81. The term industrial policy refers to (Points: 1) the policy industries devel

Question

81. The term industrial policy refers to (Points: 1)
the policy industries develop to promote growth
industry policy related to marketing strategies
the illegal activity that firms sometimes engage in to reduce competition
government policy arrived at enhancing our competitiveness with foreign industry


82. In double-entry GDP accounting, (Points: 1)
the value of output produced must equal the value of resource payments generated in producing that output
government is not counted because most of government spending is for transfer payments
payments to resources must equal the value of goods sold to households
inventories are counted twice, once as investment and once as output


83. In the resource market, (Points: 1)
businesses borrow money to buy the capital resources they need
businesses sell services to the households
firms provide the resources to the households
households sell the resources to firms in return for factor payments


84. Which of the following is a leakage from the circular flow? (Points: 1)
investment
imports
government purchases
government borrowing


85. Which of the following is an injection into the circular flow? (Points: 1)
taxes
saving
transfer payments
government borrowing


86. In order to convert nominal GDP to real GDP, we must divide (Points: 1)
real GDP by the price index
nominal GDP by the price index
the price index by nominal GDP
the price index by real GDP


87. People who are not currently employed, but say they want a job, are counted as unemployed only if they (Points: 1)
have previously held a job
are actively seeking employment
are willing to accept a reasonable offer
are between 16 and 65 years of age


88. Inflation is (Points: 1)
a reduction in everyone's standard of living
a rise in the real prices of all goods and services
a general and continuing rise in the money prices of goods and services
a continuing rise in everyone's standard of living


89. Suppose you received a 3 percent increase in your nominal wage. Over the year, inflation ran about 6 percent. Which of the following is true? (Points: 1)
Your real wage fell.
Your nominal wage fell.
Both your nominal and real wages decreased.
Although your nominal wage fell, your real wage increased.


90. In times of rapid inflation, (Points: 1)
money loses its use as a store of value
money becomes an attractive store of wealth
people postpone purchases as long as possible
people spend less in transactions costs


91. An increase in the interest rate, other things constant, will (Points: 1)
shift the supply of loanable funds curve to the left
shift the supply of loanable funds curve to the right
increase the quantity of loanable funds supplied
shift the demand for loanable funds curve to the left


92. The Budget of the United States Government is officially submitted by (Points: 1)
the President to the Congress and contains proposals for government expenditures
the Congress to the President and contains proposals for government expenditures
the President to the Congress and contains proposals for tax increases
the Congress to the President and contains proposals for tax increases


93. A continuing resolution (Points: 1)
shuts down government agencies in the absence of an approved budget
allows agencies to spend at the rate of the previous year in the absence of an approved budget
enables Congress to override the President's budget
contributes to the efficiency of the federal budget process


94. In the United States since the Great Depression, the federal government has (Points: 1)
run budget deficits only in periods of recession
run a budget deficit in almost every year
practiced a policy of annually balancing the budget
run budget deficits only in wartime


95. The equilibrium interest rate is determined by (Points: 1)
the supply of money alone
both the supply of and demand for money
the demand for money alone
Congress


96. Over the past 40 years, the most frequent target for the Fed's monetary policy has been (Points: 1)
the prime interest rate
the federal funds rate
the M1 money supply
the M2 money supply


97. If the Federal Reserve is targeting the interest rate when the demand for money increases, their proper response is to (Points: 1)
decrease the money supply
keep the money supply constant
increase the money supply
stimulate inflation to increase the demand for money


98. World output will be maximized if each country (Points: 1)
attempts to be self-sufficient
specializes in producing those goods in which it has a comparative advantage
specializes in producing those goods in which it has an absolute advantage
reduces its consumption possibilities


99. Differences in resource endowments are differences in (Points: 1)
the quantity, but not the quality, of resources available in different nations
tariffs charged by each country
production patterns across nations
the quality and quantity of resources available in different nations


100. A tariff is (Points: 1)
a tax on financial transactions
a tax on either imports or exports
the result of a treaty
a penalty imposed on importers of capital

Explanation / Answer

81. D 82. A 83.D 84.B 85. D 86. B 87.D 88. C 89.A 90.A 91.A 92.A 93.B 94.B 95.B 96.A 97.C 98.B 99.C 100.B

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