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Question 1  (1 point)   CPI is measured as the change in Question...

Question 1 (1 point)

 


CPI is measured as the change in

Question 1 options:

a. The prices of the basket of consumer goods and services, excluding volatile food and energy prices.

b. The prices of goods and services purchased by producers and consumers.

c. The prices of consumer goods and services that are produced in the country.

d. The prices of the entire basket of consumers' purchases of goods and services.

SaveQuestion 2 (1 point)

 


A price ceiling on items like apartment rents or meat is likely to lead to

Question 2 options:

a. Supply exceeding demand.

b. An increase in production.

c. Demand exceeding supply.

d. A decrease in demand.

SaveQuestion 3 (1 point)

 


The U.S. dollar has

Question 3 options:

a A fixed exchange rate.

b. A fixed purchasing power parity.

c. A fixed, overvalued exchange rate.

d. a floating exchange rate.

SaveQuestion 4 (1 point)

 


Which of the following is an example of diminishing marginal utility?

Question 4 options:

a. You give up donuts on your diet.

b.You like one donut with your coffee, but not two.

c.You buy more donuts when the price of coffee rises.

d.You cut back on donuts after your pay cut.

SaveQuestion 5 (1 point)

 


All of these influence supply except

Question 5 options:

a. prices of inputs

b. expected future prices

c. extent of competition in the market

d. price of the product.

SaveQuestion 6 (1 point)

 


The price of bonds and the interest rate are

Question 6 options:

a.not related.

b. positively related.

c. negatively related.

d. sometimes positively related and other times negatively related, depending on the bond payments.

SaveQuestion 7 (1 point)

 


Which situation describes the increasing returns stage of the production function?

Question 7 options:

a.Hiring one more tailor results in three more suits produced per hour.

b. Hiring one more baker results in less than one oven available per baker.

c.Buying one more office computer causes there to be more computers than workers.

d.Extending the workday results in more tired and less productive workers.

SaveQuestion 8 (1 point)

 


Which is an example of the subsitution effect on demand?

Question 8 options:

a. the price of coffee rises, so you buy less coffee.

b. The price of coffee rises, so you buy more coffee.

c. the price of coffee rises, so you buy more tea and less coffee.

d. the price of coffee rises, but you buy the same amount of coffee.

SaveQuestion 9 (1 point)

 


An example of a contractionary monetary policy is

Question 9 options:

a. an decrease in the required reserve ratio.

b. a reduction in the interest banks receive on their reserves.

c. a decrease in the discount rate.

d. the Fed selling government securities in the open market.

SaveQuestion 10 (1 point)

 


Which of the following describes the short-run time production period?

Question 10 options:

Firms can vary only one of the inputs in the production process.

Firms can vary all inputs into the production process.

Firms cannot vary any of the inputs into the production process.

Firms can choose to go out of business.

SaveQuestion 11 (1 point)

 


Which of the following is NOT an example of a demand shift?

Question 11 options:

a. A salary increase at her job leads the employee to increase spending on vacation travel.

b. A shoe store sale leads to higher demand for its shoes.

c.A safety recall of the Honda Prius leads to lower demand for the Honda Civic.

d.An increase in coffee bean prices leads to a fall in demand for lattes.

SaveQuestion 12 (1 point)

 


An expansionary fiscal policy is when

Question 12 options:

a. the government lowers spending and raises taxes.

b. the Federal Reserve buys bonds on the open market.

c. the government increases spending and lowers taxes.

d. The Federal Reserve sells bonds on the open market.

SaveQuestion 13 (1 point)

 


As the interest rate falls, people hold ________ money instead of bonds because the opportunity cost of holding money has ________.

Question 13 options:

a.more; fallen.

b.more; risen.

c. less; fallen.

d less; risen.

SaveQuestion 14 (1 point)

 


Which of the following is NOT important in spurring faster economic growth?

Question 14 options:

a. Compulsory education.

b. Ownership of private property.

c. Population growth.

d. Lower taxes.

SaveQuestion 15 (1 point)

 


Which statement about the loanable funds market is NOT correct?

Question 15 options:

a.The market suppliers are the savers and the buyers are the borrowers.

b.The price of loanable funds is the real interest rate.

c. Loanable funds are provided by savers to borrowers to spend on investment goods and services.

d.The loanable funds theory describes changes in short-term interest rates.

SaveQuestion 16 (1 point)

 


Which of the following describes the inflation-unemployment trade off?

Question 16 options:

a.Monetary policies that expand the money supply and lower interest rates will lower inflation and unemployment.

b.Monetary policies that expand the money supply and raise interest rates will lower inflation and unemployment.

c.Fiscal policies that increase government spending and lower unemployment will cause inflation.

d.Fiscal policies that increase government spending and lower unemployment will lower inflation.

SaveQuestion 17 (1 point)

 


Price discrimination is a situation where a producer

Question 17 options:

a.charges different prices in different markets.

b.charges the same price in different markets.

c.colludes with other companies on settingthe same price in all markets.

d. All of the above.

SaveQuestion 18 (1 point)

 


Which of the following is an example of a non-rival and non-excludable good?

Question 18 options:

a. A movie ticket

b. A public highway

c. A free cookie at the bakery

d. A private petting zoo

SaveQuestion 19 (1 point)

 


The law of demand states that

Question 19 options:

a.with an increase in the price, the quantity demanded increases.

b.with an increase in the price, the quantity demanded decreases.

c.with an increase in price, demand falls.

d.with an increase in price, demand rises.

SaveQuestion 20 (1 point)

 


Which of the following is explained by the price elasticity of demand?

Question 20 options:

a. The effect of price changes on supply.

b. The effect of price changes on the quantity supplied.

c. The effect of price changes on demand.

d. The effect of price changes on the quantity demanded.

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