Question 1

(Consider This) In 2008 and 2009, the United States experienced what has come to be known as the

Accepted Answer

A)  Great Depression. 
B)  Great Recession. 
C)  Great Expansion. 
D)  Great Stagnation. 
A)  Great Depression. 
B)  Great Recession. 
C)  Great Expansion. 
D)  Great Stagnation.

Question 2

Refer to the ﬁgures. In terms of representing the economy,

Accepted Answer

A)  neither Figure A nor Figure B consistently represents either the very short run or the longer run. 
B)  demand shocks affect levels of output and employment in Figure A; demand shocks have no effect in Figure B. 
C)  Figure A represents the very short run, where output is ﬁxed, and Figure B represents the longer run. 
D)  Figure B represents the very short run, where prices are sticky, and Figure A represents the longer run. 
A)  neither Figure A nor Figure B consistently represents either the very short run or the longer run. 
B)  demand shocks affect levels of output and employment in Figure A; demand shocks have no effect in Figure B. 
C)  Figure A represents the very short run, where output is ﬁxed, and Figure B represents the longer run. 
D)  Figure B represents the very short run, where prices are sticky, and Figure A represents the longer run.

Question 3

Prices tend to be more ﬂexible when there are only two or three rival ﬁrms rather than a large
number of sellers in the market.

Accepted Answer

A) True 
 B)False

(Consider This) In 2008 and 2009, the United States experienced what has come to be known as the

Refer to the ﬁgures. In terms of representing the economy,

Prices tend to be more ﬂexible when there are only two or three rival ﬁrms rather than a large number of sellers in the market.

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures Caused by Externalities Asymmetric Information

Public Goods, Public Choice, and Government Failure

Measuring Domestic Output and National Income

Economic Growth

Business Cycles, Unemployment, and Inflation

Basic Macroeconomic Relationships

The Aggregate Expenditures Model

Aggregate Demand and Aggregate Supply

Fiscal Policy, Deficits, and Debt

Money, Banking, and Financial Institutions

Money Creation

Interest Rates and Monetary Policy

Financial Economics

Extending the Analysis of Aggregate Supply

Current Issues in Macro Theory and Policy

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

Filters

Exam 6: An Introduction to Macroeconomics

(Consider This) In 2008 and 2009, the United States experienced what has come to be known as the

Refer to the ﬁgures. In terms of representing the economy,

Prices tend to be more ﬂexible when there are only two or three rival ﬁrms rather than a large number of sellers in the market.

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures Caused by Externalities Asymmetric Information

Public Goods, Public Choice, and Government Failure

Measuring Domestic Output and National Income

Economic Growth

Business Cycles, Unemployment, and Inflation

Basic Macroeconomic Relationships

The Aggregate Expenditures Model

Aggregate Demand and Aggregate Supply

Fiscal Policy, Deficits, and Debt

Money, Banking, and Financial Institutions

Money Creation

Interest Rates and Monetary Policy

Financial Economics

Extending the Analysis of Aggregate Supply

Current Issues in Macro Theory and Policy

International Trade

The Balance of Payments, Exchange Rates, and Trade Deficits

The Economics of Developing Countries

Filters