Please help on these. I am stuck 3)Equilibrium income is that level of income: A
ID: 1099906 • Letter: P
Question
Please help on these. I am stuck
3)Equilibrium income is that level of income:
A.
The economy always produces
B.
Toward which the economy gravitates in the short-run
C.
An economy is capable of producing without generating accelerating inflation
D.
An economy is capable of producing without generating unemployment
11)A policy that raises taxes or reduces government spending is called:
A.
An expansionary fiscal policy
B.
A contractionary fiscal policy
C.
An expansionary monetary policy
D.
A contractionary monetary policy
12)Modern macroeconomics developed as an attempt to explain:
A.
Long-run growth
B.
Persistent inflation
C.
Short-run business cycles
D.
Balance of trade problems
14)The study of economic growth focuses on the factors that cause an:
A.
Economy to move along its production possiblity curve
B.
Economy's production possibility curve to shift out
C.
Economy to move from a point on its production possibility curve to a point outside this curve
D.
Economy to move from a point inside its production possibility curve to a point on this curve
16)The Rule of 72 implies that a country with a growth rate of 8 percent will double its income in about:
A.
6 years
B.
4 years
C.
9 years
D.
12 years
17)Economic growth causes:
A.
The production possibility curve to shift out
B.
The production possibility curve to shift in
C.
A movement away from the production possibility curve
D.
A movement toward the production possibility curve
18) Suppose that consumers decide to save less and spend more. What effect would this have on the market for loanable funds?
A.
It will increase interest rates and the quantity of funds lent will fall
B.
It will decrease interest rates and the quantity of funds lent will rise
C.
It will increase interest rates and the quantity of funds lent will rise
D.
It will decrease interest rates and the quantity of funds lent will fall
22)Compared to earlier recessions, the 2008 downturn in employment:
A.
Has taken about the same amount of time to return to its pre-recession peak
B.
Changes in employment cannot be compared across recessions because every recession is different
C.
Has returned to its pre-recession peak in less time
D.
Has taken longer to return to its pre-recession peak
23)The hypothesis about the macro economy that sees the recent problems of the U.S. economy directly related to teh structural problems caused by globalization is referred to as the ___________ hypothesis.
A.
Comparitive stagnation
B.
Secular stagnation
C.
Low investment
D.
Structural stagnation
26)If an economy declined by 3 percent in one year, in order for the economy to return to trend growth within two years, it would have to increase at an annual rate that is:
A.
Less than three percent
B.
Greater than three percent
C.
Unknown
D.
Equal to three percent
29)Which of the following industries likely will be a long-term inherent comparitive advantage for the United States?
A.
Textiles
B.
Manufacturing of commodities
C.
Automobiles
D.
Agriculture
30)The wage a person requires before accepting a job is referred to as the _________ wage.
A.
Compensating
B.
Psychological
C.
Minimum
D.
Reservation
A.
The economy always produces
B.
Toward which the economy gravitates in the short-run
C.
An economy is capable of producing without generating accelerating inflation
D.
An economy is capable of producing without generating unemployment
Explanation / Answer
3. B. Toward which the economy gravitates in the short-run
11.
A.
An expansionary fiscal policy
12. D Balance of trade problems
14. A. Economy to move along its production possiblity curve
16. A 6 years
17 . D A movement toward the production possibility curve
18 C It will increase interest rates and the quantity of funds lent will rise
22. B Changes in employment cannot be compared across recessions because every recession is different
23. B Secular stagnation
26. B Greater than three percent
29. D Agriculture
30.D Reservation
A.
An expansionary fiscal policy
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