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Global Economics.m

Global Economics.m

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100 вопросов Вариант 1 Доступ 7 дней
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Вопросы и варианты

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Вопрос 1

The study of the behavior of firms, individual markets, and households is called:

  1. normative economics
  2. positive economics
  3. macroeconomics
  4. mircoeconomics
Вопрос 2

The three fundamental questions of economic organization are:

  1. when, for whom, and how
  2. how, what, and for whom
  3. who, how, and when
  4. what, who and why
Вопрос 3

To show general economic growth on the PPF, one would:

  1. shift the PPF inward
  2. shift the PPF outward
  3. leave the PPF alone, but draw a circle around the origin
  4. draw a line from the origin to the previous PPF
Вопрос 4

The … of a decision is the value of the good or service forgone.

  1. opportunity cost
  2. efficiency
  3. economics
  4. scarcity
Вопрос 5

Productive … exists when an economy cannot produce more of one good without producing less of another good.

  1. scarcity
  2. economics
  3. efficiency
  4. opportunity cost
Вопрос 6

An economy which allows firms and individuals to decide the answers to the three fundamental questions of economic organization is called a:

  1. mixed economy
  2. market economy
  3. normative economy
  4. command economy
Вопрос 7

An economy in which government make all important economic decisions is called a:

  1. mixed economy
  2. market economy
  3. normative economy
  4. command economy
Вопрос 8

Most economies are in fact:

  1. mixed economies
  2. market economies
  3. normative economies
  4. command economies
Вопрос 9

Adam Smith wrote …; John Maynard Keynes wrote…

  1. The Wealth of Nations; The General Theory of Employment, Interest and Money
  2. The General Theory of Employment, Interest and Money; The Wealth of Nations
  3. The Wealth of Nations; How the Business Cycle Works
  4. The Invisible Hand; The General Theory of Employment, Interest and Money
Вопрос 10

Which of the following is likely to be a government objective?

  1. lower unemployment
  2. negative economic growth
  3. very high inflation
  4. a recession
Вопрос 11

The measure of the market value of all final goods and services produced in a country during a year is called:

  1. total product
  2. gross domestic product
  3. total domestic product
Вопрос 12

Which of the following is not a goal of macroeconomic activity?

  1. A stable or gently rising price level
  2. A high and growing level of national output
  3. Inflation over 1000% per year
  4. High employment with low unemployment
Вопрос 13

GDP =?

  1. C + I + G
  2. C + G + X
  3. C + I + G + X
Вопрос 14

The unemployment rate is:

  1. the total number of people unemployed in the economy
  2. the percentage of the population that is unemployed
  3. the percentage of the labor force that is unemployed
Вопрос 15

In order to avoid …, when calculating GDP, one should include only the final goods and exclude the intermediate goods that are used in the production process.

  1. inflation
  2. statistical bias
  3. double counting
  4. value-added
Вопрос 16

The three primary factors of production are:

  1. money, land, labor
  2. capital, money, and labor
  3. land, labor and capital
  4. capital, land, and capacity
Вопрос 17

A supply shock is:

  1. a rightward shift in the supply curve for any good
  2. a sudden change in input costs or productivity that shifts aggregate supply sharply
  3. a leftward shift in the supply curve for any good
Вопрос 18

The overall price and quantity at which all buyers and sellers are satisfied with their purchases, sales, and prices is called:

  1. the CPI
  2. potential GDP
  3. macroeconomic equilibrium
Вопрос 19

The difference between exports and imports is called:

  1. the amount of capital that has been used in a year
  2. government payments to individuals that are not made in exchange for goods and services supplied
  3. net exports
Вопрос 20

In the circular flow of income model injections:

  1. are assumed to be exogenous (independent of national income)
  2. are assumed to be a function of national income
  3. decrease aggregate demand
  4. decrease the investment into an economy
Вопрос 21

The … shows the relationship between the level of consumption expenditures and the level of disposable personal income.

  1. saving function
  2. marginal propensity to consume
  3. demand for investment schedule
  4. consumption function
Вопрос 22

The marginal propensity to consume is:

  1. the slope of the consumption function
  2. the slope of the investment function
  3. the slope of the saving function
Вопрос 23

Which of the following is correct?

  1. MPS = 1 – MPC
  2. MPS = MPC – CPI
  3. MPC = 1 – MPS
Вопрос 24

Which of the following is not a determinant of investment?

  1. Demand for output produced by the new investment
  2. Interest rates and taxes that influence the costs of the investment
  3. Business expectations
Вопрос 25

Which of the following is a primary cause of periods of recession and economic growth?

  1. Inflation
  2. Unemployment
  3. Investment fluctuations
Вопрос 26

An economy is in equilibrium where:

  1. planned saving and investment are equal
  2. planned spending and planned output are equal
  3. planned saving and planned output are equal
Вопрос 27

The number by which the change in investment must be multiplied in order to determine the resulting change in total output is called:

  1. inflation
  2. the GDP deflator
  3. the multiplier
Вопрос 28

When there are unemployed resources in the economy, increases in investment or other spending will result in ...

  1. higher levels of output and employment with only small increases in price level
  2. higher levels of output, lower levels of employment, and higher price levels
  3. lower levels of output, lower levels of employment, and higher price levels
  4. no significant increases in output or employment, but higher price levels
Вопрос 29

If investment and government purchases remain the same, a reduction in consumption spending will:

  1. increase GDP and employment
  2. increase GDP, but reduce employment
  3. increase employment, but reduce GDP
  4. reduce employment and GDP
Вопрос 30

If government spending increases:

  1. GDP will increase by the amount that government spending increases
  2. GDP will increase by the expenditure multiplier times the amount by which government spending increases
  3. GDP will decrease by the amount hat government spending increases
  4. GDP will decrease by the expenditure multiplier times the amount by which government spending increases
Вопрос 31

The lesson of Keynesian economics is that:

  1. changes in aggregate demand can affect output, employment, and prices in the short-run
  2. changes in aggregate demand will have no effect on output, employment and prices in the short-run, but will in the long-run
  3. changes in aggregate supply are the driving force in determining recessions and periods of economic boom
Вопрос 32

Shifts in aggregate demand will:

  1. occur because consumers, businesses, or governments change total spending relative to the economy’s productive capacity
  2. necessarily increase GDP
  3. necessarily decrease GDP
Вопрос 33

What do economists call the total amount of output that is willingly bought at a given level of prices?

  1. an econometric model
  2. aggregate supply
  3. aggregate demand
  4. GDP
Вопрос 34

The short-run aggregate supply curve is:

  1. upward-sloping
  2. vertical
  3. horizontal
  4. fixed at the origin
Вопрос 35

The long-rung aggregate supply curve is:

  1. upward-sloping
  2. vertical
  3. horizontal
  4. fixed at the origin
Вопрос 36

Economists that believe that changes in aggregate demand have a significant and lasting effect on output are:

  1. classicas economists
  2. neoclassical economists
  3. in the Keynesian school of economics
Вопрос 37

Fluctuations in total national output, income, and employment, usually lasting 2-10 years, marked by periods of expansion or contraction in most sectors of the economy are called:

  1. recessions
  2. depressions
  3. booms
  4. business cycles
Вопрос 38

Which of the following attributes business fluctuations to the expansion and contraction money and credit?

  1. Monetary theories
  2. The multiplier-accelerator model
  3. Equilibrium-business cycles theories
  4. Real-business cycle theory
Вопрос 39

An increase in taxes is a(n):

  1. expansionary fiscal policy
  2. expansionary monetary policy
  3. contractionary fiscal policy
  4. contractionary monetary policy
Вопрос 40

An increase in the money supply is a(n):

  1. expansionary fiscal policy
  2. expansionary monetary policy
  3. contractionary fiscal policy
  4. contractionary monetary policy
Вопрос 41

Fiscal policy refers to the:

  1. government’s ability to regulate the functioning of financial markets
  2. spending and taxing policies used by the government to influence the level of economy activity
  3. techniques used by firms to reduce its tax liability
  4. the policy by MAS to affect the cash rate
Вопрос 42

Fiscal drag occurs when:

  1. tax bands do not increase with inflation
  2. tax rates move inversely with inflation
  3. government spending falls to reduce aggregate demand
  4. tax bands increase with inflation
Вопрос 43

The … lag for fiscal policy is generally … than it is for monetary policy.

  1. recognition; shorter
  2. recognition; longer
  3. implementation; shorter
  4. implementation; longer
Вопрос 44

Which of the following is not true about public-choice theory?

  1. A branch of economics and political science that studies the way that governments make decisions
  2. Examines the way different voting mechanisms can function and shows that there are no ideal mechanisms to sum up individual preferences into social choices
  3. Analyzes government failures
Вопрос 45

What do economists call a tax that causes higher-income individuals to pay a higher percentage of their income as tax than lower-income individuals?

  1. Horizontal
  2. Proportional
  3. Progressive
  4. Regressive
Вопрос 46

The effective tax rate is:

  1. the extra tax that is paid per dollar of additional income
  2. total taxes divided by total income
  3. total income divided by total taxes
Вопрос 47

… taxes are those that are levied on goods and services. … taxes are those that are levied upon individuals and firms.

  1. Indirect; Direct
  2. Direct; Indirect
  3. Effective; Indirect
  4. Indirect; Effective
Вопрос 48

Increased government spending financed by government borrowing will generally cause:

  1. an increase in interest rates
  2. an expansion of the economy
  3. a decrease in interest rates
  4. high inflation and unemployment rates
Вопрос 49

The difference between federal government spending and federal government tax revenue in a particular year is:

  1. the budget deficit
  2. the national debt
  3. crowding out
  4. the trade deficit
Вопрос 50

Governments have several functions, but which is certainly not an economic one?

  1. Provision of public goods
  2. Redistribution of income
  3. Regulation of socially undesirable goods
  4. Macroeconomic stabilization
Вопрос 51

Which of the following is not a function of money?

  1. Medium of exchange
  2. Unit of account
  3. Store of value
  4. Means of barter and importation
Вопрос 52

A saving account would be included in:

  1. M1
  2. M2
  3. M3
  4. M4
Вопрос 53

A liquidity trap occurs when the demand for money:

  1. is perfectly interest elastic
  2. is perfectly interest inelastic
  3. means that an increase in money supply leads to a fall in the interest rate
  4. means that an increase in the money supply leads to an increase in the interest rate
Вопрос 54

To reduce the supply of money the government could:

  1. reduce interest rate
  2. buy back government bonds
  3. sell government bonds
  4. encourage banks to lend
Вопрос 55

Open Market Operations occur when the government:

  1. reduces spending
  2. buys and sells bonds and securities
  3. increases taxation
  4. increases the exchange rate
Вопрос 56

The amount of interest paid per unit of time expressed as a percentage of the amount borrowed is called:

  1. inflation
  2. the interest rate
  3. the present value
Вопрос 57

Which of the following is a form of financial instrument whose value is based on the values of other assets?

  1. Pension funds
  2. Equities
  3. Government securities
  4. Financial derivatives
Вопрос 58

An outward shift in the demand for money, other things being equal, should lead to:

  1. a lower interest rate but the same quantity of money
  2. a higher interest rate but the same quantity of money
  3. a higher quantity of money but lower interest rates
  4. a higher quantity of money but the same interest rate
Вопрос 59

The base Rate in the UK is determined by:

  1. the government
  2. the electorate
  3. the Monetary Policy Committee
  4. the Federal Reserve Board
Вопрос 60

The FED can exert more precise control over … than it can over ...

  1. high-powered money; reserves
  2. high-powered money; the monetary base
  3. the monetary base; high-powered money
  4. reserves; high-powered money
Вопрос 61

Which of the following points is central to the monetarist school of macroeconomics?

  1. Money-supply growth is the prime systematic determinant of nominal GDP growth
  2. Prices and wages are relatively flexible
  3. The private sector is unstable
Вопрос 62

The route by which changes in the supply of money are translated into changes in output, employment, prices and inflation is called:

  1. the money-supply multiplier
  2. the required reserve ratio
  3. the monetary transmission mechanism
Вопрос 63

…is the most important monetary policy tool because it is the primary determinant of changes in the …, the main source of fluctuations in the money supply.

  1. Open market operations; monetary base
  2. Open market operation; money multiplier
  3. Changes in reserve requirements; monetary base
  4. Changes in reserve requirements; money multiplier
Вопрос 64

The main advantage of using reserve requirements to control the money supply and interest rates is:

  1. that they affect all banks equally and have a powerful effect on the money supply
  2. that they eliminate the need for the Fed to use dynamic open market operations
  3. that raising them can reduce liquidity problems for banks with low excess reserves
Вопрос 65

The equation of exchange is:

  1. VP = MQ
  2. P = kM
  3. MV = MQ
Вопрос 66

All other things being equal, an increase in the money supply will:

  1. decrease the interest rate
  2. increase GDP
  3. increase the price level
Вопрос 67

Keynes’s liquidity preference theory indicates that the demand for money:

  1. is purely a function of income, and interest rates have no effect on the demand for money
  2. is purely a function of interest rates, and income has no effect on the demand for money
  3. is both a function of income and interest rates
  4. is both a function of government spending and income
Вопрос 68

In the AS/AD model, an expansionary monetary policy:

  1. increases aggregate demand by reducing interest rates
  2. increases aggregate demand by raising interest rates
  3. reduces aggregate demand by reducing interest rates
  4. reduces aggregate demand by raising interest rates
Вопрос 69

Contractionary monetary policy wil:l

  1. increase aggregate supply decreasing the money supply
  2. decrease aggregate demand decreasing the money supply
  3. increase aggregate demand decreasing the money supply
  4. decrease aggregate supply decreasing the money supply
Вопрос 70

Monetarists believe the greater the stability of the economy in the past 35 years has resulted from:

  1. the use of countercyclical monetary policy
  2. the fact that the private economy is more stable today than in the past
  3. backing the dollar up more solidly than prior to World War II
  4. a sharp reduction in the fluctuations in money supply growth
  5. the fact that the government is a more important part of the economy
Вопрос 71

The negative relationship between unemployment and inflation is known as:

  1. aggregate supply curve
  2. aggregate demand curve
  3. Phillips curve
  4. efficiency wage line
Вопрос 72

Demand-pull inflation may be caused by:

  1. an increase in costs
  2. a reduction in interest rates
  3. a reduction in government spending
  4. an outward shift in aggregate supply
Вопрос 73

Both Classicals and Keynesians agree that policymakers:

  1. can exploit the Phillips curve in the short-run
  2. cannot exploit the Phillips curve in the short-run
  3. can keep the unemployment rate permanently below the natural rate by permanently running a high rate of inflation
  4. cannot keep the unemployment rate permanently below the natural rate by permanently running a high rate of inflation
Вопрос 74

One cost of an unanticipated inflation is that it:

  1. transfers wealth from lenders to borrowers
  2. transfers wealth from borrowers to lenders
  3. decreases menu cost
  4. increases the purchasing power of money
Вопрос 75

Hyperinflation occurs when:

  1. the inflation rate rises
  2. the inflation rate declines
  3. the inflation rate is extremely high
  4. the inflation rate is extremely low
Вопрос 76

The reduction of the inflation rate is called:

  1. deflation
  2. disinflation
  3. unflation
  4. reflation
Вопрос 77

The labor force participation rate measures the number of people:

  1. in the labor force
  2. in the labor force as a percentage of the total population
  3. in the labor force as a percentage of the population at least sixteen years old
  4. who are working as a percentage of the labor force
Вопрос 78

A high-pressure economy is one in which:

  1. monetary and fiscal policy are used to keep unemployment as low as possible
  2. there is no unemployment insurance, putting pressure on workers to keep their jobs and stay off welfare
  3. wage and price controls prevent firms from raising prices by more than the general price level
  4. the Federal Reserve tightens monetary policy to force all inflation out of the economy
Вопрос 79

Frictional unemployment often occurs when:

  1. the economy enters a recession
  2. people first enter the labor force
  3. people are discriminated against
  4. people lose a job because their skills are no longer needed
Вопрос 80

Which of the following types of unemployment is considered to be the most controllable through macroeconomic policy?

  1. frictional unemployment
  2. natural unemployment
  3. cyclical unemployment
  4. structural unemployment
Вопрос 81

Economic growth can be shown by:

  1. an inward shift of the production possibility frontier
  2. a movement along the production possibility frontier
  3. an outward shift to the production possibility frontier
  4. a decision by the government to produce inside the production possibility frontier
Вопрос 82

An economy may operate outside the PPF if:

  1. it is not utilizing its resources fully
  2. it is being productively efficient
  3. it is a mixed economy
  4. it is trading with other economies
Вопрос 83

According to supply-side economists, as tax rates are reduced, labor supply should increase. This implies that:

  1. the income effect of a wage change is greater than the substitution effect of a wage change
  2. the substitution effect of a wage change is greater than the income effect of a wage change
  3. there is no income effect when tax rates are changed
  4. there is no substitution effect when tax rates are changed
Вопрос 84

Policy initiatives typically associated with «supply-side economics» would include:

  1. increased spending for national defense
  2. increases in the minimum wage
  3. investment tax credits
  4. reduced minimum reserve requirements
Вопрос 85

Elimination of government regulations undertaken explicitly to influence the aggregate supply curve would be an example of:

  1. Keynesian economics
  2. classical economics
  3. demand-side economics
  4. supply-side economics
Вопрос 86

Free traders maintain that an open economy is advantageous in that it provides all of the following except:

  1. increased competition for world producers
  2. wider selection of products for consumers
  3. the utilization of the most efficient production methods
  4. relatively high wage levels for all domestic workers
Вопрос 87

Which of the following trade policies limits specified quantity of goods to be imported at one tariff rate.

  1. Quota
  2. Import tariff
  3. Specific tariff
Вопрос 88

According to Ricardo, a country will have a comparative advantage in:

  1. industries in which there are neither imports nor exports
  2. import competiting industries
  3. industries that sell to domestic and foreign buyers
  4. industries that sell to only foreign buyers
Вопрос 89

When internal economies of scale occur:

  1. total costs fall
  2. marginal costs must increase
  3. average costs fall
  4. revenue falls
Вопрос 90

A firm encountering economies of scale over some range of output will have a:

  1. rising long-run average cost curve
  2. falling long-run average cost curve
  3. constant long-run average cost curve
  4. rising, then falling, then rising long-run average cost curve
Вопрос 91

The balance of payments equals:

  1. the difference between household spending and income
  2. the difference between government spending and income
  3. a measure of the value of economic transactions between residents of a country and the rest of the world
  4. the difference between inflation and unemployment
Вопрос 92

Which items are not included in the balance of payments?

  1. visible items
  2. exchange rate
  3. invisible items
  4. capital transfers
Вопрос 93

Which account is included in the composition of the balance of payments?

  1. current account
  2. capital account
  3. both (a) and (b)
  4. none of these
Вопрос 94

If a country has a current account surplus:

  1. the balance of payments must be in surplus
  2. the country is experiencing a trade deficit
  3. the capital account must have a deficit
  4. the value of the nation’s currency has depreciated
Вопрос 95

A current account deficit implies that:

  1. the capital account is negative
  2. the capital account is in surplus
  3. exports of goods and services exceed imports of goods and services
  4. unilateral transfers are positive
Вопрос 96

The function of foreign exchange market is:

  1. transfer function
  2. credit function
  3. hedging function
  4. investment function
Вопрос 97

Which one is a merit of floating exchange rate?

  1. complicated systems
  2. continuous adjustments
  3. improves balance of payments
Вопрос 98

Under a floating exchange-rate system, if American exports decrease and American imports rise, the value of the dollar will:

  1. appreciate
  2. depreciate
  3. be officially revalued
  4. be officially devalued
Вопрос 99

A potential limitation of freely floating exchange rates is that:

  1. countries require a larger amount of international reserves than otherwise
  2. countries are unable to initiate economic policies to combat unemployment
  3. exchange rates may experience wide and frequent fluctuations
  4. demand tends to be highly sensitive to price movements
Вопрос 100

As a policy instrument, currency devaluation may be controversial since it:

  1. imposes hardships on the exporters of foreign countries
  2. imposes hardships on exporters of the devaluing country
  3. is generally followed by unemployment in the devaluing country
  4. is generally followed by price deflation in the devaluing country