BMAL 590 Macroeconomics EXAM QUESTIONS CORRECTLY ANSWERED 100% VERIFIED |ALREADY PASSED
An economic recession refers
to: - Answers - a period, typically two consecutive quarters, during which aggregate output declines
Deflation refers to: - Answers - a decrease in the overall price level.
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BMAL 590 Macroeconomics EXAM
QUESTIONS CORRECTLY
ANSWERED 100% VERIFIED
|ALREADY PASSED
An economic recession refers
to: - Answers -✔✔ a period, typically two consecutive quarters, during which aggregate
output declines
Deflation refers to: - Answers -✔✔ a decrease in the overall price level.
Macroeconomics is the branch of economics that deals with: - Answers -✔✔ the
economy as a whole
The school of economic thought that argues that price and wage rigidities do not
provide the only reasoning for an active macroeconomic policy framework is referred to
as: - Answers -✔✔ Neo-Kenesians
The primary driver for the emergence of macroeconomics theory as we know it today
was the failure of: - Answers -✔✔ the classical model to explain the prolonged existene
of high unemployment during the great depression.
The approach that uses monetary policy to stabilize the economy is known as: -
Answers -✔✔ fine tuning of demand
According to Keynesian theory, the level of unemployment is determined by: - Answers
-✔✔ the level of aggregate demand for goods and services
Assume you are an author and your book is priced at $9.95. The publisher expects to
sell 5,000 copies at this price. Suppose the publisher decides to offer the book at $8.95,
the publisher can expect to sell: - Answers -✔✔ more than 5,000 copies
At a price of $99.95, the manufacturer of a popular herbal supplement is willing to
produce 10,000 packed units of the supplement. At a price of $149.95, it is likely that he
manufacturer would be willing to produce: - Answers -✔✔ more than 10,000 packed
units
If ultrabook manufacturers are producing ultrabooks faster than people want to buy
them: - Answers -✔✔ there is an excess of supply and price may be expected to
decrease
, Disposable income is that part of a household's income remaining after deduction of: -
Answers -✔✔ income tax
Total consumption divided by total income would give us: - Answers -✔✔ the average
propensity to consume
In which of the following situations would we be likely to observe an increase in the
equilibrium price and decrease in the equilibrium quantity? - Answers -✔✔ If supply
falls even as demand increases, and the fall in supply is greater than the increase in
demand.
In which one of the following situations would we be likely to observe and increase in
both the equilibrium price and equilibrium quantity? - Answers -✔✔ When demand and
supply rise and the rise in demand is more than the rise in supply.
Consider the following situation. The price of a good increases and the quantity of the
good exchanged in the market also increases. Which one of the following would be the
most likely explanation? - Answers -✔✔ There has been an increase in demand.
Assume that the demand for a particular good or service increases. Which one of the
following would represent the most likely consequence? - Answers -✔✔ both the
equilibrium price and the equilibrium quantity increase.
In economics, we refer to the market as being in equilibrium when the market price: -
Answers -✔✔ is at a level such that there is neither a surplus nor a shortage.
Consider the following situation. The price of a goods fall and the quantity of good
exchanged on market rises. Which on of the following would be the most likely
explanation? - Answers -✔✔ there has been an increase in supply.
Consider the following situation. The price of goods rises and the quantity of the good
exchanged on the markets falls. Which one of the following would represent the most
likely explanation? - Answers -✔✔ There has been a decrease in supply.
Consider the following situation. A firm wishes to enhance its productivity by 8%.
Careful analysis and negotiations reveal that the productivity enhancement could indeed
be realized if the firm was willing to enhance wages and benefits that would increase
labor costs to increase by 5%. The firm decides to go ahead. Which on of the following
situations would most likely emerge from the decision? - Answers -✔✔ The supply
should be expected to increase.
Involuntary unemployment refers to a situation where: - Answers -✔✔ at the current
wage rate, there are people who are willing to work but cannot find work.
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