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Chris M.
Chris M., M.S.W. Social Work
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1. An import quota causes imports to fall, the real exchange

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1. An import quota causes imports to fall, the real exchange rate
to appreciate, and real interest rates to
A. rise. C. remain the same.
B. fall. D. fluctuate.
2. Ceteris paribus, if the Portuguese real interest rate were to
decrease, Portuguese net capital outflow would
A. rise.
B. fall.
C. be unaffected.
D. be impossible to predict.
3. The aggregate-supply curve is upward sloping in the short run
because of
A. shifting curves, sticky wages, and sticky prices.
B. sticky wages, misperceptions, and shifting curves.
C. misperceptions, sticky wages, and sticky prices.
D. sticky prices, shifting curves, and misperceptions.

4. What happens to the unemployment rate when a recession ends?
A. It stays the same. C. It gradually falls.
B. It gradually rises. D. It becomes zero.
5. Differences in the price of a good in different markets are eliminated by
A. arbitrage. C. government regulation.
B. increases in supply. D. monetary policy.
6. Stagflation is a combination of
A. depression and recession. C. inflation and recession.
B. deflation and recession. D. inflation and deflation.
7. While making investment decisions, investors compare
A. the real interest rates offered on bonds.
B. the nominal interest rates offered on bonds.
C. the market prices of the bonds.
D. political philosophies.
8. When the dollar gets “weaker,” the U.S. trade deficit will
A. fall. C. be unchanged.
B. rise. D. be zero.
9. If government expenditure decreases, there will be
A. no effect on the aggregate-demand curve.
B. a movement along the aggregate-demand curve.
C. a shift of the aggregate-demand curve to the right.
D. a shift of the aggregate-demand curve to the left.
10. When the government in a small open economy reduces national saving, the equilibrium
real exchange rate
A. falls and net exports rise. C. rises and net exports rise.
B. falls and net exports fall. D. rises and net exports fall.
11. Which of the following is the best definition of the nominal exchange rate?
A. The rate at which a person can trade the currency of one country for the currency
of another
B. The price of a good in one country divided by the price of the same good in another
country
C. The nominal interest rate in one country divided by the nominal interest rate in
another country
D. The rate at which a person can trade the goods of one country for the goods of
another

12. Which of the following statements is correct?
A. In the market for loanable funds, net capital outflow is the source of demand; in the
market for foreign-currency exchange, net capital outflow is the source of supply.
B. In the market for loanable funds, net capital outflow is the source of supply; in the
market for foreign-currency exchange, net capital outflow is the source of demand.
C. In the market for loanable funds, net capital outflow is a piece of demand; in the
market for foreign-currency exchange, net capital outflow is the source of supply.
D. In the market for loanable funds, net capital outflow is the source of supply; in the
market for foreign-currency exchange, net capital outflow is a piece of demand.
13. If the exchange rate changes from 100 yen per dollar to 150 yen per dollar, then the
dollar has
A. depreciated. C. devalued.
B. appreciated. D. revalued.
14. Purchasing-power parity implies which of the following about exchange rates?
A. Real exchange rates between the currencies of two countries depend on the price
levels in those countries.
B. Nominal exchange rates between the currencies of two countries depend on the price
levels in those countries.
C. Real exchange rates between the currencies of two countries depend on the nominal
exchange rate between those countries.
D. Prices don’t affect nominal exchange rates.
15. The aggregate-demand curve shows
A. a direct relationship between the expenditure of households and the overall price level.
B. an inverse relationship between the expenditure of households, businesses,
government, and the foreign sector and the overall price level.
C. a direct relationship between the expenditure of households, businesses, government,
and the foreign sector and the overall price level.
D. an inverse relationship between the expenditures of households and the overall price
level.
16. In an open economy, the market for loanable funds equates national saving with
A. domestic investment.
B. net capital outflow.
C. national consumption.
D. the sum of domestic investment and net capital outflow.
17. Which of the following statements is correct?
A. Economic fluctuations are regular and unpredictable.
B. Economic fluctuations are regular and predictable.
C. Economic fluctuations are irregular and unpredictable.
D. Economic fluctuations are irregular and predictable.

18. In an open economy, macroeconomic equilibrium requires that _______ be in
equilibrium simultaneously.
A. the foreign-currency exchange market and the federal-funds market
B. the foreign-currency exchange market and the market for loanable funds
C. the market for loanable funds
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