macro sheflin midterm A

macro sheflin midterm A - Review Assessment MIDA Name...

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Review Assessment: MIDA Name: MIDA Status: Completed Score: 27 out of 30 point(s) Question 1 Multiple Choice 1 of 1 point(s) The adage, "There is no such thing as a free lunch," means Your Answer: everything has an opportunity cost Correct Answer: everything has an opportunity cost Question 2 Multiple Choice 1 of 1 point(s) Which is the most correct statement about the invisible hand? Your Answer: The invisible hand is more effective at ensuring efficiency than it is at ensuring equity. Correct Answer: The invisible hand is more effective at ensuring efficiency than it is at ensuring equity. Question 3 Multiple Choice 1 of 1 point(s) Which of the following is NOT correct of the Federal Reserve System? Your Answer: All important Federal Reserve policy decisions are made by the decentralized regional banks. Correct Answer: All important Federal Reserve policy decisions are made by the decentralized regional banks. Question 4 Multiple Choice 1 of 1 point(s) Table 23-2. The following is fictional information on GDP and the GDP Deflator Year Nominal GDP GDP Deflator 2004 $1000 100 2005 $1100 110 Refer to Table 23-2. From this information what can we conclude about prices and output in 2006 as compared to 2004? Your Answer: output unchanged, prices higher Correct Answer: output unchanged, prices higher Question 5 Multiple Choice 1 of 1 point(s) For the purpose of calculating GDP, investment is spending on
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Your Answer: new capital equipment, inventories, and structures, including new housing. Correct Answer: new capital equipment, inventories, and structures, including new housing. Question 6 Multiple Choice 1 of 1 point(s) Current U.S. currency is Your Answer: fiat money with no intrinsic value. Correct Answer:
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This note was uploaded on 09/26/2008 for the course ECONOMICS 103 taught by Professor Sheflin during the Spring '08 term at Rutgers.

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macro sheflin midterm A - Review Assessment MIDA Name...

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