Question 1

Which of the following represents the uses of household income?

Accepted Answer

A)  rent, wages, salaries, benefits, interest, and profits. 
B)  consumption spending, savings, and taxes. 
C)  rent, wages, benefits, savings, taxes, profits. 
D)  rent, wages, salaries, benefits, consumption spending, interest, profits. 
A)  rent, wages, salaries, benefits, interest, and profits. 
B)  consumption spending, savings, and taxes. 
C)  rent, wages, benefits, savings, taxes, profits. 
D)  rent, wages, salaries, benefits, consumption spending, interest, profits.

Question 2

Each of the following is a fundamental step that almost every successful construction of a macroeconomic model follows except

Accepted Answer

A)  the use of representative agents. 
B)  a focus on the nominal costs involved in undertaking agents' decisions. 
C)  careful attention to the effect of people's expectations on events. 
D)  a focus on the opportunity costs in undertaking agents' decisions. 
A)  the use of representative agents. 
B)  a focus on the nominal costs involved in undertaking agents' decisions. 
C)  careful attention to the effect of people's expectations on events. 
D)  a focus on the opportunity costs in undertaking agents' decisions.

Question 3

If the level of net exports increases,

Accepted Answer

A)  the level of taxes deceases. 
B)  the level of aggregate demand decreases. 
C)  the level of savings increases. 
D)  the level of aggregate demand increases. 
A)  the level of taxes deceases. 
B)  the level of aggregate demand decreases. 
C)  the level of savings increases. 
D)  the level of aggregate demand increases.

Question 4

Output per unit of labor (Y/L) will _______ if ______________.

Accepted Answer

A)  increase; the capital-labor ratio (K/L) decreases 
B)  increase; the capital-labor ratio (K/L) increases and the efficiency of labor (
E)  decreases 
C)  increase; the efficiency of labor (
E)  decreases 
D)  increase; the efficiency of labor (
E)  increases 
A)  increase; the capital-labor ratio (K/L) decreases 
B)  increase; the capital-labor ratio (K/L) increases and the efficiency of labor (
E)  decreases 
C)  increase; the efficiency of labor (
E)  decreases 
D)  increase; the efficiency of labor (
E)  increases

Which of the following represents the uses of household income?

Each of the following is a fundamental step that almost every successful construction of a macroeconomic model follows except

If the level of net exports increases,

Output per unit of labor (Y/L) will _ if ________.

Introduction to Macroeconomics

Measuring the Macroeconomy

The Theory of Economic Growth

The Reality of Economic Growth: History and Prospect

Building Blocks of the Flexible-Price Model

Equilibrium in the Flexible-Price M Odel

Money, Prices, and Inflation

The Sticky-Price Income-Expenditure Framework: Consumption and the Multiplier

Investment, Net Exports, and Interest Rates: The Is Curve

The Money Market and the LM Curve

The Phillips Curve, Expectations, and Monetary Policy

Stabilization Policy

Budget Balance, National Debt, and Investment

International Economic Policy

Changes in the Macroeconomy and Changes in Macroeconomic Policy

The Future of Macroeconomics

Epilogue

Filters

Exam 3: Thinking Like an Economist

Which of the following represents the uses of household income?

Each of the following is a fundamental step that almost every successful construction of a macroeconomic model follows except

If the level of net exports increases,

Output per unit of labor (Y/L) will _______ if ______________.

Introduction to Macroeconomics

Measuring the Macroeconomy

The Theory of Economic Growth

The Reality of Economic Growth: History and Prospect

Building Blocks of the Flexible-Price Model

Equilibrium in the Flexible-Price M Odel

Money, Prices, and Inflation

The Sticky-Price Income-Expenditure Framework: Consumption and the Multiplier

Investment, Net Exports, and Interest Rates: The Is Curve

The Money Market and the LM Curve

The Phillips Curve, Expectations, and Monetary Policy

Stabilization Policy

Budget Balance, National Debt, and Investment

International Economic Policy

Changes in the Macroeconomy and Changes in Macroeconomic Policy

The Future of Macroeconomics

Epilogue

Filters

Output per unit of labor (Y/L) will _ if ________.