Which of the following is NOT a benefit of economic growth? A) reduction in illiteracy B) improved health C) urban congestion D) longer lives ANSWER C
Date: September 2nd, 2020
Which of the following is a negative effect of economic growth? A) higher inflation B) environmental pollution C) higher unemployment D) all of the above ANSWER B
Date: September 2nd, 2020
Say’s law explains A) how long-run real Gross Domestic Product (GDP) stability is achieved in the Keynesian model. B) why economies experience business cycles. C) how the economy can go into recession. D) how long-term real Gross Domestic Product (GDP) stability is achieved in the classical model. ANSWER D
Date: September 2nd, 2020
A change in the growth rate of a country of one percentage point annually has A) a large impact on the economy in the current year, but not in the future. B) a large impact in the future due to compounding. C) a small impact in the current year, and smaller impact in the future […]
Date: September 2nd, 2020
The long-run aggregate supply curve will shift to the left when A) technology improves. B) new sources of oil are discovered. C) the price level increases. D) population decreases. ANSWER D
Date: September 2nd, 2020
The long-run aggregate supply curve will shift outward to the right when A) the price level decreases. B) the real-balance effect increases. C) there is economic growth. D) the amount of labor decreases. ANSWER C
Date: September 2nd, 2020
The per capita GDP for Japan in 2014 was $48,500 and in 2015 was $49,470. How much did the Japanese per capita GDP grow in 2015? A) 2 percent B) -2 percent C) 3 percent D) Cannot be determined without further information ANSWER A
Date: September 2nd, 2020
Classical economists tend to A) support Say’s law. B) see unemployment as a persistent economic problem. C) reject the equality of savings and investment. D) believe in Keynesian economics. ANSWER A
Date: September 2nd, 2020
The long-run aggregate supply curve occurs at the level of real GDP consistent with A) no inflation. B) the natural rate of unemployment. C) individuals’ tastes and preferences. D) low levels of inflation. ANSWER B
Date: September 2nd, 2020
The curve in the above figure will shift to the right when A) the price level falls. B) the proportion of the population that is elderly increases. C) population falls. D) technology increases. ANSWER D
Date: September 2nd, 2020
