XECO 212 Week 7 DQs

 This pack of XECO 212 Week 7 Discussion Questions consists of:


 DQ 1: How does the federal government implement its fiscal policies? Given economic conditions today, do you suggest expansionary fiscal policy or contractionary fiscal policy? How would your suggestions affect production and employment? Why?

 DQ 2: Assume the government is running a budget deficit. Should the government raise taxes to balance the budget? Should the government decrease spending to balance the budget? What are the pros and cons of each action?

General Questions - General General Questions
 ECO 212 final exam version 6





 1) Which of the following issues is an application of using macroeconomics to make a real world decision?










 A.  Whether a company should increase its worker benefits









 B.  Whether this year's enrollment will increase for University of Phoenix.







 C.  Whether the growth rate of the Chinese economy will exceed 10% in 2010







 D.  Whether workers should choose to remain in a factory















 2) The forces that make market economies work are










 A.  work and leisure









 B.  demand and supply







 C.  regulation and restraint







 D.  taxes and government spending















 3) A market is a










 A.  group of buyers and sellers of a particular good or service









 B.  group of people with common economic characteristics







 C.  place where buyers and sellers come together to engage in trade







 D.  place where an auctioneer helps set prices and arrange sales















 4) If a decrease in income increases the demand for a good, then the good is










 A.  a substitute good









 B.  a complement good







 C.  a normal good







 D.  an inferior good















 5) Two goods are substitutes if a decrease in the price of one good










 A.  decreases the demand for the other good









 B.  decreases the quantity demanded of the other good







 C.  increases the demand for the other good







 D.  increases the quantity demanded of the other good















 6) A likely example of substitute goods for most people would be










 A.  peanut butter and jelly









 B.  tennis balls and tennis rackets







 C.  televisions and subscriptions to cable television services







 D.  pencils and pens















 7) Another term for equilibrium price is










 A.  dynamic price









 B.  market-clearing price







 C.  quantity-defining price







 D.  satisfactory price















 8) If, at the current price, there is a shortage of a good,










 A.  sellers are producing more than buyers wish to buy









 B.  the market must be in equilibrium







 C.  the price is below the equilibrium price







 D.  quantity demanded equals quan

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