{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter_21 - YourResultsfor"SelfStudyQuiz SiteTitle...

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 21 > Self-Study Quiz Date/Time  Submitted: February 8, 2012 at 7:35 AM  (UTC/GMT) Summary of Results 33% Correct  of 40 Scored items: 13 Correct:  33% 27 Incorrect:  68% 4 questions not scored. 40 scored questions. More information about scoring 1. The level of GDP, the overall price  level, and the level of employment  are influenced by events in this  market: Your Answer: The labor markets. Correct Answer: All of the above.   Incorrect. This answer is correct, however, other choices are also correct. 2. Aggregate output ( Y ) is the same  as: Your Answer: Aggregate income. Correct Answer: All of the above.   Incorrect. This answer is correct, however, other choices are also correct. 3. In economics, to think in  real  terms  about output means to pay 
Background image of page 1

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

View Full Document Right Arrow Icon
attention to: Your Answer:   Correct. When we talk about output ( Y ), we mean real output, not nominal output. We will  frequently use dollar values for  Y , but do not confuse  Y  with nominal output. The main point  is to think of  Y  as being in real terms—the quantities of goods and services produced, not  the dollars circulating in the economy. 4. Which of the following statements is  correct? Your Answer: Savings is the amount added to a Correct Answer: Saving is a flow variable; savings    Incorrect. Saving (S) is the amount added to accumulated savings in any given period. 5. To explain aggregate spending  behavior, economists speculate that  an increase in aggregate income in  a given period will result in an  increase in aggregate consumption  in all of the following instances,  except: Your Answer: When household wealth increases Correct Answer: When interest rates rise.   Incorrect. Households with higher income and higher wealth are likely to spend more than  households with less income and less wealth.
Background image of page 2
6. The relationship between  consumption and income is called: Your Answer: The paradox of thrift. Correct Answer: The consumption function.   Incorrect. The answer is the consumption function. A consumption function for an individual  household shows the level of consumption at each level of household income. 7. Refer to the figure below. The  segment illustrated along the line  between the two points is an  explanation of:   Your Answer: The marginal propensity to save.
Background image of page 3

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

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

{[ snackBarMessage ]}