04 Jun Question 1. 1.An increase in aggregate demand is most likely to be caused by a decrease in (Points : 4)
Question
Question 1. 1.An increase in aggregate demand is most likely to be caused by a decrease in (Points : 4)
the wealth of consumers.
consumer and business confidence.
expected returns on investment.
the tax rates on household income.
Question 2. 2. (TCO 5) The long-run aggregate supply curve is (Points : 4)
upward-sloping and becomes steeper at output levels above the full-employment output.
upward-sloping and becomes flatter at output levels above the full-employment output.
horizontal.
vertical.
Question 3. 3. (TCO 5) Which would most likely increase aggregate supply? (Points : 4)
An increase in the prices of imported products
An increase in productivity
A decrease in business subsidies
A decrease in personal taxes
Question 4. 4. (TCO 5) Disinflation refers to a situation where (Points : 4)
price level falls, but the rate of inflation does not.
Price level rises, but the rate of inflation does not.
the rate of inflation falls, but the price level does not.
the rate of inflation rises, but the price level does not.
Question 5. 5. (TCO 6) If a family’s MPC is .7, it means that the family is (Points : 4)
operating at the break-even point.
spending seven-tenths of any additional income.
necessarily dissaving.
spending 70 percent of its disposable income.
Question 6. 6. (TCO 7) Which definition(s) of the money supply include(s) only items which are directly and immediately usable as a medium of exchange? (Points : 4)
M1
M2
Neither M1 nor M2
M1 and M2
Question 7. 7. (TCO 7) Which of the following “backs” the value of money in the United States? (Points : 4)
Gold stored in the Federal Reserve Bank of New York
Acceptability of it as a medium of exchange
Willingness of foreign government to hold U.S. dollars
Size of the budget surplus in the U.S. government
Question 8. 8. (TCO 7) How many members can serve on the Board of Governors of the Federal Reserve System? (Points : 4)
Seven
Nine
12
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