1
Which of the following is the best measure of the standard of living of the typical person in a country?
2
Which of the following changes does not cause an increase in the quantity of goods and services that can be produced by one worker, or in one hour of work?
3
Which of the following changes will ensure that an economy experiences sustained economic growth?
5
Which of the following are financial securities that represent promises to repay a fixed amount of funds?
6
Which of the following is not a service that the financial system provides for savers and borrowers?
7
Which of the following equals the amount of public saving?
8
A government that collects more in taxes than it spends experiences
9
Refer to the diagram of the Market for Loanable Funds. The shift from S1 to S2 represents ____ in the supply of loanable funds.
10
In determining whether to borrow funds, firms compare the cost of borrowing to make an investment with
11
Which of the following facts determines the supply of loanable funds?
12
Holding all else constant, a federal government budget deficit will
13
From a trough to a peak, the economy goes through
14
As the economy nears the end of an expansion, which of the following typically occurs?
15
Purchases of which types of goods are business cycles most likely to affect?
16
Recessions cause the inflation rate to ____, and the unemployment rate to ____.
17
Which of the following events marks the beginning of significant economic growth in the world economy?
18
Along the per-worker production function, what happens to real GDP per hour worked, as capital per hour worked increases?
19
When a firm increases output by replacing existing capital with more productive capital or reorganizing how production takes place, that firm is experiencing
20
Which of the following is not a government policy that will increase the accumulation of knowledge capital?
21
When are additions to knowledge capital subject to diminishing returns?
22
According to Joseph Schumpeter, which of the following factors provides entrepreneurs with the most important incentive to bring the factors of production together to start new firms and to introduce new goods and services?
23
Why do many low-income countries have low growth rates?
24
In the loanable funds market, a leftward shift of the supply curve (S1--> S2) will most likely lead to:
25
Which of the following could cause the supply of loanable funds to shift leftward (S1--> S2)?
26
In a closed economy where Y=11, C=8, I=2, TR=1, and T=3, what is the level of public saving?
27
In Question 48's economy, what is the level of private saving?
28
If government purchases (G) increase from 2T to 2.5T, holding Y and C constant, what happens to investment (I)?
29
In a closed economy, investment equals which of the following?
30
Aggregate expenditure, or the total amount of spending in the economy, equals
31
Which of the following statements is correct?
32
Macroeconomic equilibrium occurs where
33
When aggregate expenditure is greater than GDP, inventories will ____ and GDP and total employment will ____.
34
The most important determinant of consumption is
35
Which of the following causes saving to increase?
36
If the marginal property to consume (MPC) is 0.9, how much additional consumption will result from an increase of $100 billion of disposable income?
37
The sum of the marginal property to consume (MPC) and the marginal propensity to save (MPS) equals
38
Which of the following is NOT correct?
39
If inflation in the United States is lower than inflation in other countries, then U.S. exports ____ and U.S. imports ____, which ____ net exports.
40
When incomes rise faster in the United States than in other countries,
41
If firms accumulate excess inventories and then spend them quickly, returning to their normal levels, they usually do not sell their excess inventories before resuming normal production.
42
Use the following data to answer the question:
Y = $8,000
C = $6,200
I = $1,500
G = $1,500
NX = −$500
The unplanned change inventories is ____ and real GDP will ____.
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