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foundations of economics

Questions and Answers of Foundations Of Economics

In 2006 and 2007 we had . ( LO1 )a) a recessionary gapb) neither an infl ationary gap nor a recessionary gapc) an infl ationary gap
Your best estimate of our national debt on January 1, 2015 would be . ( LO9, 11 )a) $9 trilliond) $18 trillionb) $12 trillione) $21 trillionc) $15 trillion
The most valid argument against the size of the national debt is that it . ( LO9 )a) will ruin the nation when we have to pay it backb) is owed mainly to foreignersc) leaves future generations less
A major advantage of the automatic stabilizers is that they . ( LO3 )a) simultaneously stabilize the economy and tend to reduce the size of the public debtb) guarantee that the federal budget will be
The main feature of the 2008 economic stimulus package was ( LO6 )a) taxpayer rebates.b) an across-the-board tax cut.c) an increase in spending on food stamps and unemployment benefi ts.d) a large
Which statement is true? ( LO9 )a) The public debt is larger than our GDP.b) The public debt is the sum of our defi cits minus our surpluses over the years since the beginning of the country.c) We
During times of infl ation, we want to. ( LO4 , 5 )a) raise taxes and run budget defi citsb) raise taxes and run budget surplusesc) lower taxes and run budget surplusesd) lower taxes and run budget
If the federal government attempts to eliminate a budget defi cit during a depression, this will. ( LO4 )a) alleviate the depressionb) contribute to infl ationc) make the depression worsed) have no
Which statement is true? ( LO9 )a) The national debt is larger than GDP.b) The national debt will have to be paid off eventually.c) Most of the national debt is held by foreigners.d) None of these
Since 2001 the federal budget defi cit and the national debt . ( LO4 )a) increased, increasedb) decreased, decreasedc) increased, decreasedd) decreased, increased
Which statement is true? ( LO9, 11 )a) About one-third of the national debt is rolled over(or refi nanced) every year.b) The national debt is doubling every 10 years.c) Unless we balance the budget
The fi scal policy recognition lag ( LO6)a) is always very short.b) is always very long.c) is always longer than the decision and impact lags combined.d) can very considerably in length.
Statement 1: A tax cut will have the same impact on the recessionary gap as an increase in G only if people spend the entire tax cut. ( LO1 )Statement 2: The paradox of thrift is more relevant today,
If equilibrium GDP is $5.5 trillion and full employment GDP is $5 trillion, there is . (LO1)a) defi nitely an infl ationary gapb) probably an infl ationary gapc) defi nitely a recessionary gapd)
The crowding-out effect cancels out at least part of the impact of . ( LO7 )a) expansionary fi scal policyb) expansionary monetary policyc) restrictive fi scal policyd) restrictive monetary policy
The requirement to override a presidential veto is. ( LO4 )a) a majority vote in each house of Congressb) a two-thirds vote in each house of Congressc) a three-quarters vote in each house of
Fiscal policy is made by . ( LO1 )a) the president onlyb) Congress onlyc) both the president and Congressd) neither the president nor Congress
Which of the following is an example of crowding out? ( LO7 )a) Federal government spending causes changes in state and local government spending.b) Government spending reduces private spending.c)
Each of the following is an example of discretionary fi scal policy except . ( LO4 )a) public works spendingb) making the automatic stabilizers more effectivec) changes in tax ratesd) the
The automatic stabilizers . ( LO3 )a) help smooth out the business cycleb) make the business cycle worsec) eliminate the business cycle
When there is a recession, the biggest decline is in. ( LO3 )a) Social Security tax receiptsb) personal income tax receiptsc) consumer spendingd) corporate aftertax profi ts
The crowding-out effect is . ( LO7 )a) much stronger during a recession than during prosperityb) much stronger during prosperity than during a recessionc) equally strong during a recession and
Each of the following is an automatic stabilizer except . ( LO3 )a) unemployment compensationb) direct taxesc) welfare paymentsd) Social Security benefi ts
Budget surpluses are most appropriate during. ( LO5 )a) depressionsb) recessionsc) infl ations
Fiscal policy and monetary policy are. ( LO1 )a) different means used to attain different goalsb) different means used to attain the same goalsc) the same means to attain the same goalsd) the same
There is an infl ationary gap when. ( LO1 )a) equilibrium GDP is equal to full-employment GDPb) equilibrium GDP is smaller than full-employment GDPc) equilibrium GDP is larger than full-employment
When equilibrium GDP is too small, we have. ( LO1 )a) a recessionary gapc) an infl ationary gapb) a depressiond) none of these
Which one of these would be the most accurate statement? . ( LO6 )a) There was a very short fi scal policy decision lag in 2008.b) There was virtually no fi scal policy impact lag in 2008.c) In 2008
Web Activity: How much is the national debt right now? Go to www.brillig.com/debt_clock. At the same time tomorrow, check to see by how much it went up.
Web Activity: How much are the projected total defi cits for fi scal years 2013 and 2014? Go to www.cbo.gov and click on The Budget and Economic Outlook: An Update, and then click on Budget
Practical Application: If you had a job as a fi nancial counselor and a bad recession hit, what advice would you give your clients to enable them to keep their heads above water?
As late as 1992 we were running budget defi cits of nearly $300 billion. How do you explain the decline in the defi cits through the rest of the decade of the 1990s?
Can you remember the last good or service you purchased? Explain how the money you spent will lead to a multiplied chain of increased income and spending.
Right now is there an infl ationary gap or a recessionary gap?
Explain why large defi cits are so bad.
Describe the differences between an infl ationary gap and a recessionary gap.
Given the information in Figure 2 : (a) Which aggregate demand curve represents our economy during the Great Depression? (b) Which aggregate demand curve represents our economy during nearly all the
Given the information in Figure 2 : (a) If aggregate demand shifts from AD 1 to AD 2 , what happens to the level of prices and to output? (b) If aggregate demand shifts from AD 2 to AD 3 , what
Given the information in Figure 1 , and assuming an interest rate of 15 percent: (a) Will the economy be at equilibrium? (b) Will savings equal investment?(c) What will happen, according to the
If GDP = C + I and if GDP = C + S, then _____________ = _____________ . ( LO1 )
When aggregate supply is greater than aggregate demand, the economy is in _____________ . ( LO4 , 6 )
When we are far below the full-employment level of GDP, Keynes policy prescription was _____________ . ( LO6 )
When aggregate supply is greater than aggregate demand, the economy is in _____________. ( LO4 , 6 )
When we are far below the full-employment level of GDP, Keynes policy prescription was _____________ . ( LO6 )
According to John Maynard Keynes, the level of aggregate supply is determined by the _____________. ( LO6 )
Keynes was most concerned with one main variable, _____________. ( LO5 )
Full-employment GDP and equilibrium GDP are _____________ equal. ( LO6 )
When investment is greater than savings, we are _____________ equilibrium GDP. ( LO6 )
Our economy always tends toward _____________ GDP. ( LO6 )
At equilibrium GDP, _____________will be equal to _____________. ( LO4 , 6 )
When individuals, business fi rms, and the government are spending just enough money to provide jobs for everyone willing and able to work, we are at _____________GDP. ( LO6 )
When aggregate demand is greater than aggregate supply, inventories will _____________ and output will _____________. ( LO4 , 6 )
During recessions, said the classical economists, the government should _____________. ( LO2 )
The classical economists believed recessions were _____________. ( LO2 )
The classical economists believed that wages and prices were _____________ fl exible. ( LO2 )
If saving were greater than investment, said the classical economists, they would be set equal by the _____________. ( LO2 )
If supply creates its own demand, asked Keynes, why are we having a _____________? ( LO5 )
The classical economists believed savings would equal _____________. ( LO2 , 3 )
According to Say’s law, people spend _____________. ( LO1 )
According to Say’s law, people work so that they can _____________. ( LO1 )
The two reasons why the aggregate supply curve moves upward to the right are: (1) _____________and (2) _____________. ( LO4 )
Laissez-faire was advocated by the _____________school of economics. ( LO1 , 2 )
Keynes and the classical economists would agree that. ( LO 6 )a) our economy is always at equilibrium or tending toward equilibriumb) our economy is never at or tending toward equilibriumc) the prime
If we are operating in the classical range of the aggregate supply curve and aggregate demand rose, then . ( LO 4 )a) output would rise and the price level would remain the sameb) output would remain
Which of the following is the most accurate statement about meeting our current economic needs? ( LO2 , 7 )a) John Maynard Keynes, rather than Jean Baptiste Say, is providing the economic answers we
Which of the following antirecession (or antidepression) programs would not be one that John Maynard Keynes would have prescribed? ( LO7 )a) The New Deal under President Franklin Rooseveltb) The
The slope of the aggregate demand curve is explained by each of the following except . ( LO3 , 4 )a) the real balance effectb) the interest rate effectc) the foreign purchases effectd) the profi t
As the price level rises, . ( LO4 )a) the quantity of goods and services demanded fallsb) the quantity of goods and services demanded risesc) the quantity of goods and services demanded stays the
When the economy is in disequilibrium,. ( LO4 )a) production automatically risesb) production automatically fallsc) it automatically moves back into equilibriumd) it stays in disequilibrium
When aggregate demand is greater than aggregate supply, . ( LO4 )a) inventories get depleted and output risesb) inventories get depleted and output fallsc) inventories rise and output risesd)
Keynes was concerned mainly with. ( LO4 , 5 )a) aggregate supplyb) aggregate demandc) the interest rated) infl ation
Keynes considered full-employment GDP to be. ( LO5 , 6 )a) the normal state of economic affairsb) a rare occurrencec) an impossibilityd) none of these
When saving is greater than investment, we are. ( LO2 , 6)a) at equilibrium GDPb) at full-employment GDPc) below equilibrium GDPd) above equilibrium GDP
According to Keynes, our economy always tends toward . ( LO5 , 6 )a) equilibrium GDPb) full-employment GDPc) recessionsd) infl ations
Which statement best describes the classical theory of employment? ( LO2 )a) We will always have a great deal of unemployment.b) We will usually have a great deal of unemployment.c) We will
To end a bad recession, we need to . ( LO7 )a) go to warb) spend a lot of moneyc) balance the federal budget
The classical economists’ aggregate supply curve is vertical . ( LO4 )a) both in the short run and in the long runb) in neither the short run nor the long runc) in the short run, but not in the
John Maynard Keynes is most closely associated with the . ( LO5 )a) American Revolutionb) French Revolutionc) Great Depressiond) Russian Revolution
Keynes said . ( LO5 )a) the expected profi t rate was more important than the interest rateb) the interest rate was more important than the expected profi t ratec) the expected profi t rate and the
That we are always tending toward full employment is a belief of . ( LO6 )a) Keynesb) the classicalsc) both Keynes and the classicalsd) neither Keynes nor the classicals
Our economy is defi nitely at equilibrium in each case except when . ( LO 4 )a) saving equals investmentb) aggregate demand equals aggregate supplyc) the amount people are willing to spend equals the
Each of the following supports the classical theory of employment except . ( LO3 , 4 )a) Say’s lawb) wage-price fl exibilityc) the interest mechanismd) government spending programs
According to the classical economists, if the amount of money people are planning to invest is greater than the amount that people want to save, . ( LO3 )a) interest rates will rise and saving will
“Our economy is always at full employment” was a claim made by . ( LO4 )a) both Keynes and the classicalsb) neither Keynes nor the classicalsc) Keynes but not the classicalsd) the classicals but
Keynes believed . ( LO5 )a) recessions were temporaryb) once a recession began, it would always turn into a depression Workbook for Chapter 11 Name Datec) the real problem that modern economies faced
According to the classical economists,. ( LO2 )a) people will always spend all their moneyb) any money that is saved will be investedc) saving will always be greater than investmentd) saving will
People work, according to Jean Baptiste Say, so that they can . ( LO1 )a) consumec) stay busyb) saved) none of these
Say’s law states that . ( LO1 )a) we can have an infl ation or a recession, but never both at the same timeb) the normal state of economic affairs is recessionc) demand creates its own supplyd)
The classical economists believed in. ( LO2 )a) strong government interventionb) laissez-fairec) a rapid growth in the money supplyd) none of these
Until the Great Depression, the dominant school of economic thought was . ( LO4 , 5 )a) classical economicsb) Keynesian economicsc) supply-side economicsd) monetarism
Practical Application: If you lived in a village cut off from the rest of the world, show how Say’s law would apply to your village’s economy.
Describe the chain reaction that is set off when (a) aggregate demand exceeds aggregate supply; (b) aggregate supply exceeds aggregate demand.
Explain the difference between the long-run aggregate supply curve and the short-run aggregate supply curve.
When the price level increases, the quantity of goods and services purchased declines. Why does this happen?
The classical economists believed that our economy was always at full employment or tending toward full employment. If our economy were operating below full employment, what would happen, according
In which year and quarter did the prosperity phase of the business cycle begin? (LO1) Year Quarter Real GDP 2020 I 18,215 2020 II 18,703 2020 III 19,496 2020 IV 19,002 2021 I 18,771 2021 II 18,563
Cameron is a senior at the University of Dubuque and Carter is unemployed. Cameron graduates and fi nds a job;Carter gives up looking for work and enrolls in Loris College. Compute the new
Cameron Amundson and Carter Amundson reside in Eagle’s Nest, Iowa, which has an unemployment rate of 6 percent and a labor force of
If the unemployment rate is 10 percent and 90 million people are working, how many people are unemployed? (LO4)
If cyclical unemployment is 6 percent, how much is the unemployment rate? (LO5)

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