Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) In the short run, it is necessary to _ a good whenever excess demand exists.
A) price allocate
B) nonprice ration
C) increase production o
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Households are said to have _ wealth when the value of their assets is less than the debts
they owe.
A) negative
B) positive
C) undefinabl
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Output growth is defined as the growth rate of output
A) per person in the economy.
B) for capitalist economies.
C) per worker in the econ
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) In the short run, it is necessary to non-price ration a good whenever _ exists.
A) excess supply
B) excess demand
C) a surplus
D) market e
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The process by which resources are transformed into useful forms is
A) consumption.
B) capitalization.
C) production.
D) allocation.
1)
An
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Macroeconomics
A) studies the behavior of the economy as a whole.
B) studies the behavior of individual consumers, firms and markets.
C) i
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Bob is not considered unemployed if he
A) is not working but has looked for a job for the past two months.
B) is temporarily laid off.
C)
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Production is the process by which
A) resources are allocated and distributed.
B) resources are transformed into useful forms.
C) products
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Michael Dell was the first individual who sold computers by mail order. The company founded by
Dell is now one of the largest and most suc
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) When a nation's exports exceed its imports, it has a
A) exchange rate discrepancy.
C) trade embargo.
1)
B) trade surplus.
D) trade shortag
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Bob is unemployed if he
A) has looked for a job for two months and then quit looking.
B) is not looking for a job.
C) is temporarily laid
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The value of all final goods and services produced during a given time period measures a nation's
A) consumer price index.
B) net national
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The equilibrium level of _ is determined in the goods market.
A) labor supply
B) aggregate output
C) the interest rate
D) capital
1)
Answe
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The total market value of all final goods and services produced within a given period by factors of
production located within a country is
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) A country has a trade surplus when
A) its exports are less than its imports.
B) its government spending exceeds its tax revenues.
C) its e
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The graph that shows the relationship between the aggregate quantity of output supplied by all the
firms in an economy and the overall pri
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The price of one country's currency in terms of another country's currency is the
A) exchange rate.
B) terms of trade.
C) balance of trade
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Households are said to have positive wealth when
A) the value of their assets is less than the debts they owe.
B) the market value of thei
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Which of the following is NOT listed in the book as a reason to study economics?
A) to understand society and global affairs
B) to learn h
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The price of _ in terms of _ is the exchange rate.
A) imports; exports
B) one country's currency; the inflation rate
C) resources; finishe
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) John Maynard Keynes was the author of
A) Eat the Rich: A Treatise on Economics.
B) The Communist Manifesto.
C) The General Theory of Emplo
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The aggregate supply curve shows the relationship between the aggregate quantity of output
supplied by _ and _.
A) domestically owned firm
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The spending and taxing policies used by the government to influence the economy refer to
A) fiscal policy.
B) ad hoc policy
C) monetary p
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The change in consumption divided by the change in income is equal to
A) MPC + MPS.
B) 1 - MPC.
C) the MPC.
D) the MPS.
1)
Answer: C
2) Th
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Which of the following would be likely to lead to a decrease in the natural rate of unemployment?
A) a prolonged recession
B) a decrease i
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Which of the following is NOT a topic studied in Macroeconomics?
A) the unemployment rate
B) gross domestic product
C) the price of IBM co
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The MPC is
A) the change in saving divided by the change in income.
B) consumption divided by income.
C) the change in consumption divided
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Fiscal policy refers to
A) the government's ability to regulate a firm's behavior in the financial markets.
B) the behavior of the nation'
Exam
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Money is
A) the same as income.
B) the value of all coins and currency in circulation at any time.
C) backed by gold in Fort Knox.
D) anyt