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Submitted: 3 years ago.
Category: Homework
Expert:  Neo replied 3 years ago.
Good day!

No problem. :)

Customer: replied 3 years ago.
1. http://imageshack.us/photo/my-images/35/unledft.jpg/
Customer: replied 3 years ago.
2.
Which one of the following will cause a movement up along an economy's saving schedule?
Answer
an increase in household debt outstanding
an increase in disposable income
an increase in stock prices
an increase in interest rates
Customer: replied 3 years ago.
( By the way I checked this exam has 60 questions)

3. http://imageshack.us/photo/my-images/5/unlediy.jpg/
Expert:  Neo replied 3 years ago.
1. The second choice....

Up to a point......
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4.
The investment demand slopes downward and to the right because lower real interest rates:
Answer
expand consumer borrowing, making investments more profitable.
boost expected rates of returns on investment.
enable more investment projects to be undertaken profitably.
create tax incentives to invest.
Expert:  Neo replied 3 years ago.
2.
an increase in disposable income
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5. http://imageshack.us/photo/my-images/191/unledvwq.jpg/
Customer: replied 3 years ago.
6.
The multiplier:
Answer
varies directly with the slope of the investment demand schedule.
is unrelated to the slope of the saving schedule.
will be greater, the smaller is the slope of the saving schedule.
will be greater, the steeper is the slope of the saving schedule.
Expert:  Neo replied 3 years ago.
3. The third choice.

MPC and APC at each income level have both increased.
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7.
The multiplier is useful in determining the:
Answer
full-employment unemployment rate.
level of business inventories.
rate of inflation.
change in GDP resulting from a change in spending.
Customer: replied 3 years ago.
8.
An increase in consumer desire for strawberries is most likely to:
Answer
increase the number of strawberry pickers needed by farmers.
reduce the supply of strawberries.
reduce the number of people willing to pick strawberries.
reduce the need for strawberry pickers.
Customer: replied 3 years ago.
9. http://imageshack.us/photo/my-images/855/unledqea.jpg/
Expert:  Neo replied 3 years ago.
4.
enable more investment projects to be undertaken profitably.
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10. http://imageshack.us/photo/my-images/163/unledxga.jpg/
Expert:  Neo replied 3 years ago.
5. The fourth option.

Higher expected rates on the return of investment
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6. will be greater, the smaller is the slope of the saving schedule
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7.
change in GDP resulting from a change in spending.
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8. increase the number of strawberry pickers needed by farmers.
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9. First Choice.

No coincidence of wants.
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10. Third choice.

Money to flow counterclockwise....
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Customer: replied 3 years ago.
Neo I am having problems with blackboard, it is lagging extremly extremly slow. I will wait a few minutes, I keep trying to insert the answers and it kicks me off. I am afraid I will have to stop at number 10 for a few minutes maybe it will work. So just hold on tight I will let you know.
Expert:  Neo replied 3 years ago.
No problem. I will still be online so you need not to worry. :) Just post them when they become available.

Thank you so much! :)


Customer: replied 3 years ago.
21. http://imageshack.us/photo/my-images/8/unledlke.jpg/
22.
If net exports are positive:
Answer
the equilibrium GDP must be greater than the full-employment GDP.
imports must exceed exports.
aggregate expenditures are greater at each level of GDP than when net exports are zero or negative.
some other component of aggregate expenditures must be negative.

23. http://imageshack.us/photo/my-images/28/unledeiw.jpg/

24. http://imageshack.us/photo/my-images/402/unledfab.jpg/

25.
Other things equal, an increase in an economy's exports will:
Answer
lower the marginal propensity to import.
have no effect on domestic GDP because imports will change by an offsetting amount.
decrease its domestic aggregate expenditures and therefore decrease its equilibrium GDP.
increase its domestic aggregate expenditures and therefore increase its equilibrium GDP.

26.
In moving from a private closed economy to a mixed closed economy in the aggregate expenditures model, government spending must be:
Answer
added to saving.
added to consumption and gross investment.
subtracted from consumption and gross investment.
added to gross investment and saving.

27.
If the MPC is .9, a $20 billion increase in a lump-sum tax will reduce GDP by $200 billion.
Answer True
False
Expert:  Neo replied 3 years ago.
21. The one in the upper right

GDP ...... C
$140 .... $135
$180 .... $165
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22.

aggregate expenditures are greater at each level of GDP than when net exports are zero or negative
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23.

$320
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Expert:  Neo replied 3 years ago.
24. Third option

Are both .5
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35.
Which of the following is most likely to be an inferior good?
Answer
fur coats
ocean cruises
used clothing
steak

36.
If X is a normal good, a rise in money income will shift the:
Answer
supply curve for X to the left.
supply curve for X to the right.
demand curve for X to the left.
demand curve for X to the right.

37. At the point where the demand and supply curves intersect:
Answer
the buying and selling decisions of consumers and producers are inconsistent with one another.
the market is in disequilibrium.
there is neither a surplus nor a shortage of the product.
quantity demanded exceeds quantity supplied.



38. http://imageshack.us/photo/my-images/855/unledqkm.jpg/

39.
If there is a shortage of product X:
Answer
fewer resources will be allocated to the production of this good.
the price of the product will rise.
the price of the product will decline.
the supply curve will shift to the left and the demand curve to the right, eliminating the shortage.

40.
Producing a good in the least costly way is known as allocative efficiency.
Answer True
False



Expert:  Neo replied 3 years ago.
25.

increase its domestic aggregate expenditures and therefore increase its equilibrium GDP.
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26.
added to consumption and gross investment.
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27. FAlse
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Expert:  Neo replied 3 years ago.
35. used clothing
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Expert:  Neo replied 3 years ago.
36.

demand curve for X to the right.
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41.
Because economic generalizations are simplifications from reality, they are impractical and useless.
Answer True
False

42.
The four factors of production are:
Answer
land, labor, capital, and money
land, labor, capital, and entrepreneurial ability
labor, capital, technology, and entrepreneurial ability
labor, capital, entrepreneurial ability, and money

43. http://imageshack.us/photo/my-images/38/unledecv.jpg/
44.
An hypothesis is:
Answer
a fundamental truth that all economists accept.
a tentative, untested statement of possible cause and effect.
the same as a normative statement.
also known as a principle or law.


45.
In drawing a budget line it is assumed that:
Answer
consumer preferences are fixed.
the prices of the two products are variable.
money income is fixed.
consumer willingness to substitute between the two products is fixed.


46.
The law of increasing opportunity costs states that:
Answer
if society wants to produce more of a particular good, it must sacrifice larger and larger amounts of other goods to do so.
the sum of the costs of producing a particular good cannot rise above the current market price of that good.
if the sum of the costs of producing a particular good rises by a specified percent, the price of that good must rise by a greater relative amount.
if the prices of all the resources used to produce goods increase, the cost of producing any particular good will increase at the same rate.

47.
Which of the following nations is not a member of the Euro Zone?
Answer
Italy
Spain
Germany
Great Britain

48.
The main problem posed by trade blocs for nonmember nations is that:
Answer
member nations may achieve growth rates that exceed those of nonmember nations.
nonmembers must exchange their currencies for foreign monies before they can engage in export or import transactions.
nonmembers face tariffs that member nations do not.
member nations refuse to participate in tariff negotiations sponsored by GATT.

49.
The United States' most important trading partner in terms of dollar volume is:
Answer
Mexico.
Canada.
Germany.
China.

50.
The United States, Japan, and the western European nations are the major international traders in terms of overall volume.
Answer True
False
Expert:  Neo replied 3 years ago.
37.

there is neither a surplus nor a shortage of the product.
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38. Increase in Demand
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39.

the price of the product will rise.
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Expert:  Neo replied 3 years ago.
40. False
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41. False
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42.

land, labor, capital, and entrepreneurial ability
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43. First Option

Y = 50 + 1/4X
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Expert:  Neo replied 3 years ago.
44.

a tentative, untested statement of possible cause and effect.
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45. money income is fixed.
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46. if society wants to produce more of a particular good, it must sacrifice larger and larger amounts of other goods to do so.
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Expert:  Neo replied 3 years ago.
47.

Great Britain
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Expert:  Neo replied 3 years ago.
48.
nonmembers face tariffs that member nations do not.
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Expert:  Neo replied 3 years ago.
49.

Canada.
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Expert:  Neo replied 3 years ago.
50. True
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Customer: replied 3 years ago.
47.
Which of the following nations is not a member of the Euro Zone?
Answer
Italy
Spain
Germany
Great Britain

48.
The main problem posed by trade blocs for nonmember nations is that:
Answer
member nations may achieve growth rates that exceed those of nonmember nations.
nonmembers must exchange their currencies for foreign monies before they can engage in export or import transactions.
nonmembers face tariffs that member nations do not.
member nations refuse to participate in tariff negotiations sponsored by GATT.

49.
The United States' most important trading partner in terms of dollar volume is:
Answer
Mexico.
Canada.
Germany.
China.

50.
The United States, Japan, and the western European nations are the major international traders in terms of overall volume.
Answer True
False

51. http://imageshack.us/photo/my-images/695/unledskm.jpg/

52.
Which of the following statements is correct?
Answer
United States exports and imports have been decreasing as a percentage of U.S. GDP but the U.S. share of total world trade has been increasing.
United States exports and imports have been decreasing as a percentage of U.S. GDP and the U.S. share of total world trade has been declining.
United States exports and imports have been expanding as a percentage of U.S. GDP and the U.S. share of total world trade has been increasing.
United States exports and imports have been expanding as a percentage of U.S. GDP but the U.S. share of total world trade has been declining.

53.
About half of United States international trade is with:
Answer
other industrially advanced capitalist countries.
the OPEC countries.
developing countries.
Russia and China.

54. http://imageshack.us/photo/my-images/34/unleddzq.jpg/

55.
(Last Word) The U.S. government agency responsible for compiling the national income accounts is the:
Answer
Census Bureau.
Bureau of Labor Statistics (BLS).
Commerce Department's Bureau of Economic Analysis (BEA).
Government Accounting Office (GAO).


56.
Assume a manufacturer of stereo speakers purchases $40 worth of components for each speaker. The completed speaker sells for $70. The value added by the manufacturer for each speaker is:
Answer
$110.
$30.
$40.
$70.
Customer: replied 3 years ago.
Whoops sorry about the dulpicate questions don't answer them
Customer: replied 3 years ago.
57.
Assume that in 2002 the nominal GDP was $350 billion and in 2003 it was $375 billion. On the basis of this information we:
Answer
cannot make a meaningful comparison of the economy's performance in 2002 relative to 2003.
can conclude that the economy was achieving real economic growth.
can conclude that real GDP was higher in 2002 than in 2003.
can conclude that real GDP was lower in 2002 than in 2003.

58. http://imageshack.us/photo/my-images/11/unledzc.jpg/

59. http://imageshack.us/photo/my-images/844/unledsye.jpg/

60.
If in some year gross investment was $120 billion and net investment was $65 billion, then in that year the country's capital stock:
Answer
may have either increased or decreased.
increased by $65 billion.
increased by $55 billion.
decreased by $55 billion.
Expert:  Neo replied 3 years ago.
51. Steel
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Expert:  Neo replied 3 years ago.
52.
United States exports and imports have been expanding as a percentage of U.S. GDP but the U.S. share of total world trade has been declining.
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Expert:  Neo replied 3 years ago.
53. other industrially advanced capitalist countries.
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54.

$450
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Expert:  Neo replied 3 years ago.
55. Commerce Department's Bureau of Economic Analysis (BEA).
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56.

$30
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Expert:  Neo replied 3 years ago.
57.

cannot make a meaningful comparison of the economy's performance in 2002 relative to 2003.
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58.

$307
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Expert:  Neo replied 3 years ago.
59.

$150
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Expert:  Neo replied 3 years ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
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Expert:  Neo replied 3 years ago.
By the way, did you skip several items on purpose?
.
Customer: replied 3 years ago.
Thanks we got an A+.

And yes I did, I have a PDF file here of the class like a study guide and some answers are similar and I knew some of them by the top of my head. But don't worry It was only a few questions.

And Neo Thanks. I will be on tommorow after 6 pm for another set of questions, gotta get up in the morning..

I will see you tommorow, Thanks again!
Expert:  Neo replied 3 years ago.
I see.

Can I have the title, edition and name of the authors of the book you are using?
.
Customer: replied 3 years ago.
This is all the info i have.

McConnell/Brue: Economics, 17/e

I didnt have money to buy the book, So I have a bunch of PDF's files of the book. But they are only like practice questions of the book.
Expert:  Neo replied 3 years ago.
Thank you so much! The info is sufficient enough.

See you tomorrow.

Thank you so much! :)
Customer: replied 3 years ago.
Hey Neo are you online? Sorry for the delay I was busy at work this week.
Expert:  Neo replied 3 years ago.
Good day!

I am online now.
.

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