Chapter_18 - YourResultsfor:"SelfStudyQuiz"...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Your Results for: "Self-Study Quiz" Print this page Site Title: Principles of Economics, Eighth Edition Book Title: Principles of Economics, 8/e Book Author: Case/Fair Location on  Site: Chapter 18 > Self-Study Quiz Date/Time  Submitted: February 8, 2012 at 6:37 AM  (UTC/GMT) Summary of Results 43% Correct  of 40 Scored items: 17 Correct:  43% 23 Incorrect:  58% 4 questions not scored. 40 scored questions. More information about scoring 1. The main subject of  macroeconomics deals with:  Your Answer: The factors that influence the prod and the behavior of individual indu Correct Answer: The sum of individual decisions, o consumers, firms, and the econom   Incorrect. The key words here are “particular” and “individual,” which are the concern of  microeconomics. 2. Which of the following statements is  correct? Your Answer:   Correct. Both microeconomics and macroeconomics are concerned with the decisions of  households and firms. Microeconomics deals with individual decisions; macroeconomics  deals with the sum of these individual decisions.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
3. The period of severe economic  contraction and high unemployment  known as the Great Depression took  place in this decade: Your Answer: The 1970s. Correct Answer: The 1930s.   Incorrect. The period of severe economic contraction and high unemployment, known as  the Great Depression, began in 1929 and continued throughout the 1930s. 4. Classical models  of the economy  are also known as:  Your Answer:   Correct. Before the Great Depression, economists applied microeconomic models,  sometimes referred to as “classical” or “market clearing” models, to economy-wide  problems. For example, classical supply and demand analysis assumed that an excess  supply of labor would drive down wages to a new equilibrium level; as a result,  unemployment would not persist. 5. The prolonged period of  unemployment that existed during  the Great Depression gave rise to  the following thinking in the  economics discipline: Your Answer: The monetarist revolution. Correct Answer: The Keynesian Revolution.   Incorrect. The monetarists are a more modern school of economic thinking that evolved  after the 1960s.
Background image of page 2
6. Fine tuning was the phrase used by  Walter Heller to refer to: Your Answer: The ability of government officials and find quick solutions before the Correct Answer: The government’s role in regulatin   Incorrect. Fine-tuning was the phrase used by Walter Heller to refer to the government’s  role in regulating inflation and unemployment. 7.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/09/2012 for the course ECONOMY 101 taught by Professor Zaier during the Spring '11 term at Qatar University.

Page1 / 17

Chapter_18 - YourResultsfor:"SelfStudyQuiz"...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online