Question 1

The short run is concerned with __________ while the long run is concerned with __________.

Accepted Answer

A) inflation;unemployment 
B) causes of economic fluctuations;inflation 
C) causes of economic fluctuations;determinants of economic growth 
D) determinants of economic growth;causes of economic fluctuations 
E) causes of economic fluctuations;the money supply 
A) inflation;unemployment 
B) causes of economic fluctuations;inflation 
C) causes of economic fluctuations;determinants of economic growth 
D) determinants of economic growth;causes of economic fluctuations 
E) causes of economic fluctuations;the money supply

Question 2

Which of the following lists the four steps we use to study macroeconomic behavior in the correct order?

Accepted Answer

A) (1)document the facts; (2)develop a model; (3) compare the predictions of the model to the original facts; (4)use the model to make other predictions that may eventually be tested 
B) (1)document the facts; (2)use the model to make other predictions that may eventually be tested; (3)compare the predictions of the model to the original facts; (4)develop a model 
C) (1)compare the predictions of the model to the original facts; (2)develop a model; (3)document the facts; (4)use the model to make other predictions that may eventually be tested 
D) (1)develop a model; (2)document the facts; (3)compare the predictions of the model to the original facts; (4)use the model to make other predictions that may eventually be tested 
E) None of the above 
A) (1)document the facts; (2)develop a model; (3) compare the predictions of the model to the original facts; (4)use the model to make other predictions that may eventually be tested 
B) (1)document the facts; (2)use the model to make other predictions that may eventually be tested; (3)compare the predictions of the model to the original facts; (4)develop a model 
C) (1)compare the predictions of the model to the original facts; (2)develop a model; (3)document the facts; (4)use the model to make other predictions that may eventually be tested 
D) (1)develop a model; (2)document the facts; (3)compare the predictions of the model to the original facts; (4)use the model to make other predictions that may eventually be tested 
E) None of the above

Question 3

Consider the following model of the labor market:
Labor supply:  
Labor demand:  
The values of the equilibrium quantity of labor,L,and wage,w,are:

Accepted Answer

A)    ;   . 
B)    ;   . 
C)    ;   . 
D)    ;   . 
E)    ;   . 
A)    ;   . 
B)    ;   . 
C)    ;   . 
D)    ;   . 
E)    ;   .

Question 4

When we look at the __________ we are concerned with __________.

Accepted Answer

A) long run;money supply 
B) long run;causes of economic fluctuations 
C) long run;causes of economic growth 
D) long run;causes of inflation 
E) long run;unemployment 
A) long run;money supply 
B) long run;causes of economic fluctuations 
C) long run;causes of economic growth 
D) long run;causes of inflation 
E) long run;unemployment

Question 5

Macroeconomics is the study of __________ while microeconomics studies __________.

Accepted Answer

A) the cosmos;particle physics 
B) the overall performance of an economy;an individual market 
C) an individual market;the overall performance of an economy 
D) the overall performance of the economy;the individual firm 
E) consumer behavior;firm behavior 
A) the cosmos;particle physics 
B) the overall performance of an economy;an individual market 
C) an individual market;the overall performance of an economy 
D) the overall performance of the economy;the individual firm 
E) consumer behavior;firm behavior

Question 6

In the long run,we are concerned about the causes economic fluctuations.

Accepted Answer

A) True 
 B)False

Question 7

The four steps,and in the following order,are used to study macroeconomic behavior:
(1)document the facts;
(2)use the model to make other predictions that may eventually be tested;
(3)compare the predictions of the model to the original facts;
(4)develop a model.

Accepted Answer

A) True 
 B)False

Question 8

Describe the differences between the long and the short run.

Accepted Answer

The short run is concerned with the caus

Question 9

Which of the following does macroeconomics not endeavor to answer?
i.Why is the typical person in the United States today more than ten times richer than the typical person a century ago?
ii.Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years?
iii.Why has the price of orange juice risen sharply?

Accepted Answer

A) ii and iii 
B) i only 
C) ii only 
D) i,ii,and iii 
E) iii only 
A) ii and iii 
B) i only 
C) ii only 
D) i,ii,and iii 
E) iii only

Question 10

In the short run,we are concerned with the causes of economic fluctuations and how to fix them.

Accepted Answer

A) True 
 B)False

Question 11

Income per person began at __________ in 1870 and __________ by nearly a factor of 15 to end at __________ in 2004.

Accepted Answer

A) $2,500;rose;$25,000 
B) $2,500;rose;$37,000 
C) $2,500;rose;$100,000 
D) $37,000;fell;$2,500 
E) $25,000;fell;$2,500 
A) $2,500;rose;$25,000 
B) $2,500;rose;$37,000 
C) $2,500;rose;$100,000 
D) $37,000;fell;$2,500 
E) $25,000;fell;$2,500

Question 12

In the long run,we are concerned about the causes of economic growth.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following questions should a successful model predict?
i.Why,in general,do Americans have higher incomes than Africans?
ii.How much less unemployment is there during an economic expansion?
iii.Why does the United States have a lower unemployment rate than Europe?

Accepted Answer

A) i and ii 
B) ii only 
C) iii only 
D) i,ii,and iii 
E) i and iii 
A) i and ii 
B) ii only 
C) iii only 
D) i,ii,and iii 
E) i and iii

Question 14

Which of the following does macroeconomics endeavor to answer?
i.What role does the government play in recessions and booms and in determining the rate of inflation?
ii.What caused the currency crises in Mexico in the mid-1990s and in many Asian economies at the end of the 1990s?
iii.How does a dairy farmer react to rising milk prices?

Accepted Answer

A) iii only 
B) ii only 
C) i and ii 
D) i,ii,and iii 
E) i and iii 
A) iii only 
B) ii only 
C) i and ii 
D) i,ii,and iii 
E) i and iii

The short run is concerned with while the long run is concerned with .

Which of the following lists the four steps we use to study macroeconomic behavior in the correct order?

Consider the following model of the labor market: Labor supply: Labor demand: The values of the equilibrium quantity of labor,L,and wage,w,are:

When we look at the we are concerned with .

Macroeconomics is the study of while microeconomics studies .

In the long run,we are concerned about the causes economic fluctuations.

The four steps,and in the following order,are used to study macroeconomic behavior: (1)document the facts; (2)use the model to make other predictions that may eventually be tested; (3)compare the predictions of the model to the original facts; (4)develop a model.

Describe the differences between the long and the short run.

In the short run,we are concerned with the causes of economic fluctuations and how to fix them.

Income per person began at in 1870 and by nearly a factor of 15 to end at __ in 2004.

In the long run,we are concerned about the causes of economic growth.

Which of the following questions should a successful model predict? i.Why,in general,do Americans have higher incomes than Africans? ii.How much less unemployment is there during an economic expansion? iii.Why does the United States have a lower unemployment rate than Europe?

Measuring the Macroeconomy

An Overview of Long- Run Economic Growth

A Model of Production

The Solow Growth Model

Growth and Ideas

The Labor Market,wages,and Unemployment

Inflation

An Introduction to the Short Run

The Great Recession: a First Look

The Is Curve

Monetary Policy and the Phillips Curve

Stabilization Policy and the Asad Framework

The Great Recession and the Short-Run Model

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

Exam 1: Introduction to Macroeconomics

The short run is concerned with __________ while the long run is concerned with __________.

Which of the following lists the four steps we use to study macroeconomic behavior in the correct order?

Consider the following model of the labor market: Labor supply: Labor demand: The values of the equilibrium quantity of labor,L,and wage,w,are:

When we look at the __________ we are concerned with __________.

Macroeconomics is the study of __________ while microeconomics studies __________.

In the long run,we are concerned about the causes economic fluctuations.

The four steps,and in the following order,are used to study macroeconomic behavior: (1)document the facts; (2)use the model to make other predictions that may eventually be tested; (3)compare the predictions of the model to the original facts; (4)develop a model.

Describe the differences between the long and the short run.

In the short run,we are concerned with the causes of economic fluctuations and how to fix them.

Income per person began at __________ in 1870 and __________ by nearly a factor of 15 to end at __________ in 2004.

In the long run,we are concerned about the causes of economic growth.

Which of the following questions should a successful model predict? i.Why,in general,do Americans have higher incomes than Africans? ii.How much less unemployment is there during an economic expansion? iii.Why does the United States have a lower unemployment rate than Europe?

Measuring the Macroeconomy

An Overview of Long- Run Economic Growth

A Model of Production

The Solow Growth Model

Growth and Ideas

The Labor Market,wages,and Unemployment

Inflation

An Introduction to the Short Run

The Great Recession: a First Look

The Is Curve

Monetary Policy and the Phillips Curve

Stabilization Policy and the Asad Framework

The Great Recession and the Short-Run Model

Consumption

Investment

The Government and the Macroeconomy

International Trade

Exchange Rates and International Finance

Parting Thoughts

Filters

The short run is concerned with while the long run is concerned with .

When we look at the we are concerned with .

Macroeconomics is the study of while microeconomics studies .

Income per person began at in 1870 and by nearly a factor of 15 to end at __ in 2004.