Chapter 1 random Question 1 1 / 1 point

05 Jun Chapter 1 random Question 1 1 / 1 point

uestion
Chapter 1 random

Question 1 1 / 1 point

The two main tools of macroeconomic policy include monetary policy, and fiscal policy, which involves __________ spending.

Question options:

a)

capital market

b)

household

c)

government

d)

business

Question 2 1 / 1 point

Macroeconomics:

Question options:

a)

is concerned with the expansion of a small business into a large corporation.

b)

analyzes mergers and acquisitions between firms.

c)

is narrower in scope than microeconomics.

d)

is concerned with the expansion and contraction of the overall economy.

Question 3 1 / 1 point

In the ____________, households work and receive payment from firms.

Question options:

a)

savings market

b)

financial investment market

c)

financial capital market

d)

labor market

Question 4 1 / 1 point

Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories.

Question options:

a)

Specialization Model

b)

financial capital market

c)

financial investment market

d)

circular flow diagram

Question 5 1 / 1 point

In which of the following countries will the national government have the greatest influence with respect to the nation’s economy?

Question options:

a)

Cuba

b)

Chile

c)

China

d)

Canada

Question 6 1 / 1 point

The circular flow diagram of economic activity is a model of the:

Question options:

a)

flow of goods, services, and payments between households and firms.

b)

interaction among taxes, prices, and profits.

c)

influence of government on business behaviour.

d)

role of unions and government in the economy.

Question 7 1 / 1 point

In countries like _____________ the command economy predominates.

Question options:

a)

Germany and France

b)

Cuba and North Korea

c)

South Africa and Kenya

d)

China and Vietnam

Question 8 1 / 1 point

Which of the following best describes a fiscal policy tool?

Question options:

a)

bank lending

b)

financial capital markets

c)

government spending

d)

household spending

Question 9 1 / 1 point

Which of the following best describes a monetary policy tool?

Question options:

a)

interest rates

b)

household savings

c)

government spending

d)

taxes

Question 10 1 / 1 point

In a discussion of economics, which of the following would exert the most influence on an individual firm’s decision to hire workers?

Question options:

a)

the firm’s income

b)

household income

c)

the macroeconomy

d)

wage levels

Chapter 6 Random

Question 11 1 / 1 point

For most high-income countries of the world, GDP _________________ over time.

Question options:

a)

has proven to be stable

b)

has declined slightly

c)

has risen gradually

d)

has sharply risen

Question 12 1 / 1 point

Consumption is the purchase of goods and services by:

Question options:

a)

households.

b)

business firms.

c)

government.

d)

foreign buyers.

Question 13 1 / 1 point

_________ are now the largest single component of the supply side of GDP, representing over half of GDP.

Question options:

a)

Nondurable goods

b)

Structures

c)

Durable goods

d)

Services

Question 14 0 / 1 point

To compare the GDP of two different countries with different currencies, it is necessary to use _________________________.

Question options:

a)

foreign currency

b)

currency rates

c)

per capita GDP

d)

an exchange rate

Question 15 1 / 1 point

On the supply side of the GDP, Structures account for around __________ of U.S. GDP.

Question options:

a)

7%

b)

17%

c)

57%

d)

37%

Question 16 1 / 1 point

___________ is a small category that refers to the goods produced by one business that have yet to be sold to consumers, and are either still sitting in warehouses and on store shelves.

Question options:

a)

Inventories

b)

Structures

c)

Services

d)

Durable goods

Question 17 1 / 1 point

Consumption in the United States is about ____________ of GDP, and it moves relatively little over time.

Question options:

a)

90%

b)

33%

c)

10%

d)

68%

Question 18 0 / 1 point

GDP in the United States in 2012 was about __________.

Question options:

a)

$1.62 trillion

b)

$16.2 trillion

c)

$162 billion

d)

$162 trillion

Question 19 0 / 1 point

In order to avoid double counting, statisticians just count the __________________.

Question options:

a)