MacroEconomics

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1.
Since the millennium, job growth is



 
2.
Which statement about the United States at present is false?





 
3.
Who made this statement? "Once upon a time my opponents honored me as possessing the fabulous intellectual and economic power by which I created a worldwide depression all by myself."





 
4.
_________ completely changed the face of the United States in the 25 years following World War II.




 
5.
Each of the following took place in the 1930s except




 
6.
Writer Thomas Friedman asserts that "America is the greatest engine of innovation that has ever existed and it can't be duplicated anytime soon, because"





 
7.
Which of the following would NOT be an opportunity cost of fighting the war in Iraq?





 
8.
The opportunity cost of the war in Iraq would be




 
9.
Which of the following is the most accurate statement?




 
10.
Unemployment means




 
11.
Which of these is NOT an example of opportunity cost?




 
12.
When the Times Mirror Company purchased the right to discharge 150 tons of hydrocarbons annually from other polluters, this was an example of




 
13.
When the government determines the permissible level of pollution and issues permits to each polluting firm, this is a form of




 
14.
Lowering the level of pollution to very close to zero would



 
15.
The so-called "bridge to nowhere" in Alaska is an example of





 
16.
Statement I: Most economists believe price ceilings do more harm than good.Statement II: In the long run, higher gas prices encourage greater exploration for oil and encourage the development of alternative energy sources.




 
17.
Statement I: In 1973 and 1979 the United States dealt with a decrease in the supply of oil by letting the market solve the problem.Statement II: In 2005 the government avoided the problems of long gas lines by allowing the price of gasoline to rise.




 
18.
The price of gasoline was much higher in 2005 than in 2003 because




 
19.
Which of the following could have caused the price of gasoline to reach nearly $6 per gallon in some parts of the South on Labor Day weekend, 2005?




 
20.
Statement I: Interest rates would fall if the demand for loanable funds rises.Statement II: Interest rates would rise if the supply of loanable funds decreased.




 
21.
The increase in two wage earning families in the U.S. has resulted in a substantial increase in the percentage of disposable income spent on




 
22.
Housing cost has increased about _______ percent since 1970 due to the active market for real estate in desirable neighborhoods near good schools.




 
23.
As a nation's income falls, induced consumption _________________.



 
24.
Conspicuous consumption




 
25.
Which of the following would most likely cause Consumption to decrease?




 
26.
By making a partnership a limited partnership, the partners have the following advantage of a corporation form of business




 
27.
Suppose you own $50,000 worth of personal property, $1,000 in government bonds, $500 in a savings account, and $20,000 of Walmart common stock. If Walmart goes bankrupt, the most you could lose is




 
28.
All of the following are disadvantages of the proprietorship form of business except




 
29.

When disposable income is 1,500, Savings is





 
30.
When disposable income is 1,500, C+ I is




 
31.
Critics of the tax cut of 2001 made all of the following arguments EXCEPT




 
32.
Which would be the most accurate description of the top marginal tax rate of the federal income tax?




 
33.
Excise taxes




 
34.
Statement 1: In 2002 and 2003, state after state slashed services and raised taxes.Statement 2: Through the 1970s, the 1980s, and the 1990s, state governments ran substantial budget deficits.




 
35.
Statement 1: The first Presidents George Bush. and President Bill Clinton will go down in history as two of our greatest tax cutters.Statement 2: Presidents Ronald Reagan and The second President Bush will go down in history as two of our greatest tax cutters.




 
36.
The most important economic concept to consider when deciding whether to build your own deck or hire it done is




 
37.
The most important economic concept to consider when deciding whether to produce a product domestically or import the product is




 
38.
In 2004, ___________ exceeded the United States in value of exports becoming the world's largest exporter.




 
39.
After World World II, the United States produced about ______ percent of the world's oil, much of which we exported.




 
40.
All of the following are an example of "off-shoring" EXCEPT




 
41.
If the unemployment rate rises from 5.5 to 7.0 and the rate of inflation declines from 4.0 to 3.0, then the misery index



 
42.
There have been __________ recessions since World War II that have lasted over one year.





 
43.
In a three-phase business cycle, the recovery phase is always followed immediately by _______.




 
44.
Among the following, which group is helped during periods of inflation?




 
45.
The first part of the expansion phase of the cycle is




 
46.
Which of the following does NOT explain why the record budget surplus in 2000 turned into record budget deficits by 2003?





 
47.
Automatic stabilizers result in _____ fluctuations in aggregate demand for given changes in spending than would be the case for an economy in which automatic stabilizers did not exist.




 
48.
Which of the following statements is false?




 
49.
During times of recession, we want to




 
50.
A balanced budget amendment to the Constitution, proposed several times in the 1990s




 


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