ch1 - E) short run growth from income movements. 3) 4) For...

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Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Business cycles in macroeconomics are A) the economic interrelationships among nations. B) profits and losses of firms. C) short - run ups and downs in aggregate economic activity. D) the increase in a nation ʹ s productive capacity over a long period of time. E) changes in the average standard of living over time. 1) 2) The relationship between the level of growth of an economic variable, g t , and its level, y t , is best approximated as A) y t = log g t - log g t - 1 . B) g t = y t y t - 1 . C) log g t = y t - y t - 1 . D) g t = log y t + log y t - 1. E) g t = log y t - log y t - 1 . 2) 3) Sometimes it is useful to separate economic movements into A) employment growth from business cycle fluctuations. B) short run growth from business cycle fluctuations. C) long run growth from income movements. D) long run growth from business cycle fluctuations.
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Unformatted text preview: E) short run growth from income movements. 3) 4) For the study of economic growth, it is most helpful to examine movements in ________; for the study of business cycles, it is most helpful to examine movements in ________. A) deviations from trend in GDP; deviations from trend in GDP B) trend GDP; trend GDP C) trend GDP; deviations from trend in GDP D) deviations from trend in GDP; trend GDP E) trend income; deviation from trend in income 4) 5) One consequence of government deficits is A) reduced consumer spending. B) reduced government borrowing. C) lower interest rates. D) redistribution of the tax burden from one group to another. E) lower taxes. 5) 1 Answer Key Testname: CH1 1) C Page Ref: P. 3 2) E Page Ref: P. 5 3) D Page Ref: P. 6 4) C Page Ref: P. 6 5) D Page Ref: P. 17 2...
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This note was uploaded on 02/27/2011 for the course ECON 2051 taught by Professor Mckeon during the Spring '11 term at UWO.

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ch1 - E) short run growth from income movements. 3) 4) For...

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