Chapter_21 - Your Results for: "Self-Study...

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Unformatted text preview: 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 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 termsthe 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 increase 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. 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....
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Chapter_21 - Your Results for: "Self-Study...

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