Question 1

The Following Questions Refer to the graph below.  
-A trough in the business cycle is illustrated on the graph

Accepted Answer

A) At point T2 
B) At point T3 
C) Between T1 and T2 
D) Between T2 and T3 
E) Along the straight line 
A) At point T2 
B) At point T3 
C) Between T1 and T2 
D) Between T2 and T3 
E) Along the straight line

Question 2

The size of the American economy will double within the next ten years.

Accepted Answer

A) True 
 B)False

Question 3

To stimulate additional economic investment,some policy makers favor increasing the tax rate on capital gains.

Accepted Answer

A) True 
 B)False

Question 4

The U.S.government spends less than 1% of GDP on research and development each year.

Accepted Answer

A) True 
 B)False

Question 5

The slowdown in the rate of population growth has increased the growth rate in the real per capita GDP for the U.S.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is NOT something that will increase economic growth?

Accepted Answer

A) Expenditures on research and development 
B) Increased education 
C) Using resources to develop additional capital 
D) Replacing old machinery 
E) All of the above will increase economic growth 
A) Expenditures on research and development 
B) Increased education 
C) Using resources to develop additional capital 
D) Replacing old machinery 
E) All of the above will increase economic growth

Question 7

Which of the following is consistent with economic growth?

Accepted Answer

A) Lower unemployment 
B) Increased GDP 
C) Increased aggregate demand 
D) Increased sales 
E) All of the above 
A) Lower unemployment 
B) Increased GDP 
C) Increased aggregate demand 
D) Increased sales 
E) All of the above

Question 8

Of the following,which of the following values most closely approximates the average annual rate of growth for the U.S.economy since 1960?

Accepted Answer

A) 1.65% 
B) 10.22% 
C) 5.35% 
D) 4.02% 
E) 3.26% 
A) 1.65% 
B) 10.22% 
C) 5.35% 
D) 4.02% 
E) 3.26%

Question 9

Between 1960 and the mid-1990s,the American economy more than tripled its level of real GDP.

Accepted Answer

A) True 
 B)False

Question 10

How much does the federal government spend annually on research and development?

Accepted Answer

A) Less than 1% of GDP 
B) About 10% of GDP 
C) More than 25% of its budget 
D) Zero 
E) Exactly 5% of its budget 
A) Less than 1% of GDP 
B) About 10% of GDP 
C) More than 25% of its budget 
D) Zero 
E) Exactly 5% of its budget

Question 11

The Following Questions Refer to the graph below.  
-An economic expansion is illustrated on the graph

Accepted Answer

A) At point T2 
B) At point T3 
C) Between T1 and T2 
D) Between T2 and T3 
E) Along the straight line 
A) At point T2 
B) At point T3 
C) Between T1 and T2 
D) Between T2 and T3 
E) Along the straight line

Question 12

Most economic forecasts of the near future predict that the standard of living in the United States will fall.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following lists the four phases of the business cycle in the correct sequence?

Accepted Answer

A) Expansion,peak,contraction,trough 
B) Expansion,contraction,peak,trough 
C) Expansion,peak,contraction,depression 
D) Expansion,peak,depression,trough 
E) Peak,recession,trough,depression 
A) Expansion,peak,contraction,trough 
B) Expansion,contraction,peak,trough 
C) Expansion,peak,contraction,depression 
D) Expansion,peak,depression,trough 
E) Peak,recession,trough,depression

Question 14

The rate of technological growth in the U.S.economy is higher today than it was in the 1960s.

Accepted Answer

A) True 
 B)False

Question 15

Monetary theories of the business cycle postulate that cycles are strongly influenced by the policy actions of the

Accepted Answer

A) U.S.Congress 
B) Federal Reserve 
C) World Trade Organization 
D) National Bureau of Economic Research 
E) U.S.Department of Commerce 
A) U.S.Congress 
B) Federal Reserve 
C) World Trade Organization 
D) National Bureau of Economic Research 
E) U.S.Department of Commerce

Question 16

Which of the following is the best definition of "productivity"?

Accepted Answer

A) A measurement of how efficiently resources are converted into goods and services through a production process 
B) A measurement of how technology increases the ability of an economy to produce goods and services 
C) The ratio of inputs to output 
D) The quantity of goods and services produced during a given period of time by labor 
E) The total output produced in an economy given its set of resources and the current state of technology 
A) A measurement of how efficiently resources are converted into goods and services through a production process 
B) A measurement of how technology increases the ability of an economy to produce goods and services 
C) The ratio of inputs to output 
D) The quantity of goods and services produced during a given period of time by labor 
E) The total output produced in an economy given its set of resources and the current state of technology

Question 17

Which of the following is the most commonly used measurement of economic growth? Changes in

Accepted Answer

A) Real GDP 
B) The money supply 
C) Nominal GDP 
D) The federal government debt 
E) The level of international trade 
A) Real GDP 
B) The money supply 
C) Nominal GDP 
D) The federal government debt 
E) The level of international trade

Question 18

How many complete business cycles has the U.S.experienced since 1960?

Accepted Answer

A) 7 
B) 1 
C) 12 
D) 2 
E) 23 
A) 7 
B) 1 
C) 12 
D) 2 
E) 23

Question 19

In the 1990s,the U.S.economy grew at an average annual rate of only 2.1%.

Accepted Answer

A) True 
 B)False

Question 20

According to Real Business Cycle Theory,the primary factor that increases aggregate supply is

Accepted Answer

A) Savings 
B) Increases in the size of the labor force 
C) Technological improvements 
D) Government spending 
E) Reductions in regulation 
A) Savings 
B) Increases in the size of the labor force 
C) Technological improvements 
D) Government spending 
E) Reductions in regulation

The Following Questions Refer to the graph below. -A trough in the business cycle is illustrated on the graph

The size of the American economy will double within the next ten years.

To stimulate additional economic investment,some policy makers favor increasing the tax rate on capital gains.

The U.S.government spends less than 1% of GDP on research and development each year.

The slowdown in the rate of population growth has increased the growth rate in the real per capita GDP for the U.S.

Which of the following is NOT something that will increase economic growth?

Which of the following is consistent with economic growth?

Of the following,which of the following values most closely approximates the average annual rate of growth for the U.S.economy since 1960?

Between 1960 and the mid-1990s,the American economy more than tripled its level of real GDP.

How much does the federal government spend annually on research and development?

The Following Questions Refer to the graph below. -An economic expansion is illustrated on the graph

Most economic forecasts of the near future predict that the standard of living in the United States will fall.

Which of the following lists the four phases of the business cycle in the correct sequence?

The rate of technological growth in the U.S.economy is higher today than it was in the 1960s.

Monetary theories of the business cycle postulate that cycles are strongly influenced by the policy actions of the

Which of the following is the best definition of "productivity"?

Which of the following is the most commonly used measurement of economic growth? Changes in

How many complete business cycles has the U.S.experienced since 1960?

In the 1990s,the U.S.economy grew at an average annual rate of only 2.1%.

According to Real Business Cycle Theory,the primary factor that increases aggregate supply is

Alleviating Human Misery: The Role of Economic Reasoning

Economic Systems, Resource Allocation, and Social Well-Being: Lessons From Chinas Transition

Government Control of Prices in Mixed Systems: Who Are the Winners and Losers

Pollution Problems: Must We Foul Our Own Nests

Economics of Crime and Its Prevention: How Much Is Too Much

The Economics of Education: Crisis and Reform

Poverty Problems and Discrimination: Why Are so Many Still so Poor

The Economics of Monopoly Power: Can Markets Be Controlled

The Economics of Professional Sports: What Is the Real Score

Competition in the Global Market-Place: Should We Protect Ourselves From International Trade

Money,Banking and the Financial System: Old Problems With New Twists

Unemployment and Inflation: Can We Find a Balance

Government Spending,Taxation,and the National Debt: Who Wins and Who Loses

Social Security and Medicare: How Secure Is Our Safety Net for the Elderly

Filters

Exam 11: Economic Growth: Why Is the Economic Road so Bumpy

The Following Questions Refer to the graph below. -A trough in the business cycle is illustrated on the graph

The size of the American economy will double within the next ten years.

To stimulate additional economic investment,some policy makers favor increasing the tax rate on capital gains.

The U.S.government spends less than 1% of GDP on research and development each year.

The slowdown in the rate of population growth has increased the growth rate in the real per capita GDP for the U.S.

Which of the following is NOT something that will increase economic growth?

Which of the following is consistent with economic growth?

Of the following,which of the following values most closely approximates the average annual rate of growth for the U.S.economy since 1960?

Between 1960 and the mid-1990s,the American economy more than tripled its level of real GDP.

How much does the federal government spend annually on research and development?

The Following Questions Refer to the graph below. -An economic expansion is illustrated on the graph

Most economic forecasts of the near future predict that the standard of living in the United States will fall.

Which of the following lists the four phases of the business cycle in the correct sequence?

The rate of technological growth in the U.S.economy is higher today than it was in the 1960s.

Monetary theories of the business cycle postulate that cycles are strongly influenced by the policy actions of the

Which of the following is the best definition of "productivity"?

Which of the following is the most commonly used measurement of economic growth? Changes in

How many complete business cycles has the U.S.experienced since 1960?

In the 1990s,the U.S.economy grew at an average annual rate of only 2.1%.

According to Real Business Cycle Theory,the primary factor that increases aggregate supply is

Alleviating Human Misery: The Role of Economic Reasoning

Economic Systems, Resource Allocation, and Social Well-Being: Lessons From Chinas Transition

Government Control of Prices in Mixed Systems: Who Are the Winners and Losers

Pollution Problems: Must We Foul Our Own Nests

Economics of Crime and Its Prevention: How Much Is Too Much

The Economics of Education: Crisis and Reform

Poverty Problems and Discrimination: Why Are so Many Still so Poor

The Economics of Monopoly Power: Can Markets Be Controlled

The Economics of Professional Sports: What Is the Real Score

Competition in the Global Market-Place: Should We Protect Ourselves From International Trade

Money,Banking and the Financial System: Old Problems With New Twists

Unemployment and Inflation: Can We Find a Balance

Government Spending,Taxation,and the National Debt: Who Wins and Who Loses

Social Security and Medicare: How Secure Is Our Safety Net for the Elderly

Filters