Case_macro8c1_Ch7 - PAGE 20 PRICE INDEX!!!! Chapter 7 Long...

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Unformatted text preview: PAGE 20 PRICE INDEX!!!! Chapter 7 Long Run and Short Run Concerns: Growth, Productivity, Unemployment, and Inflation Principles of Macroeconomics , Case/Fair, 8e 7.1 Long Run Output and Productivity Growth Multiple Choice 1 Which of the following is NOT a desirable feature in an economy? A . Rapid increase in output per worker B . Rapid increase in the general price level C . Low unemployment D . Low inflation Answer : B Which of the following is a desirable characteristic in an economy? A . High inflation. B . Rapid increase in the general price level C . Low unemployment D . Low employment. Answer : C Which of the following is a desirable characteristic in an economy? A . Growing per capita output. B . Rapid increase in the general price level C . Population growing the same rate as output. D . Population growing faster than output. Answer : A Which of the following is a desirable characteristic in an economy? A . Growing per capita output. B . Low inflation. C . Low unemployment D . All of the above Answer : D Output in an economy can be increased by A adding more workers. B limiting the work week. C using fewer machines D all of the above. Answer : A Output in an economy can be increased by A . adding more workers. B . increasing the work week of workers. C . adding more machines. D . all of the above. Answer : D Human capital is A . the machines people own. B . the money people have. C . the mental or physical skills people have. D . the property people own. Answer : C The average growth rate of output in the U.S. economy since 1900 has been A . 3.4%. B . 2.3%. C . 6.3%. D . 10.5%. Answer : A A prolonged and deep recession is a A . hyperinflation. B . slowdown. C . contraction. D . depression. Answer : D Which of the following is considered capital? A . A factory a company builds to produce other output. B . A tractor produced by John Deere. C . The knowledge an individual acquires through education. D . All of the above Answer : D True/False 1) The only source of economic growth is growth in the number of workers in the economy. Answer: True F Diff: 2 Skill: C W Answer: True F Diff: 2 Skill: C I f t h e p o p u l a t ion is growi ng as fast the econo my, then per capita output is growi ng. Answer: True...
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Case_macro8c1_Ch7 - PAGE 20 PRICE INDEX!!!! Chapter 7 Long...

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