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1.Here are three statements about how the annual government budget impacts the government debt. Which statements below are TRUE?(Chooseone or more.)

AA balanced budget does not affect the size of the government debt.

BA budget deficit increases the size of the government debt.

CA larger budget deficit causes the government debt to grow faster.

2.assume a CLOSED economy, i.e., neither foreign trade nor capital flows across its borders, but WITH a government sector.

Here are three statements about the causes and consequences of a budget surplus. Which statements below are TRUE?(Chooseone or more.)

AA budget surplus arises because government revenues exceed government spending.

BA budget surplus reduces the size of the government debt.

CCeteris paribus, a budget surplus raises the equilibrium interest rate, which discourages the private sector from borrowing and investing.

3.Here are three statements about the causes and consequences of a budget deficit. Which statements below are TRUE?(Chooseone or more.)

AA budget deficit arises because government spending exceeds government revenues.

BA budget deficit increases the size of the government debt.

CCeteris paribus, a budget deficit lowers the equilibrium interest rate, which encourages the private sector to borrow and invest.

4.Which statements below are TRUE? (Chooseone or more.)

AThe natural rate of unemployment is fixed and never changes.

BThe natural rate of unemployment does not vary with the business cycle.

CIf the observed unemployment rate were equal to the natural rate of unemployment, cyclical unemployment would be zero.

DCeteris paribus, lowering the minimum wage would reduce the long-term unemployment rate.

EThe unemployment rate would necessarily fall if the average period of unemployment decreases.

5.Ceteris paribus, an increase in the retirement age from, say, 65 to 70 would cause the labor force participation rate to

Afall

Brise

6.Ceteris paribus, a reduction in the number of high-school graduates attending college full-time would cause the labor force participation rate to

Afall

Brise

7.The Fisher effect says that the nominal interest rate is equal to the expected inflation rate

Aminus the equilibrium real rate of return

Bplus the equilibrium real rate of return

8.If borrowers and lenders expect the inflation rate to fall, borrowers would be prepared to borrow only at

Aa higher interest rate

Ba lower interest rate

9.If borrowers and lenders expect the inflation rate to rise, lenders would be prepared to lend only at

Aa higher interest rate

Ba lower interest rate

10.Here are five statements about the consequences of inflation (a rising average level of prices) and deflation (a falling average level of prices). Which statements below are TRUE?(Chooseone or more.)

ABorrowers lose and lenders gain in the event of unexpected deflation.

BBorrowers gain and lenders lose in the event of unexpected inflation.

CUnexpected deflation benefits people who owe money.

DUnexpected inflation hurts people who are owed money.

EUnexpected deflation and inflation arbitrarily redistribute wealth.

11.According to our textbook, changes in the money supply tend to impact

Areal GDP in the short run but only the price level in the long run.

Bthe price level in the short run but only real GDP in the long run

12.According to our textbook, changes in the rate of growth of the money supply tend to impact

Athe rate of growth of real GDP in the short run but only the rate of inflation in the long run.

Bthe rate of inflation in the short run but only the rate of growth of real GDP in the long run.

13.Inflation is more volatile and less predictable when the inflation rate is

Ahigh

Blow

14.Money illusion occurs when people mistake

Achanges in nominal prices for changes in real prices.

Bchanges in real prices for changes in nominal prices.

15.Ceteris paribus, if the price level rises, the purchasing power of money would

Afall

Brise

16.Ceteris paribus, if the demand to hold money increases, the price level would

Afall

Brise

17.Ceteris paribus, if the stock of money increases, the exchange value of money would

Afall

Brise

18.Which statements below are TRUE? (Chooseone or more.)

AMoney is a widely accepted medium of exchange, and may also function as a store of value, a unit of account, and a standard of deferred payment.

BHistorically, the precious metals gold and silver became the most important commodity moneys.

CBanks expand the supply of money by creating deposits in their customers' favor.

DFractional-reserve banking enables banks to expand the money supply by a multiple of their reserves.

E100-percent-reserve banking enables banks to expand the money supply by 100 percent of their reserves.

19.The increase in the use of credit cards has likely

Aincreased the public's demand to hold money

Breduced the public's demand to hold money

Chad no effect on the public's demand to hold money

20.Which came first?

Acommodity money

Bpaper money