Eco 212 week 5 individual assignment federal reserve paper

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This pack comprises ECO 212 Week 5 Individual Assignment
Federal Reserve Paper
General Questions - General General Questions
ECO 212 final exam version 6
1) Which of the following issues is an applicationof using
macroeconomics to make a real world decision?
A. Whether a company should increase its worker benefits
B. Whether this year's enrollment will increase for University
of Phoenix.
C. Whether the growth rate of the Chinese economy will
exceed 10% in 2010
D. Whether workers should choose to remain in a factory
2) The forces that make market economies work are
A. work and leisure
B. demand and supply
C. regulationand restraint
D. taxes and government spending
3) A market is a
A. group of buyers and sellers of a particulargood or service

2. B. group of people with common economic characteristics
C. place where buyers and sellers come together to engage
in trade
D. place where an auctioneer helpsset prices and arrange
sales
4) If a decrease in income increases the demand for a good,
then the good is
A. a substitute good
B. a complement good
C. a normal good
D. an inferior good
5) Two goods are substitutes if a decrease in the price of one
good
A. decreases the demandfor the other good
B. decreases the quantitydemandedof the other good
C. increases the demand for the other good
D. increases the quantitydemanded of the other good
6) A likely example of substitute goods for most people
would be
A. peanut butter and jelly
B. tennis ballsand tennisrackets
C. televisionsand subscriptionsto cable television services
D. pencilsand pens
7) Another term for equilibriumprice is

3. A. dynamic price
B. market-clearing price
C. quantity-definingprice
D. satisfactory price
8) If, at the current price, there is a shortage of a good,
A. sellers are producingmore than buyers wish to buy
B. the market must be in equilibrium
C. the price is below the equilibriumprice
D. quantitydemandedequalsquantity supplied
9) If there is suddenly an increase in population inNorth
Carolina,then the average wage for North Carolinawill
A. decrease because the supply of laborincreases
B. increase because the supply of laborincreases
C. decrease because the demand of laborincreases
D. increase because the demand of laborincreases
10) The marginal product of laboris equal to the
A. incremental cost associated with a one unit increase in
labor
B. incremental profit associated with a one unit increase in
labor
C. increase in labornecessary to generate a one unit
increase in output
D. increase in output obtainedfrom a one unit increase in
labor

4. 11) When we focus on the firm as a supplier of a good or a
service, we assume that the firm is a profit maximizer. When
we focus on the firm as a demander of labor, we assume that
the firm's objectiveis to
A. minimize wages
B. minimize variable costs
C. maximize the number of workers hired
D. maximize profit
12) What are the two types of imperfectly competitive
markets?
A. Monopolyand monopolisticcompetition
B. Monopolyand oligopoly
C. Monopolisticcompetitionand oligopoly
D. Monopolisticcompetitionand cartels
13) Monopolisticallycompetitive firms are typically
characterized by
A. many firms selling products that are similar, but not
identical
B. many firms selling identicalproducts
C. a few firms selling products that are similar, but not
identical
D. a few firms selling highly different products
14) The commercial jetliner industry, consisting of Boeing
and Airbus, would best be described as a (an)

5. A. perfectly competitive market
B. monopolisticallycompetitivemarket
C. oligopoly
D. monopoly
15) Imperfectly competitive firms are characterized by
A. horizontaldemand curves
B. standardized products
C. a large number of small firms
D. price making ability
16) Gross domestic product serves as a measure of two
things:
A. the total spending of everyone in the economy and the
total saving of everyone in the economy
B. the total income of everyone in the economy and the total
expenditure on the nation'soutput of goods and services
C. the value of the nation'soutput of goods and services for
domestic citizens and the value of the nation'soutput of
goods and services for the rest of the world
D. the nation'ssaving and the nation'sinvestment
17) Which of the following newspaper headlines would be
more closely related to what microeconomists study than to
what macroeconomists study?
A. Unemployment rate rises from 5 percent to 5.5 percent.
B. Real GDP grows by 3.1 percent in the third quarter.
C. Retail sales at stores show large gains.

6. D. The price of oranges rises after an early frost
18) A fiscal policy can be
A. an increase of federal government spending financed by
the treasury
B. a sale of bondsin an open market operation by the
treasury
C. a rise of reserve ratios by the Fed
D. that the Fed prints money
19) Stagflation exists when prices
A. and output rise
B. rise and output falls
C. fall and output rises
D. and output fall
20) An expansionaryfiscal policy will
A. reduce unemploymentand increase GDP
B. reduce unemploymentand decrease GDP
C. increase unemploymentand increase GDP
D. increase unemploymentand decrease GDP
21) If money is used as a mechanism to hold purchasing
power for a period of time, it is functioningas a
A. medium of exchange
B. store of value
C. unit of account
D. standard of value

7. 22) Inflationcan be measured by the
A. change in the consumer price index
B. percentage change in the consumer price index
C. percentage change in the price of a specific commodity
D. change in the price of a specific commodity
23) Given the followinginformation about AAA bank:
Bank Deposits$100,000
Loans $50,000
Required Reserves $20,000
Excess Reserves $30,000
What is the reserve ratio set by the Federal Reserve Bank?
A. 10 percent
B. 20 percent
C. 30 percent
D. 50 percent
24) Sally sells 40 bags of lettuce for a total of $80 at the
farmers’ market.
A. The $80 is a real variable. The quantity of lettuce is a
nominalvariable.
B. The $80 is a nominalvariable.The quantityof lettuce is a
real variable.
C. Both the $80 and the quantityof lettuce are nominal
variables.
D. Both the $80 and the quantityof lettuce are real
variables.

8. 25) Monetary neutralityimplies that an increase in the
quantityof money will
A. increase employment
B. increase the price level
C. increase the incentiveto save
D. not increase any of the above
26) For any country, if the world price of computers is higher
than the domestic price of co...
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