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Quesitons on Macroeconomics

Quesitons on Macroeconomics

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Published by Mohammed Hammad
By Mohammed Hammad
By Mohammed Hammad

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Published by: Mohammed Hammad on Nov 14, 2009
Copyright:Attribution Non-commercial

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08/17/2010

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1.The main subject of macroeconomics deals with: Your Answer:The sum of individual decisions, or the aggregate behavior of consumers, firms, and the economy as a whole.2.Which of the following statements is correct?Correct Answer:Both macroeconomics and microeconomics are concerned withthe decisions of households and firms. ________________________________________ 3.The period of severe economic contraction and high unemploymentknown as the Great Depression took place in this decade: Your Answer:The 1930s. ________________________________________ 4.Classical models of the economy are also known as: Your Answer:Market clearing models. ________________________________________ 5.The prolonged period of unemployment that existed during the GreatDepression gave rise to the following thinking in the economics discipline: Your Answer:The Keynesian Revolution. ________________________________________ 6.Fine tuning was the phrase used by Walter Heller to refer to:Correct Answer:The government’s role in regulating inflation andunemployment. ________________________________________ 7.Which of the following ideas was central in Keynesian theory?
 
 Your Answer:Government intervention can be used to affect the level of output and employment in the economy. ________________________________________ 8.The use of Keynesian policies to fine tune the economy in the 1960sled to: Your Answer:Disillusionment in the 1970s and early 1980s. ________________________________________ 9.What is stagflation? Your Answer:Stagflation means high inflation accompanied by highunemployment. ________________________________________ 10.A period of very rapid increases in the overall price level is known as: Your Answer:Hyperinflation. ________________________________________ 11.The cycle of short-term ups and downs in the economy is called: Your Answer:The business cycle. ________________________________________ 12.For economists, the main measure of how an economy is doing is:Correct Answer:Aggregate output. ________________________________________ 13.Which of the following is the definition of the unemployment rate?Correct Answer:The percentage of the labor force that is unemployed. ________________________________________ 14.In microeconomic theory, which of the following happens as the labormarket eliminates unemployment and restores its equilibrium?
 
Correct Answer:As it moves toward equilibrium, the market experiences anincrease in the quantity of labor demanded and a decrease in the quantity supplied. ________________________________________ 15.Fiscal policy refers to: Your Answer:Government policies concerning taxes and expenditures(spending). ________________________________________ 16.Which of the following refers to the tools used by the Federal Reserveto control the quantity of money in the economy? Your Answer:Monetary policy.-------------------------------20.The three market arenas where households, firms, the government,and the rest of the world interact are: Your Answer:Goods and services, labor, and money markets. ________________________________________ 21.All of the following are debt instruments, or promissory notes issued bya borrower, except one. Which one?Correct Answer:Corporate Stocks. ________________________________________ 22.The logic behind the aggregate supply and aggregate demand curvesis:Correct Answer:More complex than the logic of market supply and demand. ________________________________________ 23.Part of the reason why the aggregate demand curve slopes downwardhas to do with:

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