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22. If the quantity supplied in a market exceeds the quantity

Resolved Question:

22. If the quantity supplied in a market exceeds the quantity demanded in a market, we would expect price to: (Points: 3)
        stay the same.
        increase.
        decrease.
        rise in order to clear the market.

25. A price ceiling will have no effect if: (Points: 3)
        it is set above the equilibrium price.
        the equilibrium price is above the price ceiling.
        set below the equilibrium price.
        it creates a shortage.

31. If during a period of several months we observe the economy to be simultaneously increasing its level of output and employment, we could assume that the economy is in ______. (Points: 3)
        a depression
        an expansion
        a recession
        a turning point between a recovery and a downturn

32. A business cycle is ______. (Points: 3)
        a very deep and prolonged economic downturn
        a period in which output and employment are rising
        a period in which output and employment are falling
        a short-run alternation between economic upturns and downturns



34. A closed economy is one which ______. (Points: 3)
        only trades with its neighbors
        trades goods but not services or assets with other countries
        does not trade goods, services, or assets with other countries
        has a centrally planned economy

43. Growth accounting estimates the _____. (Points: 3)
        increase in the population rate over time
        increase in the inflation rate over time
        contribution of each major factor in the aggregate production function to economic growth
        contribution of the technology factor in the aggregate production function to economic growth


44. According to the text, productivity is driven by all of the following below EXCEPT ______. (Points: 3)
        physical capital
        human capital
        technological progress
        natural resources


45. Governments can engage in saving when ______. (Points: 3)
        taxes are less than expenditures
        taxes are greater than expenditures
        the government borrows to finance its expenditures
        the president insists that Congress balance the budget



47. The convergence hypothesis says that international differences in GDP per capita tend to ______. (Points: 3)
        narrow over time
        expand over time
        remain steady over time
        tend to narrow and then expand over time


48. The budget balance is equal to ______. (Points: 3)
        taxes minus government transfers minus government spending
        taxes minus government spending
        government spending minus taxes
        taxes plus government spending minus government transfers

50. Capital inflows represent _______. (Points: 3)
        the net inflow of funds into a country
        the net outflow of funds from a country
        the amount that domestic savings exceeds foreign savings
        the excess of domestic physical capital exported minus the amount of physical capital imported


51. The loanable funds market maximizes ______. (Points: 3)
        the interest rate to savers
        the rate of return by borrowers
        the gains from trade between lenders and borrowers
        the amount of investment spending in the economy


54. A loan is ______. (Points: 3)
        a liability for the lender and an asset for the borrower
        a physical asset that is traded in financial markets
        a claim on a bank that obliges the bank to provide funds to a lender
        a liability for the borrower and an asset for the lender


55. An increase in the aggregate price level will increase ______. (Points: 3)
        short-run aggregate supply
        the quantity of aggregate output supplied in the short run
        aggregate demand
        the quantity of aggregate output demanded


56. Which of the following would cause a change in the short-run aggregate supply curve? (Points: 3)
        the quantity of real output supplied
        the price level
        a determinant of the short-run aggregate supply curve
        changes in aggregate demand


57. In the long run, nominal wages are ______. (Points: 3)
        sticky downward but flexible in an upward direction
        sticky upward but flexible in a downward direction
        sticky in both an upward and downward direction
        flexible because contracts and informal agreements are renegotiated in the long run


58. In the long run, changes in the aggregate price level will be accompanied by ______. (Points: 3)
        less than proportional changes in input prices
        more than proportional changes in input prices
        equal proportional changes in input prices
        changes in input prices that will move in the opposite direction

59. The point where the long-run aggregate supply curve intercepts the horizontal axis ______. (Points: 3)
        is the point of macroeconomic equilibrium
        is the economy's potential output
        is the level of real GDP the economy would produce if all prices were flexible and wages were fixed
        is all of the above


60. The negative relationship between the aggregate price level and aggregate output demanded gives the aggregate demand curve ______. (Points: 3)
        an upward slope
        a vertical slope
        a horizontal slope
        a downward slope


61. The marginal propensity to save is ______. (Points: 3)
        savings divided by aggregate income
        the fraction of an additional dollar of disposable income that is saved
        1 + MPC
        all of the above
63. Which of the following is an expansionary fiscal policy? (Points: 3)
        an increase in the money supply which decreases interest rates
        an increase in taxes which reduces the budget deficit and decreases consumption
        a decrease in government spending on the space program
        an increase in unemployment benefits

65. All of the following are examples of fiscal policy EXCEPT ______. (Points: 3)
        increasing the reimbursement amounts under Medicaid
        reducing the money supply in order to raise the interest rate
        increasing the personal income tax deductions for home ownership
        reducing federal subsidies to state universities


66. Time lags suggest that ______. (Points: 3)
        increases in spending to fight a recessionary gap can be timed correctly
        increases in spending to fight a recessionary gay may occur too early
        increases in spending to fight a recessionary gap may occur too late
        none of the above is correct


67. Government spending and taxation rules that cause fiscal policy to be expansionary when the economy contracts and contractionary when the economy expands are known as ______. (Points: 3)
        discretionary fiscal policy
        automatic stabilizers
        autonomous spending policies
        destabilizing fiscal policies

69. Most economists believe that a balanced budget would ______. (Points: 3)
        undermine the role of taxes and transfers as automatic stabilizers
        enhance the effect of automatic stabilizers in the economy
        strengthen the ability of policy makers to conduct discretionary fiscal policy
        not have any impact on the role of taxes and transfers as automatic stabilizers


70. Which of the following would NOT fit the economist's definition of money? (Points: 3)
        currency
        checkable bank deposits
        coins
        bonds


71. Which of the following assets is the MOST liquid? (Points: 3)
        checkable bank deposits
        currency
        stocks
        money market mutual funds


72. Money whose value derives entirely from its official status as a means of exchange is known as ______. (Points: 3)
        commodity money
        commodity-backed money
        fiat money
        bank reserves

74. If it looks like a bank won't meet the Federal Reserve Bank's reserve requirement, normally it will first turn to the _______. (Points: 3)
        other member banks and borrow at the federal funds rate
        Fed and borrow at the discount rate
        open market and borrow money there
        Congress to borrow funds


75. Open-market operations occur when the Fed _______. (Points: 3)
        buys U.S. Treasury bills from the federal government
        buys or sells U.S. Treasury bills
        buys or sells existing U.S. Treasury bills
        does all of the above




76. If the Fed conducts an open-market purchase _______. (Points: 3)
        bank reserves decrease and the money supply decreases
        bank reserves increase and the money supply increases
        bank reserves decrease and the money supply increases
        bank reserves increase and the money supply decreases


79. The Fed affects interest rates by _______. (Points: 3)
        setting them with regulations
        open market operations that shift the money demand curve
        open market operations that shift the money supply curve
        doing all of the above

82. Monetary neutrality implies that in the long run _______. (Points: 3)
        monetary policy does not affect the level of economic activity
        aggregate supply is independent from monetary policy
        changing the money supply does not have any effect on the aggregate price level
        aggregate demand is independent from monetary policy


83. The velocity of money is _______. (Points: 3)
        nominal GDP divided by the nominal quantity of money
        nominal GDP divided by the real quantity of money
        real GDP divided by the real quantity of money
        real GDP divided by the nominal quantity of money


84. Among the factors that could cause real money demand to shift is(are) _______. (Points: 3)
        real aggregate spending
        institutional constraints in the banking system
        technology of transactions
        all of the above


85. The Humphrey-Hawkins Act of 1978 defined full employment of ____ unemployment. (Points: 3)
        0%
        4%
        5%
        10%


86. The labor demand curve is negatively sloped because _______. (Points: 3)
        more people are willing to work at lower wages than at higher wages
        more people are willing to work at higher wages than at lower wages
        employers are willing to hire more people at lower wages
        employers are willing to hire more people at higher wages


87. Structural unemployment means there are ______. (Points: 3)
        more people seeking work than there are jobs in a particular industry
        more jobs than workers in a particular industry
        wages that are too low in a particular industry
        All of the above are correct


88. Efficiency wages are usually set by employers to _______. (Points: 3)
        reduce unemployment
        increase employment
        provide an incentive for better performance
        increase employment and provide better incentives for performance


89. Which of the following is likely to lead to a large number of discouraged workers? (Points: 3)
        when the economy is expanding
        when the availability of jobs falls
        when the economy is experiencing inflation
        when the economy is experiencing deflation


90. The short-run Phillips curve shows ______. (Points: 3)
        a direct relationship between unemployment and inflation
        an inverse relationship between unemployment and inflation
        consequences of the misperceptions theory
        the optimum level of employment


91. An increase in the expected rate of inflation ______. (Points: 3)
        shifts the short-run Phillips curve down
        shifts the short-run Phillips curve up
        moves us along the short-run Phillips curve to higher rates of inflation
        moves us along the short-run Phillips curve to higher rates on unemployment


92. Which of the following accurately portrays the shape of the long-run Phillips curve? (Points: 3)
        horizontal
        vertical
        upward sloping
        downward sloping


93. The notion that the real quantity of money is always at its long-run equilibrium level is associated with the _______ model of the price level. (Points: 3)
        classical model
        Keynesian model
        Monetarist model
        the modern view


94. The real inflation tax is equal to _______. (Points: 3)
        inflation multiplied by the real money supply
        inflation multiplied by the nominal money supply
        the money supply divided by the price level
        the nominal money supply divided by inflation


95. Seignorage is _______. (Points: 3)
        the government's cost of printing and coining money
        the revenue generated by the government's right to print money
        the money financial institutions make selling government bonds to the Fed when the Fed creates money
        the revenue the government generates in tax receipts


96. Shoe leather costs refer to the ______. (Points: 3)
        effect of inflation on the prices of food, clothes, and other necessities
        increased cost of transactions due to inflation
        high price of leather goods
        effect of inflation on transportation costs


97. Politicians have an incentive to push the unemployment rate below the natural rate of unemployment right before their re-election because ______. (Points: 3)
        the expansionary monetary policy is used to finance the political campaigns
        the political benefits are immediate and the economic costs are delayed
        the Phillips curve is horizontal in the long run
        the opportunistic seignorage gains are very large



99. Core inflation excludes the price of _______. (Points: 3)
        new cars
        luxury items such as fur coats
        houses
        energy and food
Submitted: 5 years ago.
Category: Homework
Expert:  Adam replied 5 years ago.
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