I have back to back Finals tomorrow, Ecothen Calc.
My Eco Professor thought it would be cool to give us half of the Eco test as a take home final.
Little did the class know it would be 60 questions.
I'm currently borderline passing my Calc class so I am prioritizing that first as I study.
Here are what my questions look like. If you have time to do them I'll pay you FG per Answer or if you want to do the whole thing that will work too.
Just let me know how much FG you want because I've never done this or used this forum before.
Going to go back to studying for my Calc test now. Thanks.
And no... I am not paying anyone to complete my homework or test for me.
Me and my friend each completed this test already and compared answers but I want a triple reference to compare with.
So if you want to make some free fg or just help out go for it. Here are the questions. Thanks. Appreciate the help. PM me if I left anything out or if you have any questions.
1.Macroeconomics deals mainly with: (a) the market behavior of industries and firms; (b) economics from the perspective of an entire economy; (c) price theory; (d) none of the above.
2. Which concept implies that the level and growth rate of the money supply, in the long run, has no sustained impact on real economic growth? (a) Say’s Law; (b) Money Neutrality; (c) The Law of Increasing Relative Costs; (d) Murphy’s Law.
3. Ideally, governments provide services whenever: (a) the President orders them to do so; (b) the public wants them; (c) the prices of publicly-available alternatives are too high; (d) private providers cannot do so because the price system cannot be utilized.
4. If the central bank of Canada sharply increases country’s money supply and uses the money to buy the bonds of Mexico, we can expect: (a) the Canadian dollar to appreciate and the Mexican peso to appreciate; (b) the Canadian dollar to appreciate and the Mexican peso to depreciate; (c) the Canadian dollar to depreciate and the Mexican peso to appreciate; (d) the Canadian dollar to depreciate and the Mexican peso to depreciate.
5. The relationship between consumption and income is best captured by a: (a) Lorenz Curve; (b) circular flow diagram; (c) Law of Diminishing Returns; (d) consumption function.
6. An unintended consequence of economic activities is known as: (a) an externality; (b) an entitlement program; (c) an endogenous development; (d) a bonus.
7. An improvement in a competitive seller’s technology is likely to result in: (a) a shift of the seller’s supply curve to the right; (b) an increase in supply; (c) improved willingness of the seller to place more output on the market for sale, but at a lower price; (d) all of the above.
8. Which of the following would be least likely to make a country’s production possibilities curve move outward and to the right? (a) new product designs for computers; (b) innovative deployment of labor; (c) return to successful management styles of the 1960s; (d) improvements in management training.
9. Within the Federal Reserve System, the principal monetary policy-making individual or group is (are): (a) the President of the New York Federal Reserve Bank; (b) the Federal Open Market Committee; (c) managers of the discount window; (d) the Secretary of the Treasury.
10. Study of economics would never be necessary except for the presence of: (a) hungry professors; (b) scarcity; (c) unemployment; (d) a vertical aggregate demand curve.
11. A country that specializes its production in the output of a good or service in which it is most productive is pursuing its: (a) opportunity cost; (b) marginal utility; (c) absolute advantage; (d) no trade clause.
12. Which principle states that “…each person, pursuing his or her own best interest, will led to achieve what is best for society?” (a) utopianism; (b) enlightened self-interest; (c) Lorenz Principle; (d) invisible hand.
13. Rajiv deposits $100 in his checking account. The funds came from his savings of dimes and quarters over many years. If banks have a 5% required reserve ratio on transactions accounts, the maximum amount by which the money supply in the economy can increase is: (a) $100; (b) $0; (c) $2,000; (d) $5.
14. The concept that holds that a relatively small increase in autonomous spending results in a relatively larger increase in national income is called: (a) Say’s Law; (b) the multiplier principle; (c) the Lorenz Curve; (d) the Law of Increasing Relative Returns.
15. Which of the following best describes the short-run Phillips Curve relationship? (a) a positive relationship between productivity and employment growth; (b) the direct causal link between money supply growth and inflation; (c) the direct (positive) relationship between wage growth and price inflation; (d) the inverse relationship between price inflation and unemployment.
16. According to the most conservative economic thought, which of the following is the least appropriate role of governments? (a) making rules and regulations; (b) enforcing rules and regulations; (c) mediating disputes; (d) encouraging income equality.
17. All of the following are main contributors to long-run productivity growth, except: (a) more and better technology; (b) modern infrastructure; (c) spending on national defense; (d) improved quality of labor.
18. If market interest rates on U.S. Treasury notes increase, the existing owners of Treasury notes will: (a) be paid a higher interest rate, as well; (b) see a decline in the market value of their notes; (c) will immediately buy more sovereign debt of other countries; (d) incur a loss on their currency holdings.
19. Juan cannot find a job because of continuing weakness in the growth of real GDP. We can say that Juan is: (a) frictionally unemployed; (b) cyclically unemployed (c) structurally unemployed; (d) under-employed.
20. Which statement about inflation is most true? (a) it mainly reflects the short-term stance of fiscal policy; (b) it largely disappeared in the 1990s; (c) it often works its way through an economy from the lowest to the highest levels of production; (d) it typically is lowest in developing economies.
21. If prevailing prices in a market are above equilibrium, then: (a) a market surplus likely exists; (b) the market will experience tighter regulatory supervision; (c) the market will adjust to expand the amount of goods and services on the market; (d) there likely is a price ceiling.
22. Which statement about the management of the Fed’s discount lending facility is MOST true? (a) loans to depository institutions must be fully collateralized; (b) since 2008, the discount lending facility has been virtually unused; (c) the Federal government borrows from the Fed at the discount lending facility; (d) interest charged in loans at the facility is set to equal the rate on federal funds.
23. Which of the following has the longest term to maturity? (a) money market mutual funds; (b) Treasury bills; (c) Treasury bonds; (d) triparty repurchase agreements.
24. Which of the following are the most prominent sources of reserves to banks with too few reserves to meet their reserve requirements? (a) the federal funds market and the discount window of the Fed; (b) the federal funds market and the repurchase agreement market; (c) the repurchase agreement market and the discount window; (d) the Spaghetti crime family and Tony Soprano.
25. Most economists believe that many of the long-term fiscal problems facing countries and local entities around the world stem from: (a) long-term growth in entitlement programs and other government guaranteed payments, including pensions; (b) excessively high tax rates that stifle economic growth; (c) unusually low interest rates, especially in developing countries; (d) the mere existence of asparagus.
26. In order to accelerate growth in the money supply, a central bank could: (a) make more margin calls; (b) raise the discount rate; (c) make fewer loans to commercial banks; (d) buy securities in the open market;
27. When fighting inflation through monetary policy, it can be said that: (a) adjustment of money supply growth rates historically has been ineffectual; (b) the lag between changes in money supply growth rates and changes in inflation is long and variable; (c) complementary adjustments in monetary policy make no difference; (d) inflation expectations have little impact on future inflation rates.
28. According to Friedman and Phelps, attempts by the central bank to reduce the unemployment rate below its natural level results inevitably in: (a) changes in the propensity to take on risk; (b) accelerating inflation; (c) adjustments in investment and the capital-to-labor ratio; (d) all of the above.
29. Fiscal policy consists of changes in: (a) money supply and exchange rates; (b) money supply and interest rates; (c) government spending and taxation; (d) government spending and money supply.
30. If, on average, the marginal propensity to consume in a country is 80%, an autonomous increase in spending of $50 will result in: (a) a $50 increase in national income; (b) an 80% increase in national income; (c) a $40 increase in national income; (d) a $250 increase in national income.
31. If national income is greater than its equilibrium level, the country probably: (a) is experiencing unintended accumulation of inventories; (b) will experience an increase in its national income; (c) likely experience accelerating inflation; (d) none of the above.
32. International comparisons of GDP are tricky because: (a) only industrialized, developed countries calculate GDP; (b) the structure of economies varies widely from country to country; (c) few countries report their GDP publicly; (d) there are no international standards for how to calculate growth rates.
33. The largest source of federal income tax revenue is: (a) individual income taxes; (b) property taxes; (c) sales taxes; (d) social Security premiums, plus Medicare taxes.
34. Economists pay particular attention to fluctuations in personal consumption expenditures on durable goods because it: (a) constitutes the majority of total PCE; (b) consistently grows faster than overall GDP; (c) is the most reliable coincident indicator of current economic conditions; (d) is a volatile and cyclically-sensitive component of overall GDP.
35. Payments to individuals by governments for which governments expect nothing back in return are called: (a) baklava; (b) transfer payments; (c) leveraged buyouts; (d) wages.
36. Companies typically issue shares of common stock in order to: (a) generate capital gains for the owners of the company; (b) make the stock price move higher immediately; (c) raise funds to finance operations, meet capital requirements and become more liquid; (d) none of the above.
37. Which of the following is the most commonly used tool to implement monetary policy? (a) changing reserve requirements; (b) changing the management of the discount window; (c) permanent open market operations; (d) temporary open market operations.
38. A key assumption underlying the circular flow diagram is that: (a) the economy is experiencing inflation; (b) the economy has one sector and two markets; (c) the two flows have a known starting point – the payment of wages; (d) market economies have flows of outputs and resources as well as flows of incomes and spending.
39. When trying to determine the Fed’s policy stance, which interest rate do financial market analysts focus upon most heavily? (a) prime rate; (b) federal funds rate; (c) 91-day Treasury bill rate; (d) 10-year AAA-rated corporate bond yield.
40. If the United States is experiencing sustained, accelerating inflation, the Federal Reserve will likely: (a) decrease the required reserve ratio; (b) encourage higher short-term interest rates; (c) appeal to Congress for tax reductions; (d) loosen monetary policy (make it more accommodative).
41. One important cause of the financial crisis that began roughly in 2007 was: (a) illegal activities for Bernard Madoff; (b) securitization of mortgages of non-credit worthy borrowers; (c) excessive issuance of U.S. Treasury bonds; (d) the depreciation of the U.S. dollar relative to the Chinese renmimbi.
42. Demand-pull inflation is most associated with: (a) a 25% off sale at Target; (b) a rise in union wages resulting in price increases; (c) growth in aggregate purchasing power at a rate faster than growth in aggregate supply; (d) rising prices for imports, especially imported oil.
43. Which of the following is not a major function of the Federal Reserve? (a) determining the foreign exchange value of the U.S. dollar; (b) formulating and implementing monetary policy; (c) maintaining U.S. payment systems; (d) supervision and regulation of bank holding companies.
44. Perhaps the historically best proven relationship in macroeconomics is between: (a) personal disposable income and personal consumption expenditures; (b) interest rates and investment; (c) interest rates and savings; (d) trade deficits and the foreign exchange value of currency.
45. Which statement about the Federal Reserve System is most true? (a) the Fed is independent within government; (b) appointment of Fed Governors by the President of the United States makes the President a co-equal to the Fed Chairman in the formulation of monetary policy; (c) each of the Reserve Banks engages in open market operations daily; (d) due to the financial crisis, the central banking roles of the New York Fed have diminished.
46. A simultaneous large increase in supply matched by a relatively smaller increase in demand will likely result in: (a) an increase in equilibrium quantity with no change in price; (b) an increase in equilibrium quantity and a decrease in price; (c) just a decrease in equilibrium price; (d) a more elastic demand curve.
47. In the third quarter of 2012, current dollar GDP was $15 trillion and the chain-weighted GDP deflator was 120.0 (with a base year level of 100.0 in 2008). Calculate the constant dollar GDP. (a) $15 trillion; (b) $150 billion; (c) $12.5 trillion; (d) cannot be calculated with the information provided in the question.
48. Suppose the price elasticity of demand for Guppies is 1.5. If a seller of Guppies reduces her price by 1%, we can expect: (a) total spending on guppies to rise by 1.5%; (b) quantity of guppies demanded to decrease by 1.5%; (c) demand to become more inelastic; (d) total spending on Guppies to fall by 1%.
49. All other things remaining the same, the unemployment in the United States can be expected to adjust over time toward: (a) its natural rate; (b) 9%; (c) its short-run equilibrium level; (d) its cyclical level.
50. An important consideration when forecasting inflation is: (a) adherence to the Efficient Markets Hypothesis; (b) enforcement of the Cano Mandate with the Teixeira Amendments; (c) the fair pricing of credit default swaps; (d) monitoring of changes in unit labor costs.
51. Inflation sometimes is called “taxation in disguise” because: (a) it results in lower pre-tax incomes for all earners; (b) it drains real purchasing power; (c) Congress tacitly agrees upon an inflation rate when setting fiscal policy; (d) it raises the standard of living.
52. Over the long run, the best way to avoid sustained, accelerating inflation is to: (a) outlaw collective bargaining by unions; (b) use government-mandated wage and price controls; (c) restrict money supply growth to the long-run growth rate of productivity; (d) accommodate the deficit spending of the U.S. government.
53. Which of the following would you expect to serve as a leading indicator of inflation in the consumer sector? (a) increases in the personal consumption expenditures deflator; (b) increases in the producer price index; (c) changes in the unemployment rate; (d) prices of U.S. exports.
54. If all dairy farmers cut wholesale milk prices simultaneously, all will be worse off. They will have committed the: (a) fallacy of single cause; (b) fallacy of supply-side economics; (c) fallacy of composition; (d) post hoc, ergo procter hoc fallacy.
55. In order for an economy to sustain long-term growth: (a) future consumption must be sacrificed in favor of current consumption; (b) present consumption must be sacrificed in favor of future savings; (c) businesses must invest in plant and equipment; (d) the money supply must shrink.
56. Which concept best captures the notion that products can be expected to have the same price in all countries? (a) heteroskedasticity; (b) autocorrelation; (c) purchasing power parity; (d) sacrifice bunt.
57. Federal Reserve notes have value because: (a) they are backed by holdings of monetary gold at Fort Knox, Kentucky; (b) Americans are willing to accept them as payment for all debts; (c) the Federal Reserve guarantees their purchasing power world-wide; (d) their fungibility makes them divisible.
58. The largest component of GDP is: (a) direct government expenditures; (b) gross private domestic investment; (c) net savings; (d) personal consumption expenditures.
59. In a market economy, most worker incomes tend to be distributed according to: (a) the principles listed in “Money Ball”; (b) powers exercised by workers and unions; (c) the arbitrary decisions of capitalists; (d) competitive forces of supply and demand in the labor market.
60. A key function of financial intermediaries is to: (a) gather the excess funds of depositors and lend them to others with insufficient funds; (b) maximize the wealth of hedge fund investors; (c) underwrite the issuance of municipal bonds; (d) mediate disputes between mortgage borrowers and mortgage lenders.
This post was edited by aaaaaaaaaaaaaaaaaaaaaaaa on May 21 2013 01:55pm