May I get the solutions, please?

1980 (in MILLIONS of dollars)? BOX 2: By what percent did real GDP grow between 1970 and 1980? BOX 3: How much did real GDP grow between 1980 and 1990 (in MILLLIONS dollars)? BOX 4: By what percent did real GDP grow between 1980 and 1990? Question 14 (1 point) The aggregate supply curve is likely to be nearly vertical for output levels close to capacity because 0 prices and wages are above their equilibrium levels 0 interest rates are very high and therefore investment will be decreasing O at output levels close to capacity the additional cost of producing more output is likely to be very high Q aggregate demand is high Question 17 (1 point) GDP is: the market value of all final goods and 0 services produced during a certain period the total value of all the assets of a country the total value of all goods and services 0 sold during a certain period the measure of the total wealth of an economy Question 30 (1 point) The Bank of Canada policy to \"lean against the wind\" means that O reserve requirements are increased as the economy contracts 0 interest rates are increased as the economy contracts 0 reserve requirements are increased significantly during an economic slowdown 0 interest rates are decreased gradually as the economy contracts Question 7 (1 point) The difference between GNP and GDP is that GNP accounts for the output of factors located in Canada whereas GDP accounts for the output of Canadian owned factors regardless of their location. True FalseQuestion 4 (1 point) Personal income is the best measure of how much money people have to spend on consumer goods and services. Question 10 (1 point) The relationship between the domestic economy and the rest of the world is a microeconomic rather than a macroeconomic queson. Question 24 (1 point) In an economy with a foreign sector: GDP = C+1+ G GDP = C+| +G+X GDP = C + 1 + G + (X-IM) none of the aboveQuestion 29 (1 point) Which of the following policy options would simultaneously increase interest rates and decrease output? 0 The Bank of Canada sells bonds through open market operations. 0 The Federal government increases its defense purchases. 0 The Bank of Canada expands the money supply. 0 The Federal Government increases the tax rate. Question 38 (8 points) Analyse the table below: 1965 1970 1975 1980 1985 1990 Nominal GDP 800 1100 1500 2500 3500 5000 (millions) Price index 100 120 160 250 300 420 With 1965 as the base year..... BOX 1: How much did real GDP grow between 1970 andQuestion 31 (1 point) If the government attempts to use stabilization policy, it becomes a \"fool in the shower,\" because of: O implementation lags O recognition lags 0 response lags 0 all of the above Question 2 (1 point) "Under-the-table" transactions and volunteer work do not increase the GDP but they increase economic well-being. True FalseQuestion 5 (1 point) According to Keynes, government spending and taxes can be used to control economic activity. Question 23 (1 point) An output of one industry which is intended for use as an input by another industry is a(n): 0 intermediate product 0 input-output product 0 inventory product 0 none of the above Question 6 (1 point) If, in computing the value of total production, we count only the values added at each stage of production, we will avoid double-counting. Question 33 (1 point) Macroeconomics is useful: 0 to all economic decision-making units 0 only to households seeking employment only to business firms seeking to O maximize their profits 0 only to governments Question 9 (1 point) Double-counting will lead to an underestimate of the GDP. True FalseQuestion 26 (1 point) Consider a small economy where the total population is 10,000. The size of the labor force is 8,000, while the number of people employed is 7,000. What is the unemployment rate in this economy? 0 10% O 12.5% Q 30% O 37.5% Question 13 (1 point) The idea that government spending should be used to stimulate economic activity is most closely associated with: Alfred Marshall C Milton Friedman C Adam Smith O J. M. Keynes\fQuestion 34 (1 point) The international aspect of economics should be of interest to Canadians because: they help us to understand the operation 0 of the Canadian economy Canada has a relatively large foreign sector the Canadian economy is affected by economic events in the rest of the world 0 all of the above Question 12 (1 point) When we measure the total output of a country by the expenditure approach, we add up: all the incomes earned by the factors of 0 production 0 the total amount of sales of all firms the total spending of all firms and 0 individuals in the economy 0 none of the above Question 27 (1 point) In a Lorenz diagram for income, the line of equality shows 0 the income distribution if everyone received the same income 0 how much redistribution occurs 0 the most equitable income distribution 0 how unequally incomes are distributed Question 20 (1 point) Which of the following is correct? Macroeconomic behaviour reflects the sum total of decisions made by individual decision- making units 0 Macroeconomics and microeconomics study the same problems but they use different analytical tools Macroeconomics helps us to understand consumer behaviour but it does not help us to understand how the economy works 0 All of the above Question 39 (6 points) Discuss the nature of the Aggregate supply curve (feel free to draw a picture). Explain it's shape and what changes in equilibrium mean for an economy Question 21 (1 point) The farther away a Lorenz curve for income is from the line of equality, the 0 more equally wealth is distributed. 0 more equally income is distributed O less equally income is distributed 0 None of the above Question 18 (1 point) Suppose an economy is running a government budget deficit. Which one of the following will cause this deficit to become larger? O A decrease in taxes O A decrease in government purchases. 0 Expansionary monetary policy 0 An increase in exports Question 16 (1 point) During the Great Depression: macroeconomic models were applied to O the economy but they all failed microeconomic models were applied to O the economy but they failed 0 microeconomic models were successfully applied to the macroeconomy 0 none of the above \fQuestion 28 (1 point) In 2000, the nominal GDP growth of a country was 8% and the real GDP growth was 4%. What was the rate of inflation for this country? Question 19 (1 point) Which of the following would NOT cause a SHIFT in Aggregate Supply? O The level of government spending O Changes in costs of the factors of production 0 Incentives 0 Changes in structure of the economy Question 15 (1 point) The simple Keynesian model had difficulty dealing with: O inflation O recession 0 stagflation 0 all of the above Question 25 (1 point) Those holding the classical view of the labor market are likely to believe that O monetary and fiscal policy have little or no effect on output and employment in both the short run and the long run 0 monetary and fiscal policy have some effect on output and employment in both the short run and the long run 0 monetary and fiscal policy have some effect on output and employment in the short run, but not in the long run O monetary and fiscal policy have a substantial effect on output and employment in both the short run and thelongrun Question 32 (1 point) The sum of consumption, investment, government purchases and net exports gives a measure of the value of total output called: 0 GDP, income based 0 GDP, expenditure based 0 net domestic income 0 national income Question 8 (1 point) One of the main strengths of the simple Keynesian model is that it can easily cope with the problem of stagflation. Question 22 (1 point) Other things being equal, an increase in the price level will: O increase nominal GDP O reduce nominal GDP 0 increase real GDP 0 none of the above Question 36 (1 point) Which of the following is among the great macroeconomic issues? 0 Unemployment 0 Inflation 0 Economic growth 0 All of the above Question 37 (6 points) Describe two situations in which GDP grow by 5% in a year but leave that economy no better offQuestion 35 (1 point) Which of the following would NOT cause a shift in Aggregate Demand? O A reduction in income tax 0 A reduction in interest rates 0 An increase in government spending 0 A fall in the cost of production Question 11 (1 point) Which of the following is correct? Classical economics failed to explain the 0 Great Depression Classical economics adequately O eXplained the Great Depression Keynesian economics failed to explain 0 the Great Depression The failure of Keynesian economics to O eXplain prolonged periods of severe unemployment led to the development of classical economics