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Eco 212 week 5 individual assignment federal reserve paper
- 1. To get this material copy and paste link to browser https://bitly.com/12AWIsy 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... https://bitly.com/12AWIsy