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Macroeconomics Chapter 1-3 Quiz

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In the long run, inflation is caused by

a. aggressive labor unions

b. global warming

c. growth in the money supply

d. greedy monopolists



The quantity of money in circulation in the United States is managed by

a. the United States Treasury

b. the Federal Reserve System

c. wall street

d. The Securities and Exchange Commission



An increase in energy prices is a likely cause of

a. the Great Moderation

b. Great Depression

c. the recession in 1973-1975

d. Korean War inflation



What is the key feature that differentiates business cycle theories?

a. whether the theory was developed before or after the Great Depression

b. whether the theory explains how monetary policy works

c. whether the theory is Keynesian or non-Keynesian

d. whether the theory also explains economic growth



For the study of economic growth, it is most helpful to examine movements in ________; for the study of business cycles, it is most helpful to examine movements in _________.

a. trend GNP; deviations from trend in GNP

b. deviations from trend in GNP; trend GNP

c. trend GNP; trend GNP

d. deviations from trend in GNP; deviations from trend in GNP



Real GDP values current production at

a. the best estimate of next year's prices

b. base year prices

c. current year prices

d. the average of price levels over the entire sample period



Seasonal adjustment

a. is a common characteristic of macroeconomic time series in wide use

b. should never be used

c. is rarely used

d. is not used by modern macroeconomists



Real investment tends to be

a. countercyclical and less variable than real GDP

b. procyclical and less variable than real GDP

c. countercyclical and more variable than real GDP

d. procyclical and more variable than real GDP



A government deficit occurs when

a. the government spends more than what it gets in taxes

b. a government loses an election

c. the government still has Treasury bonds to reimburse

d. public goods are worth less than what was paid for them



Additions to inventory are

a. not counted as an expenditure in GDP accounting

b. counted as a component of investment spending

c. counted as an intermediate input

d. subtracted from sales revenue in calculating profit income



The income-expenditure identity is best paraphrased as

a. on average, consumers cannot save

b. all spending generates income

c. on average, government can spend no more than what it collects in income taxes

d. all profits are used for investment spending


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