Macroeconomics

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C B. The acquisition of more education and training b he labor force

d c. An incre~e in the size of the labor fo:e -~ r D. The realization of economies of scale /

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Question 10 of 20 .According to Thomas Robert Malthus, the wage rate woul be depressed to the subsistence level because of

C A. the power of monopolies.

<8 B. the desire of capitalists to exploit the working cia

c:'~....C:"fI1enafuYcii te.nd·enCY.-·.6fPbPUI:f~~ O_~~~vrin~_e. ".n'.'><""·-"-II'~\. . D. the long:run->a();n=~~~dtrend in investment. Reset Selection

Question 11 of 20 The lowest the poverty rate during the last 40 years was i

A. 1960. ~ 1i.24-

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" e: B. 1988. /

C C. 1973.

C D. 1979.

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ntipoverty programs of the 1960s and 1970s

el of poverty. I

5.0 +intsQuestion 12 of 20 Charles Murray believed that the

C' A. drastically reduced the Ie

r B. slightly reduced the level f poverty. ,.r C;.had no im~~!.£!l..thti~v

_____ '- L( :;::;c;;;

Cc D. caused more poverty.-----.--- / Reset Selection

Question 13 of 20 . William Julius Wilson believes tha

kfoll-owfn-g-excep-r----

C? A. the rise oLwelfarELdepen

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the rise of black urban poverty was caused by each of the

~cy.

r B. racism.

C. the decline of smokestac I industries.

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C- B. stayed about the same.

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( D. the exodus from the ghettos of the black middle nd working classes.

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Question 14 of 20 Between 1994 and 2005 our welfare rolls

r A. rose sharply.

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'r c. declined somewhat.

cs:.. D. declined sh_~rpIY~ r::x:J L.j ~ I Reset Selection

Question 15 of 20 A study by Kathryn Edin and Laura Lein found that

A. virtually all single mothers-whether working or re eiving public assistance-had to • supplement their income with money from relatives, oyfriends, or the absent father of

their children. r B. most welfare families lived very comfortably on th ir public assistance checks,

supplemented by Medicaid, public housing, and food tamps.

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C. only half the number of Americans officially below he poverty line were actually poor.

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r D. government assistance hurt the poor much more an it helped the poor. Reset Selection

Question 16 of 20 The conservative theory of poverty blames __ for welfa e dependency.

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X •• B. the government p:::; v Gt- e c. both the poor and the gov rnment

• B. Persons over 65

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C D. neither the poor nor the g vernment Reset Selection

Question 17 of 20 . b..-g,r..Gwp..l:ias...the.-t.lig,rnst pove y rate from among thes groups?

r A. Children under 18

" C. White males

~" D. Members of working class ami lies

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Question 18 of 20 _______ breeds poverty.

( A. joblessness

B. poverty r~4 ~3 c' C. discrimination

Question 19 of 20 The biggest anti-poverty program in the United States is

C A. public assistance payments.

B. unemployment insurance benefits.

C. Social Security benefits. f j '-f.30 ,..-... -,'-""""""""""-- ..•...•-.~ -~-... ~.••..••.•..•....

~~he negative~~ax~ ~ , Reset Se ection

Question 20 of 20

r~-h~a~~9.f~ world's population lives on less then -----'-__ dollar(s) per day.

~~ . C B. five

• C. two Ptj '-f.Ol e D. three

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Questiofh.5of 20 r-Whi~h~statel)).e_IlLi?_tCl,l_e about the Maltb_y.~_theory? I ---~-,,--c-,

~ " A. It predicts_tha~.~aminecan easily be averted.' <, -- - .

( B. It is an application of the law of diminishing returns.

('c. It is unduly optimistic.

r D. It has proven true in most countries. Reset Selection

Question 6 of 20 The age of mass consumption truly arrived in the

( A. 1950s

• B.1920s

C' C. 1930s

~~1960~ ReselSeleGt~0n

Question 7 of 20

Each o.!the fol!9~~~,(i_ng_wouldbe an -example of technological change, except

(" A. increases in output due to increases in capitaL-.

(' B. improvements in the qualities of resources.

• C. improved knowledge about how to combine resources.

~. the introduction of t:tall~ ~e;-production pro~SSe . ---.,.... _ .•.. ------ -.. ' ~ ~ - ---.:- Reset Selection -

Question 8 of 20 Through the 1970s and 1980s most of our productivity was in the sector.

C A. services

(' B. agriculture

~_~~ufacturin;·~'-'j .-, .. ~

r D. technology Reset Selection

Question 9 of 20 Which of the following would not be expected to increase labor productivity?

("' A. Technological advance

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Question 1 of 20 --~-- -- -"-~"-" __ ,,,,,-Virtuallyall ~D~spend a major part of their budqets on~

/ .- A: medical care. - __ .-~/) ~ -.-............;..c_;:;o--..-..--~-

r B. family planning programs.

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(", C. implementing improved technology.

e' D. armaments. Reset Selection

Question 2 of 20 I Leaders in the lower level underdeveloped countries can enhance per capita income by

C A. providing better health care

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c,..---- /"

~_ " C. encouraging s~allei,f9m!!!!s ~

B. encol!.@flm£!citi~"~nsto.Ieavethe cities and enter agricultural production--,--- - ------

r: D. implementing a social security program Reset Selection

Question 3 of 20 I 5.0 Points In 2006, which one of these would have been considered the poorest country in the world? I

C' A. Liberia

(' B. Ethiopia

(' C. Burundi )"

•Rese e ection Question 4 of 20

Which statement is true? C A. Because of their large populations, India and China have relatively high per capita

GDPs (' B. The only way to industrialize is to build up capital in the form of new plant and

equipment.

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( C. The NICs have the highest per capita GDPs in the world.c- ~.~W~ fi~~~~D~ ., :aPita-b~d~~i'di~~ GDPinto pOPulatid"5) ~-~=~-Re-setSelection

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Question 1 of 20 If we restrict our imports:

r A. a greater tariff will be imposed.

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• B. our exports will decline.

C' C. we would have very little support from economists.

C D. we would definitely solve all our trade problems. Reset Selection

Question 2 of 20 A hollow corporation:

(' A. makes goods abroad and ships them to the United States.

f" B. makes goods in the United States and ships them abroad.

(' C. imports foreign goods and puts its own name on them.

e D. makes goods in the United States and has them sold abroad under another company's name.

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Question 3 of 20 The economics profession nearly unanim usly backs:

P A. a balance of trade deficit.

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(""\ B. budget surpluses.

c C. budget deficits. C D. free trade.

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Question 4 of 20 When only a specified amount of a good can be imported into a country during a year, that good is subject to a(n):

c A. subsidy.

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r- B. tariff .

• C. quota.

C: D. export restriction. Reset Selection

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Question 5 of 20 At the core of the American trade problem is that:

C A. Americans spend too much on consumption.

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C B. the dollar is too low.

(( C. the Japanese are excluding American products by means of high protective tariffs.

C D. American manufacturers are too quality conscious and should instead concentrate on reducing costs.

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Question 6 of 20 The principle of comparative advantage:

C' A. applies only when the gold standard is in effect.

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e B. is the basic reason that the United States has been running trade deficits. C C. states that it is advantageous to export more than you import. I

• D. states that total output is greatest when each product is made by the country that hrls the lowest opportunity cost.

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Question 7 of 120 The least applicable argument for protection of U.S. industry against foreign competition is the __ ----'1__ argument.

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C' A. national security

f' B. infant industry

(' c. low wage

C D. employment Reset Selection

Question 8 of 20 The Chinese economic expansion since the early 1980s and the Japanese econornlclexpanston from the late 1940s through the 1980s were:

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C A. virtually identical.

r' B. both dependent on the American market. (' C.1based in the economic principles of Karl Marx.

(" D. based on closing their domestic markets to American goods and services.

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Question 9 of 20 5.0 Points

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Tariffs and quotas result in:

• A. a rise in the price that consumers in the importing country must pay.

B. an over allocation of resources to relatively efficient industries.

c C. an increase in the foreign demand for domestically produced goods. C' D. an under allocation of resources to relatively inefficient industries.

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Question 10 of 20 Who does NOT gain when a tariff is imposed?

~ A. Domestic producers of the good

, B. Domestic workers in the protected industry

• C. Domestic consumers of the good

~ D. Domestic suppliers in the protected industry

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Question 11 of 20 Since 1900, international finance has been based on all of these EXCEPT:

(\ A. the gold standard.

n B. the silver standard. (' C. fixed exchange ratios.

C D. freely floating exchange rates. Reset Selection

Question 12 of 20 A U.s. importer of French wine would pay in:

C A. dollars.

o B. gold . • C. euros.

r D. special drawing rights. Reset Selection

Question 13 of 20 Depreciation of the dollar relative to the yen means that the:

e A. dollar price of the yen has fallen. ['\ B. yen prices of Japanese goods have increased to the Japanese.

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• C. dollar prices of imported goods from Japan have increased.

r: D. yen are less expensive to Americans. Reset Selection

Question 14 of 20 Appreciation of the euro relative to the dollar means that the:

A. dollar price of the euro has falien.

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B. euro price of gold has risen.

• C. euro prices of u.s. goods exported to the nation's that adopted the euro as its currency have fallen.

D. euro is cheaper for Americans.

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Question 15 of 20 Which statement is true?

t> A. The U.S. is both the world's leading creditor nation and the leading debtor nation.

C B. The U.S. is neither the world's leading creditor nation nor the world's leadin~ debtor nation.

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c C. The U.S. is the world's leading creditor nation and not the world's leading debtor nation.

r D. The U.S. is the world's leading debtor nation and not the world's leading creditor nation.

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Question 16 of 20 If the foreign exchange rate of $1 is equivalent to 5 Swiss francs, then 1 Swiss fraT is worth:

(' A. $5. $1 ("'. B. 50 cents. -- _"

S Sf i ~5;<. X ~ ~~ -:; j$ O.20s

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C. 20 cents.

D. 5 cents.

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Question 17 of 20 Under a system of freely flexible (floating) exchange rates an American trade deficit with Mexico will tend to cause:

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r A. the United States government to ration pesos to American importers. r B. a flow of gold from the United States to Mexico. ( c. an increase in the peso price of dollars.

C D. an increase in the dollar rice of pesos.

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Question 18 of 20 The demise of the gold standard led to:

r: A. more international trade.

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r B. greater and greater devaluation. (' c. freely floating exchange rates.

(' D. balance-of-payment surpluses.

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I 5.0 PointsQuestion 19 of 20 The summary of the flows of goods, services, assets, and currency in and out of a country in a particular year is the:

l A. balance of income statement.

C" B. balance of payments .

• C. balance of trade.

r: D. trade deficit. Reset Selection

Question 20 of 20 Which statement if false? r A. If the U.S. can produce rice more efficiently than Japan can, the U.S. enjoys an

absolute advantage.

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C B. Economists dislike both tariffs and import quotas. • C. Under the law of comparative advantage, total output is £Ireatest when each product is

made by the country that produces it most efficiently.

C D. No nation will engage in trade with another nation unless it will gain by that trade. Reset Selection

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