PS1_Econ314_Solution

PS1_Econ314_Solution - Professor:HenryY.Wan,Jr.Spring2008...

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Spring 2008 TA: Yu Zhang Econ 314 Problem Set 1 (due on) Multiple Choice Questions 1. The two major reasons for the tremendous growth in output in the U.S. economy over the last 125 years are (a) population growth and low inflation. (b) population growth and increased productivity. (c) low unemployment and low inflation. (d) low inflation and low trade deficits. Answer: B 2. Short-run contractions and expansions in economic activity are called (a) recessions. (b) expansions. (c) deficits. (d) the business cycle. Answer: D 3. If the price level was 100 in 1999 and 102 in 2000, the inflation rate was (a) 102%. (b) 20%. (c) 2%. (d) 0.2%. Answer: C 4. In the United States, monetary policy is determined by (a) the Federal Reserve. (b) the president. (c) private citizens. (d) the Treasury Department. Answer: A Essay Questions 5. Macroeconomic information for the economy of Anchovy is given below. 2003
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This note was uploaded on 09/30/2008 for the course ECON 3140 taught by Professor Mbiekop during the Spring '07 term at Cornell.

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PS1_Econ314_Solution - Professor:HenryY.Wan,Jr.Spring2008...

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