Question 1

Microeconomists

Accepted Answer

A)   focus on the economy as a whole.
B)   spend much time analyzing how total income changes, and how changes in income cause changes in other modes of economic behavior.
C)   don't worry much about how decision makers form their expectations.
D)   consider the possibility that decision makers might change the quantities they produce before they change the prices they charge.E) B) and D)
F) B) and C)

Question 2

Which of the following is not likely to be considered part of economic activity?

Accepted Answer

A)   Purchasing a new automobile.
B)   Working in a clothing store.
C)   Making pancakes for breakfast (and eating them yourself) .
D)   Renting an apartment.E) All of the above
F) A) and B)

Question 3

Microeconomists

Accepted Answer

A)   focus on the economy as a whole.
B)   spend much time analyzing how total income changes, and how changes in income cause changes in . other modes of economic behavior.
C)   spend a great deal of time and energy investigating how people form their expectations and change them over time.
D)   assume that economic adjustment occurs first through prices that change to balance supply and demand.E) None of the above
F) B) and C)

Question 4

Periods in which production falls and unemployment rises are called

Accepted Answer

A)   macroeconomic expansions.
B)   business cycles.
C)   recessions, or possibly, depressions.
D)   inflation.E) C) and D)
F) B) and D)

Question 5

Microeconomists

Accepted Answer

A)   focus on the economy as a whole.
B)   hold total income constant.
C)   spend a great deal of time and energy investigating how people form their expectations and change them over time.
D)   consider the possibility that decision makers might change the quantities they produce before they change the prices they charge.E) All of the above
F) C) and D)

Question 6

The nominal exchange rate is

Accepted Answer

A)   the rate which banks charge the least risky businesses.
B)   the rate which District Federal Reserve Banks charge member banks.
C)   the rate at which the goods and services purchased in different countries can be exchanged one for another.
D)   the rate at which the monies of different countries can be exchanged one for another.E) All of the above
F) B) and D)

Question 7

When interest rates decrease,

Accepted Answer

A)   investment spending tends to decrease.
B)   investment spending tends to increase.
C)   investment spending isn't generally affected.
D)   investment spending tends to decrease and then increase.E) B) and C)
F) A) and B)

Question 8

The 1990s was a decade of generally

Accepted Answer

A)   low output growth, increasing unemployment, and increasing inflation.
B)   high output growth, increasing unemployment, and decreasing inflation
C)   high output growth, increasing unemployment, and decreasing inflation.
D)   high output growth, decreasing unemployment, and decreasing inflationE) C) and D)
F) B) and D)

Question 9

Which of the following is not one of the six key variables in macroeconomics?

Accepted Answer

A)   the interest rate
B)   the unemployment rate
C)   the inflation rate
D)   the level of the production in the steel industryE) None of the above
F) C) and D)

Question 10

Examples of investment goods are

Accepted Answer

A)   items that are bought and sold in the stock market.
B)   machine tools, buildings, highways, and bridges.
C)   bonds.
D)   mutual funds.E) A) and B)
F) None of the above

Question 11

Which of the following macroeconomic scenarios would likely enhance your chances of receiving a reasonable job offer as you near graduation from your college of university?

Accepted Answer

A)   low output growth and high unemployment.
B)   high inflation and high unemployment.
C)   high output growth and low unemployment.
D)   low output growth and high inflation.E) C) and D)
F) B) and D)

Question 12

Macroeconomists

Accepted Answer

A)   focus on the markets for individual commodities and on the decisions of single economic agents.
B)   hold total income constant.
C)   don't worry much about how decision makers form their expectations.
D)   consider the possibility that decision makers might change the quantities they produce before they change the prices they charge.E) C) and D)
F) A) and B)

Exam 1: Introduction to Macroeconomics

Periods in which production falls and unemployment rises are called

Correct Answer
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Microeconomists

Correct Answer
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The nominal exchange rate is

Correct Answer
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Microeconomists

Correct Answer
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Which of the following is not one of the six key variables in macroeconomics?

Correct Answer
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Which of the following is not likely to be considered part of economic activity?

Correct Answer
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The 1990s was a decade of generally

Correct Answer
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Microeconomists

Correct Answer
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Macroeconomists

Correct Answer
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When interest rates decrease,

Correct Answer
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Examples of investment goods are

Correct Answer
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Which of the following macroeconomic scenarios would likely enhance your chances of receiving a reasonable job offer as you near graduation from your college of university?

Correct Answer
verified

Exam 1: Introduction to Macroeconomics

Periods in which production falls and unemployment rises are called

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Microeconomists

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The nominal exchange rate is

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Microeconomists

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Which of the following is not one of the six key variables in macroeconomics?

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Which of the following is not likely to be considered part of economic activity?

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The 1990s was a decade of generally

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Microeconomists

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Macroeconomists

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When interest rates decrease,

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Examples of investment goods are

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Which of the following macroeconomic scenarios would likely enhance your chances of receiving a reasonable job offer as you near graduation from your college of university?

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Correct Answer
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Correct Answer
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