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- This paperwork of ECO 372 Final Exam shows the solutions to the following problems:
- 1) The largest source of household income in the U.S. is obtained from
- A. stock dividends
- B. wages and salaries
- C. interest earnings
- D. rental income
- 2) The market where business sell goods and services to households and the government is called the
- A. goods market
- B. factor market
- C. capital market
- D. money market
- 3) Real gross domestic product is best defined as
- A. the market value of intermediate goods and services produced in an economy, including exports
- B. all goods and services produced in an economy, stated in the prices of a given year and multiplied by quantity
- C. the market value of all final goods and services produced in an economy, stated in the prices of a given year
- D. the market value of goods and services produced in an economy, stated in current-year prices
- 4) Underemployment includes people
- A. who work “-off-the-books”- to avoid tax liabilities
- B. who are working part time, or not using all their skills at a full-time job
- C. who are tired of looking for a job, so they quit looking, but still want one
- D. whose skills are not in demand anymore
- 5) The Bureau of Economic Analysis is responsible for which of the following?
- A. Setting interest rates
- B. Managing the money supply
- C. Calculating U.S. gross domestic product]
- D. Paying unemployment benefits
- 6) The Federal Reserve provides which of the following data?
- A. Federal funds rate
- B. Stock price of GE
- C. Bond yields of corporations
- D. Debt to GDP of Ireland
- 7) Consider if the government instituted a 10 percent income tax surcharge. In terms of the AS/AD model, this change should have
- A. shifted the AD curve to the left
- B. shifted the AD curve to the right
- C. made the AD curve flatter
- D. made the AD curve steeper
- 8) If the depreciation of a country’-s currency increases its aggregate expenditures by 20, the AD curve will
- A. shift right by more than 20
- B. shift right by less than 20
- C. shift right by exactly 20
- D. not shift at all
- 9) Aggregate demand management policies are designed most directly to
- A. minimize unemployment
- B. minimize inflation
- C. control the aggregate level of spending in the economy
- D. prevent budget deficits or surpluses
- 10) Suppose that consumer spending is expected to decrease in the near future. If output is at potential output, which of the following policies is most appropriate according to the AS/AD model?
- A. An increase in government spending
- B. An increase in taxes
- C. A reduction in government spending
- D. No change in taxes or government spending
- 11) According to Keynes, market economies
- A. never experience significant declines in aggregate demand
- B. quickly recover after they experience a significant decline in aggregate demand
- C. may recover slowly after they experience a significant decline in aggregate demand
- D. are constantly experiencing significant declines in aggregate demand
- 12) The laissez-faire policy prescription to eliminate unemployment was to
- A. eliminate labor unions and government policies that hold real wages too high
- B. strengthen unions and government regulations protecting unions and workers
- C. increase real wages so that people are encouraged to work
- D. have government guarantee jobs for every
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