Question 1

-In Figure1.1 the equilibrium quantity is

Accepted Answer

A) 5 
B) 2 
C) 7 
D) 8 
A) 5 
B) 2 
C) 7 
D) 8 A

Question 2

A variable that macroeconomists want to model is a[n]

Accepted Answer

A) endogenous variable. 
B) dummy variable. 
C) exogenous variable. 
D) predetermined variable. 
A) endogenous variable. 
B) dummy variable. 
C) exogenous variable. 
D) predetermined variable. A

Question 3

A price taker:

Accepted Answer

A) takes the price to the market. 
B) controls the market price. 
C) accepts the market price and decides whether and how much to buy or sell. 
D) accepts the market quantity and sets price. 
A) takes the price to the market. 
B) controls the market price. 
C) accepts the market price and decides whether and how much to buy or sell. 
D) accepts the market quantity and sets price. C

Question 4

Fiscal policy involves:

Accepted Answer

A) determining exchange rates. 
B) government expenditures. 
C) interest rates. 
D) all of the above. 
A) determining exchange rates. 
B) government expenditures. 
C) interest rates. 
D) all of the above.

Question 5

Macroeconomists study:

Accepted Answer

A) the determination of the economy's total production. 
B) unemployment 
C) the general price level. 
D) all of the above. 
A) the determination of the economy's total production. 
B) unemployment 
C) the general price level. 
D) all of the above.

Question 6

Macroeconomists study:

Accepted Answer

A) the determination of real GDP. 
B) the production of specific goods. 
C) the relative production in different markets. 
D) all of the above. 
A) the determination of real GDP. 
B) the production of specific goods. 
C) the relative production in different markets. 
D) all of the above.

Question 7

During recessions the unemployment rate:

Accepted Answer

A) declines. 
B) increases. 
C) is stable. 
D) is unmeasurable. 
A) declines. 
B) increases. 
C) is stable. 
D) is unmeasurable.

Question 8

-In Figure1.1, if demand falls, then equilibrium:

Accepted Answer

A) price and quantity fall. 
B) price and quantity rise. 
C) price falls and quantity rises. 
D) prices rises and quantity falls. 
A) price and quantity fall. 
B) price and quantity rise. 
C) price falls and quantity rises. 
D) prices rises and quantity falls.

Question 9

-In Figure1.1 the equilibrium price is:

Accepted Answer

A) 2 
B) 5 
C) 7 
D) 0 
A) 2 
B) 5 
C) 7 
D) 0

Question 10

In an economic model:

Accepted Answer

A) endogenous variables feed into a model to affect exogenous variable. 
B) exogenous variables feed into a model to affect endogenous variables. 
C) exogenous and endogenous variables feed into the model. 
D) none of the above. 
A) endogenous variables feed into a model to affect exogenous variable. 
B) exogenous variables feed into a model to affect endogenous variables. 
C) exogenous and endogenous variables feed into the model. 
D) none of the above.

Question 11

Variations in real GDP are called:

Accepted Answer

A) inflation. 
B) deflation. 
C) economic fluctuations. 
D) all of the above. 
A) inflation. 
B) deflation. 
C) economic fluctuations. 
D) all of the above.

Question 12

A macroeconomist would study the:

Accepted Answer

A) price of cars. 
B) the market for shoes. 
C) the sales of beer. 
D) none of the above. 
A) price of cars. 
B) the market for shoes. 
C) the sales of beer. 
D) none of the above.

Question 13

The euro price paid to use capital is known as:

Accepted Answer

A) the interest rate. 
B) the exchange rate. 
C) the rental price of capital. 
D) the general price level. 
A) the interest rate. 
B) the exchange rate. 
C) the rental price of capital. 
D) the general price level.

Question 14

A recession is when GDP is falling toward a trough.

Accepted Answer

A) True 
 B)False

Question 15

Describe what happens when demand or supply increase in a market.

Accepted Answer

If demand increases then at the old pric

Question 16

-In Figure1.1, if price is 2, then quantity supplied is:

Accepted Answer

A)  2. 
B)  7. 
C)  3. 
D)  8. 
A)  2. 
B)  7. 
C)  3. 
D)  8.

Question 17

-In Figure1.1, if price is 7, then quantity supplied is:

Accepted Answer

A)  2. 
B)  7. 
C)  3. 
D)  8. 
A)  2. 
B)  7. 
C)  3. 
D)  8.

Question 18

What are exogenous and endogenous variables?

Accepted Answer

Endogenous variables are ones

Question 19

-In Figure1.1, if price is 5, then quantity demanded is:

Accepted Answer

A)  2. 
B)  7. 
C)  3. 
D)  5. 
A)  2. 
B)  7. 
C)  3. 
D)  5.

Question 20

-In Figure1.1 if price is 7, then

Accepted Answer

A) the market is in equilibrium. 
B) there is excess quantity supplied. 
C) there is excess quantity demanded. 
D) the market clears. 
A) the market is in equilibrium. 
B) there is excess quantity supplied. 
C) there is excess quantity demanded. 
D) the market clears.

-In Figure1.1 the equilibrium quantity is

A variable that macroeconomists want to model is a[n]

A price taker:

Fiscal policy involves:

Macroeconomists study:

Macroeconomists study:

During recessions the unemployment rate:

-In Figure1.1, if demand falls, then equilibrium:

-In Figure1.1 the equilibrium price is:

In an economic model:

Variations in real GDP are called:

A macroeconomist would study the:

The euro price paid to use capital is known as:

A recession is when GDP is falling toward a trough.

Describe what happens when demand or supply increase in a market.

-In Figure1.1, if price is 2, then quantity supplied is:

-In Figure1.1, if price is 7, then quantity supplied is:

What are exogenous and endogenous variables?

-In Figure1.1, if price is 5, then quantity demanded is:

-In Figure1.1 if price is 7, then

National-Income Accounting: Gross Domestic Product and the Price Level

Introduction to Economic Growth

Working With the Solow Growth Model

Conditional Convergence and Long-Run Economic Growth

Macroeconomics Without Microeconomic Foundations

Markets, Prices, Supply, and Demand

Consumption, Saving, and Investment

An Equilibrium Business-Cycle Model

Capital Utilization and Unemployment

The Demand for Money and the Price Level

Inflation, Money Growth, and Interest Rates

Government Expenditure

Taxes

Public Debt

Money and Business Cycles I: the Price-Misperceptions Model

Money and Business Cycles Ii: Sticky Prices and Nominal Wage Rates

World Markets in Goods and Credit

Exchange Rates

Filters

Exam 1: Thinking About Macroeconomics

-In Figure1.1 the equilibrium quantity is

A variable that macroeconomists want to model is a[n]

A price taker:

Fiscal policy involves:

Macroeconomists study:

Macroeconomists study:

During recessions the unemployment rate:

-In Figure1.1, if demand falls, then equilibrium:

-In Figure1.1 the equilibrium price is:

In an economic model:

Variations in real GDP are called:

A macroeconomist would study the:

The euro price paid to use capital is known as:

A recession is when GDP is falling toward a trough.

Describe what happens when demand or supply increase in a market.

-In Figure1.1, if price is 2, then quantity supplied is:

-In Figure1.1, if price is 7, then quantity supplied is:

What are exogenous and endogenous variables?

-In Figure1.1, if price is 5, then quantity demanded is:

-In Figure1.1 if price is 7, then

National-Income Accounting: Gross Domestic Product and the Price Level

Introduction to Economic Growth

Working With the Solow Growth Model

Conditional Convergence and Long-Run Economic Growth

Macroeconomics Without Microeconomic Foundations

Markets, Prices, Supply, and Demand

Consumption, Saving, and Investment

An Equilibrium Business-Cycle Model

Capital Utilization and Unemployment

The Demand for Money and the Price Level

Inflation, Money Growth, and Interest Rates

Government Expenditure

Taxes

Public Debt

Money and Business Cycles I: the Price-Misperceptions Model

Money and Business Cycles Ii: Sticky Prices and Nominal Wage Rates

World Markets in Goods and Credit

Exchange Rates

Filters