Understanding Economic Concepts and Their Implications in Various Scenarios
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Cards in this deck(60)
An economy is operating at a point inside its production possibilities curve. Which of the following will most likely cause the economy to move toward the curve in the short run?
An increase in which of the following will most likely promote economic growth?
Which of the following will cause aggregate supply to increase in Country X?
The graph above shows the production possibilities curve for Factory X and Factory Y. If Factory X uses the same amount of resources to produce skateboards and bikes as Factory Y uses, which of the following is true?
An increase in the price of oil, an important input to production, will result in which of the following in the short run?
An economy is currently operating at the full-employment level of output. Which of the following would result in a recessionary gap in the short run?
Thailand and Malaysia are trading partners. If the price level in Thailand decreases relative to the price level in Malaysia, what will happen to Thailand's exports to Malaysia and Thailand's aggregate demand?
Assuming year is the base year, what is the nominal and real gross domestic product for year?
Which of the following is a fiscal policy action aimed at reducing unemployment?
Increases in human capital can be achieved by which of the following?
If the marginal propensity to save is 0.2, a $12 billion increase in government spending will lead to an increase in national income by a maximum of
Assume the banking system has limited reserves and the economy is currently in long-run equilibrium. An increase in the money supply will affect unemployment in the short run and in the long run in which of the following ways?
The term 'value added' for a firm is best defined as which of the following?
An increase in a country's current account surplus will result in which of the following in the short run?
Using 2010 as the base year, the gross domestic product deflator in 2011 was 97. Which of the following must be true?
According to the business cycle represented in the diagram above, the actual rate of unemployment equals the natural rate of unemployment when the economy is
A fiscal policy action to reduce inflationary pressure would be to increase which of the following?
The nominal gross domestic product of China in 2010 is a measure of the total value of which of the following in 2010?
Assume the government reduces its spending and raises income taxes in an effort to reduce the budget deficit. The most likely short-run result will be an increase in
Which of the following is true about inflation and interest rates?
Economic growth is shown by a rightward shift in
During a period of stagflation, a nation is most likely experiencing
If businesses become optimistic about the profitability of investments in an economy, which of the following will happen in the loanable funds market in the short run?
If investment demand becomes less responsive to changes in interest rates, which of the following is true?
Which of the following measures the opportunity cost of holding currency?
A contractionary monetary policy combined with an expansionary fiscal policy will
Ms. Smith withdraws $1,000 from her safe and deposits the money in a bank. If the bank holds no excess reserves and the reserve requirement is 10 percent, how will this deposit increase the bank's required reserves and the bank's loans?
A country can have an increased surplus in its balance of trade as a result of
Country X has a budget deficit. Which of the following changes in government budget outlays and tax revenues will result in a decrease in Country X's government budget deficit?
The table above shows the quantity of motorcycles and automobiles produced by two countries that use the same amount of resources. Which of the following is true?
Which of the following is an example of how the consumer price index exhibits bias in its estimates of changes in the cost of living?
Fred Jones withdraws $500 in cash from his savings account. What immediate effect does this transaction have on the monetary aggregate measures of M1 and M2?
Which of the following is true about inflationary expectations?
Which of the following transactions is included in the financial account of Country X's balance of payments accounts?
Assume a country's government increases taxes and its central bank increases its administered interest rates. The actions will result in an increase in which of the following in the short run?
When there is excess demand in the loanable funds market, which of the following will occur?
Which of the following is an assumption underlying an upward-sloping short-run aggregate supply curve?
The short-run Phillips curve implies there is a trade-off between
When Stephanie took out a one-year fixed-rate loan, she expected to pay a real interest rate of 3 percent. At the end of the year, the real interest rate had fallen to 2 percent. Which of the following could have caused the decrease in the real interest rate?
A continuous increase in the consumer price index is
Which of the following would most likely lead to cost-push inflation in the short run?
The measured unemployment rate is often criticized for understating the level of joblessness because
An economy is in short-run equilibrium at a level of output that is greater than potential output. If there were no active fiscal or monetary policy intervention, which of the following changes in output and the price level would occur in the long run?
The table shows the production possibilities for Country X in producing shirts and chairs when it uses all its available resources. The opportunity cost of producing one additional chair is
An increase in which of the following will most likely cause an increase in aggregate demand and inflation in the short run?
Assume the banking system in a country has limited reserves. If the central bank of that country wishes to maintain a stable nominal interest rate after a decrease in consumers' spending, taking which of the following actions will achieve the goal?
Investment in physical capital is most likely to occur as a result of an increase in
Country X's government increases its spending without raising taxes. Which of the following is true about the effect on Country X's real interest rates and its subsequent effect on Country X's net exports?
Which of the following shifts the money demand curve to the right?
Assuming a banking system with limited reserves, an increase in the money supply will result in an increase in
Which of the following is an example of frictional unemployment?
Assuming no government policies, which of the following will occur in the long run if the actual unemployment rate exceeds the natural rate of unemployment?
Assume that the market for bottled water is in equilibrium. If both the supply of and the demand for bottled water decrease, what will be the effect on equilibrium price and quantity?
An increase in government spending that is financed by an equal increase in taxes results in which of the following changes in aggregate demand and short-run aggregate supply curves?
Assume that the United States current account balance is zero. If the United States dollar appreciates against the Japanese yen, then demand for United States exports will
If the government decreases spending while the country's central bank decreases its administered interest rates, which of the following will definitely occur?
Which of the following best illustrates rising productivity?
Which of the following will most likely cause a depreciation in a country's currency?
Banks create money when
Which of the following is true about a country's national debt?
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