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Practice Exam 1 MCQ Questions And Answers

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A production possibilities curve that is concave to the origin (bowed out) implies that as more of a good is produced, the opportunity cost - ANS increases In the long run, government subsidies that promote the development of technology with widespread business applications will have whi...

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Practice Exam 1 MCQ Questions And
Answers

A production possibilities curve that is concave to the origin (bowed out) implies that as more of
a good is produced, the opportunity cost - ANS increases

In the long run, government subsidies that promote the development of technology with
widespread business applications will have which of the following effects? - ANS A positive
supply shock and lower price level

Olivia volunteers full time at an animal shelter and will not accept any offers for a paid job for the
next six months. Olivia is - ANS not in the labor force

With an expansionary fiscal policy, what will most likely happen to the real gross domestic
product (GDP) and the nominal interest rate in the short run? - ANS Real GDP- Increase,
Nominal Interest Rate - Increase

Economic growth is best measured by a sustained increase in which of the following? - ANS
Per capita real gross domestic product

The long-run Phillips curve indicates that there are no trade-offs between - ANS inflation
and unemployment

Assume that a country's government increases borrowing. What will most likely happen to the
prices of previously issued bonds and the price level in the short run? - ANS Bond Prices -
Decrease, Price Level - Increase

The graph above shows the foreign exchange market for United States dollars in terms of
Japanese yen. Assume that there is an increase in United States consumers' preference for
Japanese automobiles. Which of the following changes will most likely take place in the market
for dollars? - ANS The supply of dollars will increase.

According to the data above, in which year was real gross domestic product (GDP) the largest?
- ANS 2010

Which of the following will happen if a country's government reduces business taxes? - ANS
The short-run aggregate supply curve will shift to the right.

, In the coffee market, which of the following changes will increase the price and decrease the
quantity of coffee? - ANS Supply - Decrease, Demand - Change

An increase in inventories will increase which component of gross domestic product? - ANS
Investment expenditures

If real output is $9,000, and the price level is 2, and the velocity of money is 3, then the money
supply is - ANS $6,000

Assume a country's banking system has ample reserves. Which of the following combinations of
fiscal and monetary policy will reduce the price level? - ANS Decreasing government
spending and increasing administered interest rates

All of the following may result in increases in real gross domestic product in the long run
EXCEPT - ANS decrease in factor productivity

If government spending increases and at the same time a country's central bank conducts
monetary policy to increase its policy rate, the interest rate and private investment in plant and
equipment will most likely change in which of the following ways? - ANS The interest rate
will increase and private investment in plant and equipment will decrease.

Which of the following would cause a movement from point S to point R on the short-run Phillips
curve above? - ANS An unanticipated increase in government spending

If policy makers use fiscal policy to reduce inflation, which of the following will most likely
happen in the short run? - ANS The unemployment rate will increase.

Crowding out occurs when investment spending by the private sector decreases as a result of -
ANS increasing interest rates caused by an increase in government borrowing

Assume that a nation's real gross domestic product (GDP) grows at a higher rate than its
population over a given period of time. It can be concluded that - ANS real GDP per capita
has increased

Assume that banks hold no excess reserves. A decrease in the required reserve ratio will cause
total reserves in banks, the money multiplier, and the money supply to change in which of the
following ways? - ANS Total Reserves - No change, Money Multiplier - Increase, Money
Supply- Increase

If the consumer price index increases from 200 to 240 in a one-year period, then the inflation
rate is - ANS 20 percent

In the long run, a fully anticipated expansion of the money supply will - ANS increase both
the nominal gross domestic product and the price level

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