ECO 202 ECO202 Exam 1 Answers / Principles of Macroeconomics
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The Classical Period in economics occurred after the Great Depression.
The rise of oil prices in the 1970s is an example of a supply shock.
The four essential economic activities are ...
The normal boundary of the “macroeconomy” is ...
According to the text, the three major macroeconomic goals are ...
Which one of the following statements is FALSE?
Monetarist economists argued that the government should primarily focus on ...
Production points along a production possibilities frontier are considered efficient.
The opportunity cost of something is the value of the next best alternative.
Movement along a production possibilities frontier indicates a change in technology.
The question below refers to the following diagram which illustrates the potential grades Miguel could get on his biology and economics tests based on how much time he devotes to studying each subject.
The question below refers to the following diagram which illustrates the potential grades Miguel could get on his biology and economics tests based on how much time he devotes to studying each subject.
Which one of the following is NOT a reason that markets produce efficient outcomes, according to the basic neoclassical model?
Which one of the following statements about markets is FALSE?
Which one of the following is an example of a transaction cost?
The two ways distribution can occur is through exchange or transfer.
The economic activity of production would include the mailing of Social Security checks by the U.S. federal government.
Depreciation occurs whenever a stock is greater in quantity than a flow.
The United States has the lowest Gini ratio of any industrialized nation.
A transfer of goods or services is referred to as ...
What is the difference between a stock and a flow?
Which one of the following is an example of a flow?
Suppose that an individual making $100,000 per year pays $20,000 in total taxes while a person making $30,000 per year pays $6,000 in total taxes. In this example, the tax system is ...
Which one of the following would NOT be classified as part of the public purpose sphere?
A shift in a supply curve for a good occurs whenever the price of the good changes.
According to the text, a shortage occurs whenever a demand curve shifts but the supply curve stays the same.
An example of a menu cost would be the cost of paying for optional equipment on a new automobile.
A quantity adjustment by suppliers could lead to increased unemployment.
The question below refers to the following supply and demand diagram for wind turbines.
The question below refers to the following supply and demand diagram for wind turbines.
Suppose there is a decrease in the demand for hats. What would we expect to happen to the equilibrium price and quantity of hats?
Which one of the following is an example of a menu cost?
The buying and selling of assets on the expectation of profiting from price changes is known as ...
Critical economic thinking is best defined as:
What is the difference between factual statements and reasoned judgments?
What is the standard way to organize your economic writing in order to communicate effectively?
Critical thinking about macroeconomic issues requires that you do what before analyzing the particular macroeconomic issue at hand?
Which of the following is not a macroeconomics question?
Which of the following is an accurate description of the question, “Should Germany support Ukraine in its conflict with Russia if that support results in a fall in German economic growth?”
The question "Is the Japanese government's decision to increase the inflation rate in Japan a wise policy?" is an example of:
When economists engage in normative analysis, the two most common frames of reference that they use are:
The Phillip’s Curve Case illustrates:
Which of the following are common positive macroeconomic frames of reference?
The process of critical thinking involves:
If capital is needed to produce goods and services, and if capital depreciates over time, what will happen to the nation’s ability to produce if there is no investment in new capital?
In macroeconomics, a mathematical frame of reference:
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