Exam 1: The Science of Macroeconomics

The quantity of coffee demanded,Q^d,depends on the price of coffee,P_c,and the price of tea,P_t.The quantity of coffee supplied,Q^s,depends on the price of coffee,P_c,and the price of electricity,P_e ,according to the following equation: Q^d = 17 - 2P_c + 10 P_t Q^s = 2 + 3P_c - 5 P_e a.If the price of tea is $1 and the price of electricity is $0.50,what is the equilibrium price and quantity of coffee? b.What is/are the endogenous variable(s)in this model? c.What is/are the exogenous variable(s)in this model?

(Essay)

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Question 21

A typical trend during a recession is that:

(Multiple Choice)

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Question 22

Macroeconomics is based on microeconomics for all of the following reasons except:

(Multiple Choice)

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Question 23

During the period between 1930 and 2005,the unemployment rate in Canada was highest in the:

(Multiple Choice)

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Question 24

Deflation occurs when:

(Multiple Choice)

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Question 25

In a simple model of the supply and demand for pizza,when the price of cheese increases,the price of pizza and the quantity purchased .

(Multiple Choice)

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Question 26

Macroeconomists cannot conduct controlled experiments,such as testing various tax and expenditure policies,because:

(Multiple Choice)

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Question 27

All of the following statements about sticky prices are true except:

(Multiple Choice)

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Question 28

All of the following are important macroeconomic variables except:

(Multiple Choice)

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Question 29

Using a market-clearing model to analyze the demand for haircuts is because the price of a haircut usually changes .

(Multiple Choice)

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Question 30

When studying the short-run behaviour of the economy an assumption of is more plausible,in contrast to studying the long-run equilibrium behaviour of an economy,when an assumption of is more plausible.

(Multiple Choice)

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Question 31

A graph of the rate of inflation in Canada over the twentieth century shows:

(Multiple Choice)

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Question 32

In a simple model of the supply and demand for pizza,when aggregate income increases,the price of pizza and the quantity purchased .

(Multiple Choice)

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Question 33

Important characteristics of macroeconomic models include all of the following except:

(Multiple Choice)

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Question 34

The production function for an economy can be expressed as Y = F(K,L),where Y is real GDP,K is the quantity of capital in the economy,and L is the quantity of labour in the economy.a.If F( )= 100 + 3K + 9L,what is real GDP if the quantity of capital is 200 and the quantity of labour is 500? b.What is/are the endogenous variable(s)in this model? c.What is/are the exogenous variable(s)in this model?

(Essay)

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Question 35

The ability of macroeconomists to predict the future course of economic events:

(Multiple Choice)

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Question 36

Real GDP over the long run and the growth rate of real GDP in the short run.

(Multiple Choice)

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Question 37

All of the following are types of macroeconomics data except the:

(Multiple Choice)

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Question 38

Which of the following is the best example of a flexible price?

(Multiple Choice)

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Question 39

Endogenous variables are:

(Multiple Choice)

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Question 40

Showing 21 - 40 of 54

A typical trend during a recession is that:

Macroeconomics is based on microeconomics for all of the following reasons except:

During the period between 1930 and 2005,the unemployment rate in Canada was highest in the:

Deflation occurs when:

In a simple model of the supply and demand for pizza,when the price of cheese increases,the price of pizza and the quantity purchased .

Macroeconomists cannot conduct controlled experiments,such as testing various tax and expenditure policies,because:

All of the following statements about sticky prices are true except:

All of the following are important macroeconomic variables except:

Using a market-clearing model to analyze the demand for haircuts is because the price of a haircut usually changes .

When studying the short-run behaviour of the economy an assumption of is more plausible,in contrast to studying the long-run equilibrium behaviour of an economy,when an assumption of is more plausible.

A graph of the rate of inflation in Canada over the twentieth century shows:

In a simple model of the supply and demand for pizza,when aggregate income increases,the price of pizza and the quantity purchased .

Important characteristics of macroeconomic models include all of the following except:

The ability of macroeconomists to predict the future course of economic events:

Real GDP over the long run and the growth rate of real GDP in the short run.

All of the following are types of macroeconomics data except the:

Which of the following is the best example of a flexible price?

Endogenous variables are:

The Data of Macroeconomics

The Open Economy

Unemployment

Economic Growth I

Economic Growth II

Introduction to Economic Fluctuations

Aggregate Demand I

Aggregate Supply and the Short-Run

Stabilization Policy

Government Debt and Budget Deficits

Investment

Money Supply and Money Demand

The Financial System

Filters

Exam 1: The Science of Macroeconomics

A typical trend during a recession is that:

Macroeconomics is based on microeconomics for all of the following reasons except:

During the period between 1930 and 2005,the unemployment rate in Canada was highest in the:

Deflation occurs when:

In a simple model of the supply and demand for pizza,when the price of cheese increases,the price of pizza ______ and the quantity purchased ______.

Macroeconomists cannot conduct controlled experiments,such as testing various tax and expenditure policies,because:

All of the following statements about sticky prices are true except:

All of the following are important macroeconomic variables except:

Using a market-clearing model to analyze the demand for haircuts is ______ because the price of a haircut usually changes ______.

When studying the short-run behaviour of the economy an assumption of ______ is more plausible,in contrast to studying the long-run equilibrium behaviour of an economy,when an assumption of ______ is more plausible.

A graph of the rate of inflation in Canada over the twentieth century shows:

In a simple model of the supply and demand for pizza,when aggregate income increases,the price of pizza ______ and the quantity purchased ______.

Important characteristics of macroeconomic models include all of the following except:

The ability of macroeconomists to predict the future course of economic events:

Real GDP ______ over the long run and the growth rate of real GDP ______ in the short run.

All of the following are types of macroeconomics data except the:

Which of the following is the best example of a flexible price?

Endogenous variables are:

The Data of Macroeconomics

The Open Economy

Unemployment

Economic Growth I

Economic Growth II

Introduction to Economic Fluctuations

Aggregate Demand I

Aggregate Supply and the Short-Run

Stabilization Policy

Government Debt and Budget Deficits

Investment

Money Supply and Money Demand

The Financial System

Filters

In a simple model of the supply and demand for pizza,when the price of cheese increases,the price of pizza and the quantity purchased .

Using a market-clearing model to analyze the demand for haircuts is because the price of a haircut usually changes .

When studying the short-run behaviour of the economy an assumption of is more plausible,in contrast to studying the long-run equilibrium behaviour of an economy,when an assumption of is more plausible.

In a simple model of the supply and demand for pizza,when aggregate income increases,the price of pizza and the quantity purchased .

Real GDP over the long run and the growth rate of real GDP in the short run.