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ECON 1000 Ch. 11 Question and Answers 2023/2024
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ECON 1000 Ch. 11 Question and Answers 2023/2024 Which of the following is not included in the study of macroeconomics? Business cycles
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ECON 1000 Ch. 11 Question and Answers 2023/2024Which of the following is not included in the study of macroeconomics?
Business cycles
The unemployment rate
Inflation
Market structures Answer - Market structures
Which of the following is a measure of overall economic well-being for the United
States?
The U.S. unemployment rate
U.S. population growth
The behavior of U.S. monopolies
The price of fuel in Oregon Answer - The U.S. unemployment rate
According to the text, which of the following is a macroeconomic outcome?
Internal market forces
Policy levers
International balance
Population growth Answer - International balance
According to the text, which of the following is a determinant of macroeconomic
performance?
Prices
Policy levers
The unemployment rate
, The international value of the dollar Answer - Policy levers
According to the text, which of the following is not a determinant of macroeconomic
outcomes?
Technological change
A major earthquake
Economic growth
An increase in the money supply Answer - Economic growth
External shocks to an economy include:
Innovation, population growth, and spending behavior.
Disruptions in trade, wars, and natural disasters.
Tax policy, government spending, and the availability of money.
Jobs, prices, and growth. Answer - Disruptions in trade, wars, and natural disasters.
Which of the following are policy levers?
Population growth, spending behavior, and invention
Wars, natural disasters, and trade disruptions
Government regulation, tax policy, and the availability of money
Jobs, prices, and growth Answer - Government regulation, tax policy, and the
availability of money
Self-adjustment of markets is assumed in: Answer - Classical economic theory.
Say's Law implies that: Answer - Whatever is produced will be sold.
According to Say's Law, all goods produced will be sold: Answer - If prices are flexible
and free to change.
The various quantities of output that all market participants are willing and able to buy at
alternative price levels in a given time period is: Answer - Aggregate demand.
According to the real balances effect, when the price level: Answer - Falls, cash is
worth more and therefore people buy more.
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