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Economic
Q:
Classical economists tend toA) see unemployment as a persistent economic problem. B) believe in Keynesian economics.C) reject the equality of savings and investment. D) support Sayʹs law.
Q:
We draw the long -run aggregate supply curve as a vertical line to reflect the fact that
A) the productive capacity of the economy never changes after full adjustment has occurred.
B) changes in the price level do not alter the level of long -run real GDP after full adjustment has occurred.
C) technology and resource endowments do not affect long-run real GDP after full adjustment has occurred.
D) an accurate depiction of the production possibilities curve is vertical after full adjustment has occurred.
Q:
A constant rate of U.S. economic growth over a given period of years would involve A) adding the same amount of nominal dollars to real GDP per capita each year. B) adding the same amount of real dollars to real GDP per capita each year.C) compounding the percentage increase in real GDP per capita over the years. D) None of the above are correct.
Q:
An increase in net exportsA) causes GDP to increase.B) causes GDP to decrease.C) causes an increase in imports of the same size.D) can cause GDP to either increase or decrease, depending on whether the exports are durable or nondurable.
Q:
A severe and prolonged recession is calledA) a slump. B) a stagnation. C) a trough. D) a depression.
Q:
Many economists would argue that some frictional unemploymentA) creates massive economic disruptions and should be eliminated as quickly as feasible. B) should be eliminated whatever the cost.C) no longer exists because increased unemployment benefits have generally solved this problem.D) cannot and probably should not be eliminated.
Q:
The World Bank specializes in making loans to promoteA) short-term assistance when a nation experiences a financial crisis. B) so-called stand-by arrangements and credits.C) financial stability.D) long-term development and growth.
Q:
The policy irrelevance proposition suggests that the policy effects on the economy primarily occur as a result ofA) fiscal policy measures.B) policy mistakes or misjudgment of policies.C) nondiscretionary fiscal policy, not discretionary fiscal policy. D) fluctuations in the value of the U.S. dollar.
Q:
In the market for bank reserves, an open market purchase by the Fed will causeA) a reduction in the federal funds rate. B) an increase in the quantity of reserves. C) an increase in the supply of reserves. D) all of the above.
Q:
The demand for money curve depictsA) an inverse relationship between the quantity of money demanded and the quantity of bonds demanded.B) a direct relationship between the quantity of money demanded and the quantity of bonds demanded.C) an inverse relationship between the quantity of money demanded and the interest rate.D) a direct relationship between the quantity of money demanded and the interest rate.
Q:
The potential for a financial breakdown at one financial institution to spread throughout the financial system is known as aA) lending risk. B) moral hazard. C) liquidity risk. D) systemic risk.
Q:
Suppose you are offered a new iPod in exchange for thirty hours of your work in your friendʹs garden. This is an example ofA) money as a medium of exchange. B) money as a store of value.C) barter.D) money as a standard of deferred payment.
Q:
During normal times,A) fiscal policy is very effective because it the effects of fiscal policy will swamp automatic stabilizers and time lags can be.B) fiscal policy can immediately correct problems in the economy.C) the Ricardian equivalence theorem makes fiscal policy very effective. D) fiscal policy is not effective because of the recognition time lag.
Q:
If the aggregate supply curve is upward sloping, then an increase in autonomous consumption leads to a(n)A) increase in aggregate demand and a rise in the price level. B) decrease in aggregate demand and a rise in the price level. C) decrease in aggregate demand and a fall in the price level.D) no change in aggregate demand and no change in the price level.
Q:
The average propensity to save isA) real consumption/real disposable income.B) real saving/real disposable income.C) change in real consumption/change in real disposable income.D) change in real saving/change in real disposable income.
Q:
In the above figure, the inflationary gap can correctly be identified asA) the difference between 125 and 120.B) the difference between 12.2 trillion and 12 trillion.C) LRAS minus SRAS. D) AD1.
Q:
One key assumption of the classical model is A) government spending plays a major role. B) money illusion cannot fool workers.C) wages are sticky. D) prices are sticky.
Q:
Aggregate supplyA) is the total amount of raw materials available in an economy. B) is the overall wealth within an economy.C) is the total amount of money circulating in an economy. D) is the total of all planned production in an economy.
Q:
The per capita GDP for Hungary in 2001 was $12,000 and in 2002 was $12,360. How much did the economy grow in 2002?A) 97 percent B) 3 percent C) 2 percent D) 1 percent
Q:
Fixed investment isA) the change in stocks of finished goods.B) the change in the stocks of goods in process.C) capital purchase by businesses of newly produced durables.D) purchases by consumers of newly produced consumer durables.
Q:
Which of the following statements is correct?A) The depth and the length of all business cycles are identical. B) The depth and the length of all business cycles are different.C) Business cycles are caused by seasonal unemployment changes. D) Business cycles are caused by unanticipated inflation.
Q:
Collin has lost his job with a telemarketing company, which has moved its operation to India.Collin is consideredA) structurally unemployed. B) frictionally unemployed. C) seasonally unemployed. D) a discouraged worker.
Q:
Which of the following is NOT a criticism that has been leveled at the World Bank?
A) Too many loans go to nations capable of privately financing their projects.
B) Since 1990, the World Bank has loaned mostly to African countries, to the detriment of nations in other parts of the world.
C) Some countries receiving World Bank loans are net lenders of funds to other nations and so should not be receiving World Bank funds.
D) Despite receiving loans from the World Bank, economic growth in many client nations has been disappointing.
Q:
The rational expectations hypothesis is based on the assumption thatA) individuals combine effects of past policy actions with their own judgment about future policy effects and changes when forming their expectations.B) individuals adapt in response to past policy actions and changes without looking ahead when forming their expectations.C) firms pay above equilibrium wages to their employees.D) most firms operate in a less than competitive environment.
Q:
In the market for bank reserves, the supply of reserves isA) an upward sloping curve. B) a downward sloping curve. C) a vertical curve. D) a horizontal curve.
Q:
Holding money as a medium of exchange to purchase goods and services and make payments is known as theA) spending demand for money. B) transactions demand for money. C) precautionary demand for money. D) asset demand for money.
Q:
What is the typical role of a central bank?A) It serves as a bank for the national treasury. B) It regulates depository institutions.C) It serves as a lender of last resort. D) All of the above.
Q:
Perishable goods such as milk or fruit are never used as money, because they cannot function as aA) medium of exchange. B) unit of accounting.C) store of value. D) standard of deferred payment.
Q:
During which time will fiscal policy be the most effective?A) Normal times B) Times of warC) In the middle of expansions D) Times of stagflation
Q:
What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?
Q:
The marginal propensity to consume isA) real consumption/real disposable income.B) real saving/real disposable income.C) change in real consumption/change in real disposable income.D) change in real saving/change in real disposable income.
Q:
If equilibrium level of real Gross Domestic Product (GDP) is less than the full -employment real Gross Domestic Product (GDP) consistent with the position of the economyʹs long -run aggregate supply (LRAS) curve, then the difference between full -employment real Gross Domestic Product (GDP) and current equilibrium real Gross Domestic Product (GDP) isA) an aggregate demand shock. B) an aggregate supply shock. C) a recessionary gap. D) an inflationary gap.
Q:
According to the circular flow of income and output, saving causesA) total output to fall.B) consumption expenditures and total output to fall.C) consumption expenditures to fall short of total output. D) investment spending to fall.
Q:
The aggregate supply curve shows
A) the total of all planned production for an economy.
B) the various quantities of goods consumers will purchase.
C) that real GDP can only increase when the price level increases.
D) what an economy can produce if resource prices are constant.
Q:
What is the real GDP after four years if Country Xʹs average annual growth rate is 8.6 percent and the initial real GDP was $2,756.0 million?A) $2,993.0 million B) $3,833.5 millionC) $1,077.5 million D) $3,250.4 million
Q:
Changes in the stocks of finished goods and goods in process as well as changes in the raw materials that businesses keep on hand is known asA) the expenditure approach. B) the income approach. C) fixed investment. D) inventory investment.
Q:
Which of the following would be a leading indicator?A) the number of unemployment claims B) the real interest rateC) personal income in the United States D) an increase in stock prices
Q:
Bobʹs assembly line job has been replaced by robots, and Bob lacks abilities and skills required to attain other jobs. He is consideredA) structurally unemployed. B) frictionally unemployed. C) seasonally unemployed. D) a discouraged worker.
Q:
Each nationʹs International Monetary Fund (IMF) quota subscription is based on A) its national income. B) its share in world trade. C) its public debt. D) its trade surplus.
Q:
The idea that policy actions have no real effects in the short run if they are anticipated and no real effects in the long run is called theA) Keynesian proposition. B) policy irrelevance proposition.C) adaptive proposition. D) activism proposition.
Q:
In economics, the demand for money as basically a demand forA) bonds. B) status. C) liquidity. D) investment.
Q:
After the financial crisis of the late 2000s, President Obama and Congress considered adding to the Federal Reserveʹs functions by making it the nationʹs primary regulator ofA) systemic risk. B) default risk.C) credit risk. D) investment risk.
Q:
The price tag on a pair of Nike shoes illustrates how money performs the function of aA) medium of exchange. B) unit of accounting.C) store of value. D) standard of deferred payment.
Q:
A 300-gallon tank is full of a solution containing 35 pounds of concentrate. Starting at time distilled water is added to the tank at a rate of 30 gallons per minute, and the well-stirred solution is withdrawn at the same rate. Find the amount of concentrate Q in the solution as a function of t.
A) B) C) D) E)
Q:
A medical researcher wants to determine the concentration C (in moles per liter) of a tracer drug injected into a moving fluid with flow R (in liters per minute). Solve this problem by considering a single-compartment dilution model (see figure). Assume that the fluid is continuously mixed and that the volume V (in liters) of fluid in the compartment is constant. If the tracer is injected instantaneously at time , then the concentration of the fluid in the compartment begins diluting according to the differential equation when (a) Solve this differential equation to find the concentration as a function of time. (b) Find the limit of as A) a. b. 1B) a. b. 0C) a. b. 2D) a. b. 0E) a. b. 1
Q:
Use this equation and Find if the corporation needs $120,000,000 in 8 years and the fund earns 8% interest compounded continuously.
A) $110,708,538.49
B) $10,500,538.49
C) $10,708,538.49
D) $100,708,538.49
E) $1,708,538.49
Q:
Use this equation and Findfor each situation. (a) (b) A) a. 685099.00 b. 5802815.12
B) a. 585099.00 b. 5802815.12
C) a. 685099.00 b. 6802815.12
D) a. 585099.00 b. 4802815.12
E) a. 485099.00 b. 5802815.12
Q:
A large corporation starts at time to invest part of its profit at a rate of dollars per year in a fund for future expansion. Assume that the fund earns percent interest per year compounded continuously. The rate of growth of the amount in the fund is given by where when and is in decimal form. Solve this differential equation foras a function of .
A) B) C) D) E)
Q:
When predicting population growth, demographers must consider birth and death rates as well as the net change caused by the difference between the rates of immigration and emigration. Let be the population at time and let be the net increase per unit time due to the difference between immigration and emigration. So, the rate of growth of the population is given by is constant. Solve the differential equation to find as a function of .
A) B) C) D) E)
Q:
A 100-gallon tank is full of a solution containing 25 pounds of a concentrate. Starting at time distilled water is admitted to the tank at the rate of 5 gallons per minute, and the well-stirred solution is withdrawn at the same rate. (a) Find the amount of the concentrate in the solution as a function of by solving the differential equation (b) Find the time required for the amount of concentrate in the tank to reach 15 pounds.
A) a. b. B) a. b. C) a. b. D) a. b. E) a. b.
Q:
At any time (in years), the rate of growth of the population of deer in a state park is proportional to the product of and , where is the maximum number of deer the park can maintain. (a) Use a symbolic integration utility to find the general solution. (b) Find the particular solution given the conditions when and when (c) Find when (d) Find when A) a. b. c. 121 deer d. B) a. b. c. 121 deer d. C) a. b. c. 121 deer d. D) a. b. c. 131 deer d. E) a. b. c. 121 deer d.
Q:
A population of eight beavers has been introduced into a new wetlands area. Biologists estimate that the maximum population the wetlands can sustain is 60 beavers. After 3 years, the population is 15 beavers. The population follows a Gompertz growth model. How many beavers will there be in the wetlands after 10 years?
A) 34 beavers
B) 30 beavers
C) 33 beavers
D) 31 beavers
E) 39 beavers
Q:
The rate of change in sales (in thousands of units) of a new product is proportional to the difference between and at any time (in years), where is the maximum number of units of the new product available. When Write and solve the differential equation for this sales model.
A) B) C) D) E)
Q:
A wet towel hung from a clothesline to dry loses moisture through evaporation at a rate proportional to its moisture content. After 1 hour, the towel has lost 40% of its original moisture content. How long will it take the towel to lose 80% of its original moisture content?
A) 2.15
B) 4.95
C) 3.95
D) 3.15
E) 4.15
Q:
The rate of change of the population of a city is proportional to the population at any time (in years). In 2000, the population was 200,000, and the constant of proportionality was 0.015. Estimate the population of the city in the year 2020.
A) 260,972 people
B) 268,972 people
C) 263,972 people
D) 266,972 people
E) 269,972 people
Q:
During a chemical reaction, a compound changes into another compound at a rate proportional to the unchanged amount . Write the differential equation for the chemical reaction model. Find the particular solution when the initial amount of the original compound is 20 grams and the amount remaining after 1 hour is 16 grams.
A) B) C) D) E)
Q:
Assume that the rate of change in y is proportional to y. Solve the resulting differential equation and find the particular solution that passes through the points A) B) C) D) E)
Q:
Assume that the rate of change in y is proportional to y. Solve the resulting differential equation and find the particular solution that passes through the points A) B) C) D) E)
Q:
Assume that the rate of change in y is proportional to y. Solve the resulting differential equation and find the particular solution that passes through the points A) B) C) D) E)
Q:
Use the hybrid selection model described to find the percent y (in decimal form) of the population that has the indicated characteristics as a function of time t (in generations). when ; when A) B) C) D) E)
Q:
Use the Gompertz growth model described to find the population y as a function of time t (in years). when ; when A) B) C) D) E)
Q:
Use the advertising awareness model described to find the number of people y (in millions) aware of the product as a function of time t (in years). when ; when A) B) C) D) E)
Q:
Use the chemical reaction model described to find the amount y (in grams) as a function of time t (in hours). Then use a graphing utility to graph the function. grams when ; grams when A) B) C) D) E)
Q:
Find the particular solution that satisfies the initial condition. ; Initial Condition: when A) B) C) D) E)
Q:
Find the particular solution that satisfies the initial condition. ; Initial Condition: when A) B) C) D) E)
Q:
Find the particular solution that satisfies the initial condition.
; Initial Condition: when A) B) C) D) E)
Q:
Find the particular solution that satisfies the initial condition.
;
Initial Condition: when A) B) C) D) E)
Q:
Find the solution of the differential equation , without solving it.
A) B) C) D) E)
Q:
Find the solution of the differential equation , without solving it.
A) B) C) D) E)
Q:
Solve for y in two ways. A) B) C) D) E)
Q:
Solve for y in two ways. A) B) C) D) E)
Q:
Find the particular solution of the differential equation passing through the point .
A) B) C) D) E)
Q:
Find the particular solution of the differential equation that satisfies the boundary condition .
A) B) C) D) E)
Q:
A calf that weighs 80 pounds at birth gains weight at the rate where w is weight in pounds and t is time in years. Use a computer algebra system to solve the differential equation for .
A) B) C) D) E)
Q:
Find the general solution of the first-order linear differential equation. A) B) C) D) E)
Q:
Find the general solution of the first-order linear differential equation. A) B) C) D) E)
Q:
Find the general solution of the first-order linear differential equation. A) B) C) D) E)
Q:
Find the general solution of the first-order linear differential equation. A) B) C) D) E)
Q:
Find the general solution of the first-order linear differential equation. A) B) C) D) E)
Q:
Find the general solution of the first-order linear differential equation. A) B) C) D) E)