Question12 Marks: 2 The circular flow of income assumes that Choose one answer.

Question

Question12

Marks: 2

The circular flow of income assumes that

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Question13

Marks: 2

All of the following are incomes earned in the factor market EXCEPT

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Question14

Marks: 2

Profits are part of the

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Question15

Marks: 2

Services include all of the following EXCEPT

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Question16

Marks: 2

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Question17

Marks: 2

A capital good is

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Question18

Marks: 2

The income that individuals have after personal income taxes have been paid is called

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Question19

Marks: 2

Economic growth is best measured by increases in

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Question20

Marks: 2

Countries are concerned about small changes in their average annual growth rates because

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Question21

Marks: 2

Which of the following would typically be considered a cost of economic growth?

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Question22

Marks: 2

Which resource is the main contributor to economic growth in the United States, Latin America, and South Asia?

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Question23

Marks: 2

There has been some concern in the United States that people are not saving enough. This is a concern because

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Question24

Marks: 2

Which of the following are mentioned as forces of the new growth theory that influence economic growth?
I. Technology
II. Research
III. Innovations

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Question25

Marks: 2

Which of the following will tend to cause an increase in technology?

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Question26

Marks: 2

According to the text, an open economy is likely to have all the following EXCEPT

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Question27

Marks: 2

A government grant that gives an inventor the exclusive right or privilege to make, use, or sell his or her invention is known as

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Question28

Marks: 2

In the absence of well-defined property rights, we would likely find

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Question29

Marks: 2

The long-run aggregate supply curve

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Question30

Marks: 2

An assumption on the LRAS curve is

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Question31

Marks: 2

If the price level increases,

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Question32

Marks: 2

All of the following are components of aggregate demand EXCEPT

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Question33

Marks: 2

A fall in the price level

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Question34

Marks: 2

The real-balance effect indicates that at higher price levels

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Question35

Marks: 2

Which of the following statements is correct?
I. A drop in the foreign exchange value of the dollar would decrease aggregate demand
II. A decrease in the amount of money in circulation would increase aggregate demand

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Question36

Marks: 2

Over the last twenty years, real GDP in the U.S. economy has increased and there has been inflation. This indicates that

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Question37

Marks: 2

Over the past several decades, what has been true about price levels in the United States?

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Question38

Marks: 2

Which of the following can cause supply-side inflation?

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Question39

Marks: 2

Investment is

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Question40

Marks: 2

The Keynesian model is based on the idea that

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Question41

Marks: 2

In economics, the term "autonomous" means

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Question42

Marks: 2

The marginal propensity to consume explains how much of the next dollar of disposable income

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Question43

Marks: 2

Which of the following is negative for the "typical" consumer at some level of real disposable income?

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Question44

Marks: 2

The marginal propensity to consume (MPC) is

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Question45

Marks: 2

Compared to consumption spending, investment historically has tended to be

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Question46

Marks: 2

Which one of the following statements is true?

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Question47

Marks: 2

If we observe that interest rates rise but real investment spending still increases, what must have happened to the function relating investment to the interest rate?

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Question48

Marks: 2

When money provides a yardstick that allows individuals to compare the relative values of goods and services, it is functioning as a

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Question49

Marks: 2

Which of the following is NOT a function of money?

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Question50

Marks: 2

Suppose you are offered a new iPod in exchange for thirty hours of your work in your friend's garden. This is an example of

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Question51

Marks: 2

A fiduciary monetary system is dependent on

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Question52

Marks: 2

Thrift institutions

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Question53

Marks: 2

The M1 measure of money is suggested by the ________ approach to measuring money.

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Question54

Marks: 2

A checking account balance in a commercial bank is

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Question55

Marks: 2

The potential for a financial breakdown at large institutions to spread throughout the financial system is called

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Question56

Marks: 2

Which of the following is true about product markets?

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Question57

Marks: 2

Total reserves of private banks are

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Question58

Marks: 2

The term "unemployment" is best described as the total number of

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Question59

Marks: 2

All of the following would shift the LRAS curve to the right EXCEPT

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Question60

Marks: 2

In a barter system, we would expect to see

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a. profit is not a cost of production. b. the national income accounting approach is not an adequate way to measure the economy's performance. c. goods and services flow in one direction and money payments flow in the other. d. total income is the sum of the value of intermediate goods and final goods and services.

Explanation / Answer

12)c

13)c

14)d(not sure)

15)b

16)a

17)b

18)b

19)c

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