University of Phoenix ECO 372 Final Exam Guide

University of Phoenix ECO 372 Final Exam Guide
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DESCRIPTION FOR THIS STUDY GUIDE:
Study Unit: ECO 372
University of Phoenix Final Exam Guide with Answers
TUTORIAL: Includes study guide with answers for final exam.
Sample exam questions:
1. Which group has ultimate control over the U.S. economy?
2. When a government intervenes in an economy in a way that influences the relationship between households and businesses, it is
3. Per capita real output would most likely increase if
4. In 2006, U.S. real GDP increased by 3.3 percent. Based on this information, we can infer that the U.S. experienced
5. The Bureau of Economic Analysis is responsible for which of the following?
6. The Federal will most likely _______ the money supply when the economy is experiencing a recession
8. The paradox of thrift occurs when
9. Suppose output exceeds potential output and a contractionary fiscal policy is enacted. According to the AS/AD model, in the long run, this fiscal policy will produce
10. According to the AS/AD model, an expansionary monetary policy
11. According to Keynes, the economy could become stuck at a low income level if
12. The Classical economists argued that:
13. When the Federal Reserve targets a higher interest rate, this change in policy involves open market
14. When the Reserve sells bonds, the
15. Who buys and sells in the Federal Reserve funds market?
16. The Federal fund is always _______ compared to the discount
17. If the multiplier effect is 4, a $15 billion increase in government expenditures will shift the AD curve
18. Suppose the money multiplier in the U.S. is 4. If the Federal Reserve wants to expand the money supply by 600 it should:
19. When the government runs a deficit, it will
20. Deficits may be desirable in the short run if they
21. The structural deficit
22. Government debt is defined as
23. According to comparative advantage, specialization means that a country is producing the goods
24. Globalization represents
25. If the U.S. wants to strengthen the value of the dollar, it should use
26. Which of the following would most likely cause an increase in the supply of dollars?
27. Suppose a basket of goods costs 60,000 pesos in Mexico. If, at the existing exchange rate, it costs less than 60,000 pesos to buy the same basket of goods in the U.S., then purchasing power parity implies that the
28. If a basket of goods costs $10 in the U.S. and 100,000 rubles in Russia, then purchasing power parity will exist if the exchange rate between the ruble and the dollar is
29. A quota differs from a tariff in that quotas
30. Threats to put tariffs on a nation in an attempt to get that nation to reduce its restrictions on trade are called: