經(jīng)濟(jì)學(xué)先修課結(jié)課測(cè)試

Economics is best defined as the study of

how society manages its scarce resources.how to run a business most profitably.how to predict inflation, unemployment, and stock prices.how the government can stop the harm from unchecked self-interest.

A decrease in quantity demanded is represented by a

Rightward shift of the supply curveRightward shift of the demand curveLeftward shift of the demand curveMovement upward and to the left along the demand curveMovement downward and to the right along the demand curve.

What is wrong with the statement: Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period:

Instead of “demand”, it should be “quantity demanded”.Instead of “willingness”, it should be “ability”.Demand refers to the willingness and ability of buyers, not just willingness.There is nothing wrong with the statement.

What is the equilibrium price?

The price at which there is no surplus, but there may be a shortage.The price at which there is no shortage, but there may be asurplus.The price at which everyone is able to buy the quantities they desire.The price at which the quantity demanded equals the quantity supplied.

The price of a good rises from $8 to $12, and the quantity demanded falls from 110 to 90 units.

Calculated with the midpoint method, the price elasticity of demand is

1/5.1/2.2.5

Which of the following factors cannot cause a shift in the demand curve?

incomepreferencesprice of goodpeople

The most prominent feature of a perfectly competitive market

large number of buyers and sellersPrice takershomogeneous productsNo one can determine the market price.

The most prominent feature of a monopolistic competitive market

A large number of buyers and sellersThe determiners of priceDifferentiation productsLow entry barriers

Entry barriers in an oligopoly market

highlowno barriers

Which of the following correctly describes the components of Aggregate Demand?

Consumption expenditures + Investment expenditures +Government expenditures + Exports + lmportsConsumption expenditures + Investment expenditures +Government expenditures + Exports - lmportsConsumption expenditures * Investment expenditures +Government expenditures -Exports -lmportsConsumption expenditures + Investment expenditures +Government expenditures + Savings + Exports - lmportsConsumption expenditures + Investment expenditures +Government expenditures + Business expenditures +Savings + Exports + Imports

In a recession, the unemployment rate

a) decreases, reaching its highest level when the economy is in the through of the cycle.b) rises, reaching its highest level when the economy is in the through of the cycle.c) rises, reaching its lowest level when the economy is in the through of the cycle.d) rises, reaching its highest level when the economy is in the expansion of the cycle.

Expansionary fiscal policy includes

tax cuts, transfer payments, rebates and decreased government spending on projects such as infrastructure improvements.tax increases, transfer payments, rebates and decreased government spending on projects such as infrastructure improvements.tax cuts, transfer payments, rebates and increased government spending on projects such as infrastructure improvements.Increased money supply and boost economic activity by keeping interest rates low to encourage borrowing by companies, individuals and banks.

Real GDP is defined as the yearly value of all

Goods produced in an economyGoods and services produced in an economyGoods and services produced in householdsProduction when resources are fully employedGoods and services produced in an economy, measured in the prices of the single year

An example of fiscal policy is changing the

Interest?rateMoney?supplyExchange?rateTax?rateAll?of?the?above

During a recession, real GDP........and employment.......

Increases; decreasesDecreases; increasesDecreases ;decreasesDecreases; stays constant

Unemployment caused by permanently decreased demand for horse - drawn carriages is an example of

Cyclical unemploymentaSeasonal unemploymentFrictional unemploymentStructural unemploymentDiscouraged unemployment

Which of the following would be an appropriate monetary policy measure to combat inflation?

increase taxesdecrease taxessell bondsbuy bondslower the reserve requirement

lf an economy is suffering from inflation, what fiscal policy measure could be taken to help alleviate the problem?

A. Increase money supplyB.Increase government spendingC. Increase taxesD. Increase the reserve requirementE: Increase deficit spending

Which of the following will most likely occur during the expansionary phase of the business cycle?

Real GDP rises and unemployment falls.Real GDP rises, and unemployment rises.Real GDp declines and inflation rises.Interest rates rise, and the number of business failures rise.Inflation rises and employment falFrictional unemploymentA. would be eliminated if the economy were operating at fullemployment levels of GDp.B. would be eliminated if the minimum wage were raised.C. is the result of worker skills not matching the jobsavailable.D. is zero when we have achieved the Natural rate ofunemployment.E. is present even when labor markets are working well.

Frictional unemployment

would be eliminated if the economy were operating at full employment levels of GDp.would be eliminated if the minimum wage were raised.is the result of worker skills not matching the jobs available.is zero when we have achieved the Natural rate of unemployment.is present even when labor markets are working well.

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