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1. Scarcity in economics means (3pts) not having sufficient

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1. Scarcity in economics means: (3pts) not having sufficient resources to produce all the goods and services we want. the wants of people are limited. there must be poor people in rich countries. economists are clearly not doing their jobs. 2. The concept of the margin deals with:(3pts) making incremental choices. one more or one less of something. doing a little more or a little less. all of the above. 3. Given that pizza is a normal good, if students' income at your college increases substantially, there would be:(3pts) an increase in the demand for pizza. an increase in the quantity of pizza demanded. a decrease in the demand for pizza. no change in the demand for pizza. 4. If stabilization policy has been successful over a period of time, it is likely that the economy has not seen ______. (Pts: 3) any inflation. severe recessions. any unemployment. a business cycle. 5. Because capital flows allow some countries to spend more on additions to their productive capacity than they would have been able without capital flows, in the long run, they experience ___. (Pts: 3) higher interest rates. higher inflation. a higher standard of living. none of the above. 6. Private savings is __. (Pts: 3) disposable income less taxes. disposable income less consumption. wealth. wealth plus government transfer payments. 7. Economists frequently use GDP per capita to better reflect ___. (Pts: 3) the impact of prices on GDP. differences in living standards across countries. people who are employed. people who are both employed and unemployed. 8. The purpose of indexing Social Security payments to the CPI is to ____. (Pts: 3) increase corporate profits. justify continued government funding of the Bureau of Labor Statistics. avoid the privatization of Social Security. maintain the purchasing power of retirees. 9. If real GDP per capita grows at a rate of 5% per year consistently over time, how many years would it take for it to double in size? (Pts: 3) 5. 10. 14. 70. 10. For developed countries, which of the following would be considered the most important drive in productivity growth? (Pts: 3) educational level of attainment. the amount of physical capital. technology. the abundance of natural resources. 11. An example of human capital would be ____. (Pts: 3) the money a person has. the job skills a person has. the capital goods or machines a person owns. all of the above. 12. According to the text, productivity is driven by all of the following below EXCEPT ____. (Pts: 3) physical capital. human capital. technological progress. natural resources. 13. According to Thomas Malthus's work, which of the following is true concerning his pessimistic prediction of future productivity? (Pts: 3) As population grew so would output per worker. The amount of capital per worker would fall. Technology could be counted on to increase output per worker. The amount of land per worker would eventually decline. 14. An example of infrastructure is/are ____. (Pts: 3) the water supply system. government bonds. corporate stock. all of the above. 15. A difference between a closed and an open economy is that ___. (Pts: 3) in the latter, foreign savings complement domestic savings in financing investment spending. in the latter, the government is more open to the idea of financing investment spending than in the former. in the former, foreign savings complement domestic savings in financing investment spending. in the former, foreign savings finance more investment spending than in the latter. 16. The main role of financial systems is to ___. (Pts: 3) make the capitalist class richer. provide credit cards to as many people as possible. channel goods and services to the people willing to pay for them. channel funds from savers into investments. 17. A loan is ____. (Pts: 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. 18. A rise in labor productivity is most likely to result in ___. (Pts: 3) an increase in aggregate demand. a decrease in aggregate demand. a decrease in aggregate supply. an increase in aggregate supply.19. Which of the following would cause a change in the short-run aggregate supply curve? (Pts: 3) the quantity of real output supplied. the price level. a determinant of the short-run aggregate supply curve. changes in aggregate demand. 20. In the long run, nominal wages are ____. (Pts: 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. 21. In the long run, changes in the aggregate price level will be accompanied by ___. (Pts: 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. 22. The marginal propensity to save is ____. (Pts: 3) savings divided by aggregate income. the fraction of an additional dollar of disposable income that is saved. 1 + MPC. all of the above. 23. An inflationary gap occurs when ____. (Pts: 3) we need to increase prices. real output is too low. potential output exceeds actual output. actual output exceeds potential output. 24. The cyclically-adjusted budget balance refers to ___. (Pts: 3) the size of the budget in the current year. the average size of the budget over the long run. the swings in the budget as the business cycle changes. the budget balance if actual output were equal to potential output. 25. When the economy expands, which of the following is true? (Pts: 3) Income tax receipts will rise but sales tax revenues will remain the same. Income tax receipts will fall but sales tax revenues will rise. Income tax receipts will stay the same unless the government changes the tax rates. Income tax receipts and sales tax revenues will both rise.

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