Econ 211 UNL Final Exam
make business cycles more severe ️a law requiring the federal budget to be balanced each year
would likely:
$280 ️nominal GDP in year 4 is equal to (table):
$125 million increase ️when real GDP is $700 billion, there will be a _______ in unplanned inventory
i...
Econ 211 UNL Final Exam
make business cycles more severe ✔️a law requiring the federal budget to be balanced each year
would likely:
$280 ✔️nominal GDP in year 4 is equal to (table):
$125 million increase ✔️when real GDP is $700 billion, there will be a _______ in unplanned inventory
investment.
when the amount of human capital per worker and the state of technology are fixed, successive
increases in the amount of physical capital per worker lead to smaller increases in productivity
✔️diminishing returns to physical capital suggest that:
technological progress ✔️the MOST important driver for economic growth appears to be:
capital will flow into country A ✔️when interest rates are higher in country A than in other countries:
sell assets to foreigners ✔️if a country runs a deficit on its balance of payments for goods and services,
to pay for its imports, it must:
reducing private investment spending on physical capital ✔️crowding out hampers the economy by:
9.0 ✔️if the government imposes a price ceiling of $0.90 per pound of butter, the quantity of butter
actually purchased will be _____ million pounds (table).
the flow of money into each market or sector is equal to the flow of money coming out of that market or
sector ✔️the basis of the circular-flow diagram is that:
the country may not be able to use monetary policy to achieve other goals, such as full employment
✔️one limitation of maintaining a fixed exchange rate system is that:
, financial; increase ✔️a Brazilian bank buys shares of stock in Intel, a U.S. high-tech company. In the U.S.
balance of payments, this transaction causes the balance on the _____ account to _____.
2 ✔️if farmer Sam MacDonald can produce 200 pounds of cabbages and no potatoes or no cabbages
and 100 pounds of potatoes and if he faces a linear production possibility frontier, the opportunity cost
of producing an additional pound of potatoes is _____ pound(s) of cabbage.
the value of the production of all final goods and services adjusted for price changes ✔️real GDP is:
foreign purchases of U.S. goods and services ✔️money flows into the United States from other
countries as a direct result of:
in a recessionary gap ✔️the intersection of SRAS with AD in panel (a) indicates an economy (figures):
$400 ✔️suppose that the consumption function shifts upward by $100. equilibrium real GDP will rise by
(one figure):
downward sloping; downward ✔️the money demand curve is _____ because a lower interest rate
_____ the opportunity cost of holding money.
central bank ✔️the Federal Reserve System is the ____ for the United States.
-$50 billion ✔️if the United States exports $100 billion of goods and services and imports $150 billion
of goods and services and there is no other factor income or transfers, the balance on the current
account is:
90 ✔️if the price of lemonade is $1 per cup, the total quantity of lemonade supplied will be ____ cups
per day (table).
increases; decreases; increases ✔️expansionary monetary policy ____ the money supply, _____
interest rates, and _____ consumption and investment spending.
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