ECO 302 Week 2 Quiz – Strayer NEW
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Chapter 1
TRUE/FALSE
1. Macroeconomists
study the amount of employment and unemployment.
2. Macroeconomists
study the price of individual products like beer.
3. When
the gross domestic product is growing, it is called inflation.
4. A
recession is when GDP is falling toward a trough.
5. If
price is below equilibrium in a market, then quantity supplied will be less
than quantity demanded.
6. The
annual inflation rate measures the annual percentage growth in the overall
price level.
7. The
annual inflation rate measures the growth in the prices of oil and food only.
8. Endogenous
variables in an economic model are those that the model takes as given and does
not try to explain.
9. Exogenous
variables in an economic model are those that the model takes as given and does
not try to explain.
10. In
a model with perfect competition, both buyers and sellers take the price of a
good as given.
MULTIPLE CHOICE
1. Macroeconomics
deals with:
a. how individual markets work.
b. the overall performance of the economy.
c. relative prices in different markets.
d. substitution of one good for another
good.
2. Macroeconomics
includes the study of:
a. the general price level. c. the
relative price of goods.
b. the price of individual goods. d. all
of the above.
3. Macroeconomists
study:
a. the determination of the economy’s
total production.
b. unemployment
c. the general price level.
d. all of the above.
4. Macroeconomists
study:
a. the determination of real GDP.
b. the production of specific goods.
c. the relative production in different
markets.
d. all of the above.
5. Among
the prices that macroeconomist study are:
a. the price of coffee. c. the
interest rate.
b. the price of tea. d. all
of the above.
6. Among
the prices that macroeconomists study are:
a. the wage rate. c. the exchange rate.
b. the interest rate. d. all
of the above.
7. Monetary
policy involves:
a. the government’s expenditure. c. determining
the quantity of money.
b. taxation. d. the fiscal
deficit.
8. The
unemployment rate is:
a. the fraction of the population with no
job.
b. the fraction of those seeking work with
no job.
c. the rate of growth of those with no
job.
d. the rate of growth of those seeking
work.
9. Fiscal
policy involves:
a. determining exchange rates. c. interest
rates.
b. government expenditures. d. all
of the above.
10. The
rate of growth of GDP for period t is:
a. c.
b. d.
11. Variations
in real GDP are called:
a. inflation. c. economic
fluctuations.
b. deflation. d. all of the
above.
12. When
GDP is expanding toward a high point it is called a[n]:
a. depression. c. recession.
b. boom. d. inflation.
13. When
real GDP falls toward a low point or trough it is called a[n]:
a. boom. c. inflation.
b. recession. d. expansion.
14. During
recessions the unemployment rate:
a. declines. c. is stable.
b. increases. d. is
unmeasureable.
15. The
unemployment rate in the US was highest in the:
a. 1990s c. 1980s
b. 1930s d. 1950s
16. The
inflation rate for year t is:
a. c.
b. d.
17. A
variable that macroeconomists want to model is a[n]
a. endogenous variable. c. exogenous
variable.
b. dummy variable. d. predetermined
variable.
18. A
variable taken as given in a model is a[n]
a. endogenous variable. c. exogenous
variable.
b. dummy variable. d. dichotomous
variable.
19. The
dollar price paid to use capital is known as:
a. the interest rate. c. the
rental price of capital.
b. the exchange rate. d. the
general price level.
20. The
price of labor is the:
a. exchange rate. c. interest
rate.
b. wage rate. d. the rental
price.
Figure1.1
Price
21. In
Figure1.1 the equilibrium price is:
a. 2 c. 7
b. 5 d. 0
22. In
Figure1.1 the equilibrium quantity is
a. 5 c. 7
b. 2 d. 8
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