05 Jun 1. The real value of money;
1. The real value of money;
a. Is another word for the face value
b. Reflects the purchasing power of money
c. Matters less to people than its nominal value
d. Is the same as its nominal value
2. In considering the relationship between price and quantity demanded, ceteris paribus directs the economist to assume that;
a. Price increases affect quantity
b. Quantity increases affect prices
c. Either price nor quantity affect demand
d. All other variables remain unchanged
3. Gross domestic products calculations count only final goods and services because;
a. These are the only good and services that are purchased in an economy.
b. Counting all goods and services would lead to double- counting of many activities.
c. It is difficult to measure the price of intermediate goods produced.
d. One cannot calculate the quantities of intermediate goods produced.
4. Firms consider the____wage when considering whether to hire additional units of labor.
a. Nominal b. Real c. Minimum d. Normal
5. The marginal benefit of a worker to a firm is the value of the extra out put that results when;
a. Some workers are laid off and the remaining workers become more productive.
b. An additional worker is hired
c. Workers get paid for working overtime
d. Work is outsourced to a foreign country
6. An increase in the demand for labor wills ____ wages and ____ employment.
a. Increase; increase b. increase; decrease c. decrease; increase d. decrease; decrease
7. A comparison of the average growth rates across time for developed nations indicates that;
a. Nations with lower levels of income grow more slowly than those with higher levels of income.
b. Nations with lower levels of income will never be as rich as nations with high levels of income.
c. Nations with high levels of income experience a continuously increasing growth rate.
d. Nations with lower levels of income grow more quickly than those with higher levels of income.
8. In a simple economy ( without government or foreign trade ) where output can be purchased only by consumers or by firms, saving must equal;
a. Investment b. depreciation c. consumption d. income
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