Question 1

In Econland,exports equal 25% of total output,while imports equal 20% of total output.Econland has

Accepted Answer

A)  a budget surplus. 
B)  a budget deficit. 
C)  a trade surplus. 
D)  a trade deficit. 
E)  balanced tradE. 
A)  a budget surplus. 
B)  a budget deficit. 
C)  a trade surplus. 
D)  a trade deficit. 
E)  balanced tradE. C

Question 2

In both Gamma and Delta,average labour productivity is $40,000 per worker per year.The population of Gamma is 200,000 and the population of Delta is 400,000.50% of the population in each country is employed.Total output in Gamma is _________ and total output in Delta is _________.

Accepted Answer

A)  $20,000;$20,000 
B)  $100,000;$200,000 
C)  $2.4 billion;$4.8 billion 
D)  $4 million;$8 million 
E)  $8 billion;$16 billion 
A)  $20,000;$20,000 
B)  $100,000;$200,000 
C)  $2.4 billion;$4.8 billion 
D)  $4 million;$8 million 
E)  $8 billion;$16 billion D

Question 3

If average labour productivity increases while the population and the number of employed workers remain constant,then total output

Accepted Answer

A)  increases. 
B)  decreases. 
C)  remains constant. 
D)  may increase or decrease. 
E)  cannot be determined. 
A)  increases. 
B)  decreases. 
C)  remains constant. 
D)  may increase or decrease. 
E)  cannot be determined. A

Question 4

The degree to which people have access to goods and services that make their lives easier,healthier,safer,and more enjoyable is called the

Accepted Answer

A)  microeconomic standard. 
B)  macroeconomic standard. 
C)  standard of living. 
D)  global standard. 
E)  scarcity standard. 
A)  microeconomic standard. 
B)  macroeconomic standard. 
C)  standard of living. 
D)  global standard. 
E)  scarcity standard.

Question 5

In abnormal times,such as a financial panic,central banks can achieve their macroeconomic objectives through _______ policy.

Accepted Answer

A)  unconventional monetary 
B)  fiscal 
C)  structural 
D)  trade 
E)  productivity 
A)  unconventional monetary 
B)  fiscal 
C)  structural 
D)  trade 
E)  productivity

Question 6

If a country's exports are less than its imports,then the country has a

Accepted Answer

A)  government budget deficit. 
B)  government budget surplus. 
C)  trade balance. 
D)  trade surplus. 
E)  trade deficit. 
A)  government budget deficit. 
B)  government budget surplus. 
C)  trade balance. 
D)  trade surplus. 
E)  trade deficit.

Question 7

Structural policy refers to

Accepted Answer

A)  decisions to determine the government's budget. 
B)  policy directed toward increasing exports and reducing imports. 
C)  the determination of the nation's money supply. 
D)  policies to reduce the power of unions and monopolies. 
E)  government policies aimed at changing the underlying institutions of the economy. 
A)  decisions to determine the government's budget. 
B)  policy directed toward increasing exports and reducing imports. 
C)  the determination of the nation's money supply. 
D)  policies to reduce the power of unions and monopolies. 
E)  government policies aimed at changing the underlying institutions of the economy.

Question 8

All of the following statements are correct EXCEPT

Accepted Answer

A)  economies grow steadily over time. 
B)  inflation rates differ between countries. 
C)  unemployment increases during recessions. 
D)  a trade surplus exists when a country exports more than it imports. 
E)  there are unemployed people even during expansions. 
A)  economies grow steadily over time. 
B)  inflation rates differ between countries. 
C)  unemployment increases during recessions. 
D)  a trade surplus exists when a country exports more than it imports. 
E)  there are unemployed people even during expansions.

Question 9

Microland has a population of 50 people;40 of them worked last year,with a total output of $200,000.The average labour productivity of Microland was equal to

Accepted Answer

A)  $200,000. 
B)  $200. 
C)  $4,000. 
D)  $40,000. 
E)  $5,000. 
A)  $200,000. 
B)  $200. 
C)  $4,000. 
D)  $40,000. 
E)  $5,000.

Question 10

When government revenue exceeds government spending,the nation has a

Accepted Answer

A)  budget surplus. 
B)  budget deficit. 
C)  trade balance. 
D)  trade surplus. 
E)  trade deficit. 
A)  budget surplus. 
B)  budget deficit. 
C)  trade balance. 
D)  trade surplus. 
E)  trade deficit.

Question 11

Government debt reflects the

Accepted Answer

A)  annual position of the government's budget balance. 
B)  annual position of the government's budget deficits. 
C)  sum of all past government deficits. 
D)  sum of all past government deficits and surpluses. 
E)  annual expenditures on unemployment and welfare 
A)  annual position of the government's budget balance. 
B)  annual position of the government's budget deficits. 
C)  sum of all past government deficits. 
D)  sum of all past government deficits and surpluses. 
E)  annual expenditures on unemployment and welfare

Question 12

Because population grows over time,the best indicator of average living standards is

Accepted Answer

A)  the unemployment rate. 
B)  total output. 
C)  output per person. 
D)  the inflation rate. 
E)  productivity. 
A)  the unemployment rate. 
B)  total output. 
C)  output per person. 
D)  the inflation rate. 
E)  productivity.

Question 13

Compared to the 1950-1973 period,output per worker in Canada __________ in the 1973-2010 period.

Accepted Answer

A)  increased more rapidly 
B)  increased more slowly 
C)  increased at the same rate as 
D)  decreased more rapidly 
E)  decreased more slowly 
A)  increased more rapidly 
B)  increased more slowly 
C)  increased at the same rate as 
D)  decreased more rapidly 
E)  decreased more slowly

Question 14

The unemployment rate increases during

Accepted Answer

A)  expansions and booms. 
B)  expansions and recessions. 
C)  booms and recessions. 
D)  recessions and depressions. 
E)  booms and depressions. 
A)  expansions and booms. 
B)  expansions and recessions. 
C)  booms and recessions. 
D)  recessions and depressions. 
E)  booms and depressions.

Question 15

A decision by a government to sell businesses currently operated by the government to private investors is an example of ________ policy.

Accepted Answer

A)  aggregation 
B)  fiscal 
C)  monetary 
D)  structural 
E)  productivity 
A)  aggregation 
B)  fiscal 
C)  monetary 
D)  structural 
E)  productivity

Question 16

When a government collects more in taxes than it spends,it runs a

Accepted Answer

A)  trade deficit. 
B)  trade surplus. 
C)  budget deficit. 
D)  budget surplus. 
E)  trade imbalancE. 
A)  trade deficit. 
B)  trade surplus. 
C)  budget deficit. 
D)  budget surplus. 
E)  trade imbalancE.

Question 17

Average labour productivity is defined as

Accepted Answer

A)  output per person. 
B)  output per employed worker. 
C)  per-capita output. 
D)  output per skilled worker. 
E)  output per unskilled worker. 
A)  output per person. 
B)  output per employed worker. 
C)  per-capita output. 
D)  output per skilled worker. 
E)  output per unskilled worker.

Question 18

The provision of additional cash to the banking system is an example of _______ policy.

Accepted Answer

A)  monetary 
B)  fiscal 
C)  structural 
D)  trade 
E)  unemployment 
A)  monetary 
B)  fiscal 
C)  structural 
D)  trade 
E)  unemployment

Question 19

If Macroland sells more goods to foreign buyers than it purchases from them,it will have a

Accepted Answer

A)  trade balance. 
B)  trade deficit. 
C)  trade surplus. 
D)  budget deficit. 
E)  budget surplus. 
A)  trade balance. 
B)  trade deficit. 
C)  trade surplus. 
D)  budget deficit. 
E)  budget surplus.

Question 20

When a government moves from a centrally planned economy to a market economy,this is an example of ______ policy.

Accepted Answer

A)  monetary 
B)  trade 
C)  fiscal 
D)  environmental 
E)  structural 
A)  monetary 
B)  trade 
C)  fiscal 
D)  environmental 
E)  structural

In Econland,exports equal 25% of total output,while imports equal 20% of total output.Econland has

In both Gamma and Delta,average labour productivity is $40,000 per worker per year.The population of Gamma is 200,000 and the population of Delta is 400,000.50% of the population in each country is employed.Total output in Gamma is _ and total output in Delta is _.

If average labour productivity increases while the population and the number of employed workers remain constant,then total output

The degree to which people have access to goods and services that make their lives easier,healthier,safer,and more enjoyable is called the

In abnormal times,such as a financial panic,central banks can achieve their macroeconomic objectives through _______ policy.

If a country's exports are less than its imports,then the country has a

Structural policy refers to

All of the following statements are correct EXCEPT

Microland has a population of 50 people;40 of them worked last year,with a total output of $200,000.The average labour productivity of Microland was equal to

When government revenue exceeds government spending,the nation has a

Government debt reflects the

Because population grows over time,the best indicator of average living standards is

Compared to the 1950-1973 period,output per worker in Canada __________ in the 1973-2010 period.

The unemployment rate increases during

A decision by a government to sell businesses currently operated by the government to private investors is an example of ________ policy.

When a government collects more in taxes than it spends,it runs a

Average labour productivity is defined as

The provision of additional cash to the banking system is an example of _______ policy.

If Macroland sells more goods to foreign buyers than it purchases from them,it will have a

When a government moves from a centrally planned economy to a market economy,this is an example of ______ policy.

Measuring Macroeconomic Performance: Output and Prices

Measuring Macroeconomic Performance: Saving and Wealth

Measuring Macroeconomic Performance: Wages, Employment and the Labour Market

Spending and Output in the Short Run

Fiscal Policy

Money, Prices and the Reserve Bank

The Reserve Bank and the Economy

The Aggregate Demand - Aggregate Supply Model

Macroeconomic Policy

The Economy in the Long Run: an Introduction to Economic Growth

The Production Function Approach to Understanding Growth

Savings, Capital Formation and Comparative Economic Growth

International Trade

Exchange Rates and the Open Economy

The Balance of Payments: Net Exports and International Capital Flows

Filters

Exam 4: Short-Term Economic Fluctuations

In Econland,exports equal 25% of total output,while imports equal 20% of total output.Econland has

In both Gamma and Delta,average labour productivity is $40,000 per worker per year.The population of Gamma is 200,000 and the population of Delta is 400,000.50% of the population in each country is employed.Total output in Gamma is _________ and total output in Delta is _________.

If average labour productivity increases while the population and the number of employed workers remain constant,then total output

The degree to which people have access to goods and services that make their lives easier,healthier,safer,and more enjoyable is called the

In abnormal times,such as a financial panic,central banks can achieve their macroeconomic objectives through _______ policy.

If a country's exports are less than its imports,then the country has a

Structural policy refers to

All of the following statements are correct EXCEPT

Microland has a population of 50 people;40 of them worked last year,with a total output of $200,000.The average labour productivity of Microland was equal to

When government revenue exceeds government spending,the nation has a

Government debt reflects the

Because population grows over time,the best indicator of average living standards is

Compared to the 1950-1973 period,output per worker in Canada __________ in the 1973-2010 period.

The unemployment rate increases during

A decision by a government to sell businesses currently operated by the government to private investors is an example of ________ policy.

When a government collects more in taxes than it spends,it runs a

Average labour productivity is defined as

The provision of additional cash to the banking system is an example of _______ policy.

If Macroland sells more goods to foreign buyers than it purchases from them,it will have a

When a government moves from a centrally planned economy to a market economy,this is an example of ______ policy.

Measuring Macroeconomic Performance: Output and Prices

Measuring Macroeconomic Performance: Saving and Wealth

Measuring Macroeconomic Performance: Wages, Employment and the Labour Market

Spending and Output in the Short Run

Fiscal Policy

Money, Prices and the Reserve Bank

The Reserve Bank and the Economy

The Aggregate Demand - Aggregate Supply Model

Macroeconomic Policy

The Economy in the Long Run: an Introduction to Economic Growth

The Production Function Approach to Understanding Growth

Savings, Capital Formation and Comparative Economic Growth

International Trade

Exchange Rates and the Open Economy

The Balance of Payments: Net Exports and International Capital Flows

Filters

In both Gamma and Delta,average labour productivity is $40,000 per worker per year.The population of Gamma is 200,000 and the population of Delta is 400,000.50% of the population in each country is employed.Total output in Gamma is _ and total output in Delta is _.