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1. The two topics of primary concern in macroeconomics are A. unemployment, and wage rates in labor markets. B. short-run fluctuations in output and employment, and long-run economic growth. C. oil prices and housing markets. D. monopoly power of corporations, and small business profitability. 2. Which one of the following statements about part-time workers is correct? A. Part-time workers are counted as fully employed, and therefore the official unemployment rate may understate the level of unemployment. B. Part-time workers are counted as unemployed, and therefore the official unemployment rate may understate the level of unemployment. C. Part-time workers are counted as fully employed, and therefore the official unemployment rate may overstate the level of unemployment. D. Part-time workers are counted as unemployed, and therefore the official unemployment rate may overstate the level of unemployment. 3. Which one of the following is an example of a supply shock? A. Government increases spending on education. B. A dramatic increase in energy prices increases production costs for firms in the economy. C. A surprise tax rebate from the government gives people more money to spend. D. A surge in consumer optimism prompts increased buying of goods and services. 4. Prices tend to be sticky because A. firms are worried about frequent price changes that would annoy consumers. B. government controls most prices. C. foreign competition discourages domestic firms from price changes. D. most firms have agreements with each other to fix prices at profit-maximizing levels 5. Which one of the following is not considered to be a growth-promoting institutional structure? A. A competitive market system B. Financial institutions that effectively link savers to investors C. Strong government restrictions on international trade D. Well-established and enforced property rights 6. The system that measures the economy's overall performance is formally known as A. GDP assessment. B. national income accounting. C. final output and income statistics. D. business cycle measurement. 7. Unemployment involving a mismatch of the skills of unemployed workers and the skills required for available jobs is called _______ unemployment. A. cyclical B. compositional C. structural D. frictional 8. Which one of the following statements about demand shocks is correct? A. Demand shocks are unexpected changes in the ability of firms to produce and sell goods and services. B. Demand shocks always have a negative impact on the economy. C. Demand shocks are unexpected changes in the desires of households and businesses to buy goods and services. D. Demand shocks cause fewer short-run fluctuations than supply shocks. 9. Which one of the following statements about free trade is correct? A. Free trade encourages growth by effectively eliminating all patent and copyright barriers to growth. B. Free trade discourages growth by increasing competitive pressures on domestic firms. C. Free trade encourages growth by promoting the rapid spread of new inventions and innovations. D. Free trade discourages growth compared to circumstances where the government strongly controls foreign trade. 10. Modern economic growth refers to countries that have experienced an increase in A. nominal GDP over time. B. real output spread evenly across all sectors of the economy. C. real output per person. D. real GDP over time. 11. Which one of the following is the correct definition of inflation? A. Inflation is the growth phase of the business cycle. B. Inflation is the rate of growth in nominal GDP. C. Inflation is an increase in the overall level of prices. D. Inflation is a situation in which all prices in the economy rise simultaneously. 12. Recurring upswings and downswings in an economy's real GDP over time are called A. business cycles. B. output yo-yos. C. recessions. D. total product oscillations. 13. Which one of the following statements about Okun's law is correct? A. Okun's law indicates the number of years it will take for a constant rate of inflation to double the price level. B. Okun's law shows the relationship between the unemployment rate and the size of the negative GDP gap. C. Okun's law measures the tradeoff between the rate of inflation and the rate of unemployment. D. Okun's law quantifies the relationship between nominal and real incomes. 14. Given the annual rate of economic growth, the "rule of 70" allows one to A. calculate the size of the GDP gap. B. determine the accompanying rate of inflation. C. calculate the number of years required for real GDP to double. D. determine the growth rate of per capita GDP. 15. Which one of the following statements about GDP is correct?
A. GDP is the monetary value of all economic resources used in producing a year's output.
B. GDP is the monetary value of all goods and services, final and intermediate, produced in a specific year.
C. GDP is the monetary value of all final goods and services produced within the borders of a nation in a particular year.
D. GDP is the national income minus all nonincome charges against output.
16. The production of durable goods varies more than the production of nondurable goods because
A. durables purchases are postponable.
B. durables purchases are nonpostponable.
C. the producers of nondurables have monopoly power.
D. producers of durables are highly competitive.
17. Which one of the following economic regions has experienced the most growth in real GDP per capita since 1820?
A. United States
B. Western Europe
C. Latin America
18. Which one of the following statements about GDP is correct?
A. GDP excludes the market value of unpaid work in the home.
B. GDP excludes positive changes in inventories.
C. GDP excludes the production of services.
D. GDP excludes the production of nondurable goods.
19. Which one of the following statements about demand-pull inflation is correct?
A. Demand-pull inflation occurs only when the economy has reached its absolute production capacity.
B. Demand-pull inflation occurs when total spending exceeds the economy's ability to provide output at the existing price level.
C. Demand-pull inflation occurs when prices of resources rise, pushing up costs and the price level.
D. Demand-pull inflation is also called cost-push inflation.
20. The largest component of total expenditures in the United States is
A. government purchases.
B. net exports.
C. gross investment.
What is the exam # XXXXX when is your deadline?
Hi Chris, I need to submit it. ASAP Pleasethank you
When I clicked on "Answer" the post disappeared for some reason. Are you out of time?
Ok will do , I will first check if you're in line.