | National income accounting
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| A nation's GDP | show 🗑
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| A nation's GDP | show 🗑
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| GDP measures and reports output | show 🗑
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| If intermediate goods and services were included in GDP | show 🗑
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| show | productive but is excluded from GDP because no market transaction occurs
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| Net exports are | show 🗑
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| Which of the following do national income accountants consider to be investment | show 🗑
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| show | not counted
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| Which of the following best defines disposable income | show 🗑
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| Recurring upswings and downswings in an economy's real GDP over time are called | show 🗑
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| show | a recession
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| show | African-American teenagers
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| According to the Bureau of Labor Statistics, to be officially unemployed a person must | show 🗑
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| The labor force includes | show 🗑
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| Official unemployment statistics | show 🗑
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| show | fully employed and therefore the official unemployment rate may understate the level of unemployment
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| The unemployment rate is the | show 🗑
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| Which of the following constitute the types of unemployment ocurring at the natural rate of unemployment | show 🗑
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| show | cost-push inflation
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| show | The level of income
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| the APC is calculated as | show 🗑
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| show | and saving both decrease
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| Dissaving means | show 🗑
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| Refer to data. At the $250 level of disposable income, savings is | show 🗑
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| Refer to data. At the $200 level of disposable income, average propensity to consume is | show 🗑
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| show | 0.036
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| show | 0.80
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| Refer to data. The marginal propensity to save is | show 🗑
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| Refer to data. If disposable income was $325, we would expect consumption to be | show 🗑
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