Macroeconomics
Mock Exam
Course Introduction
Macroeconomics is the study of the economy as a whole, focusing on aggregate measures such as national income, gross domestic product (GDP), inflation, unemployment, and economic growth. This course explores the fundamental principles and analytical tools used to understand how economies function on a large scale, examining the roles of government policy, international trade, and fiscal and monetary intervention. Students will gain insight into economic fluctuations, business cycles, and the impact of policy decisions on overall economic stability and growth.
Recommended Textbook Economics 10th Edition by Stephen Slavin
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Chapter 1: A Brief Economic History of the United States
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Sample Questions
Q1) Which government reform or program did not occur in the 1930s?
A)The creation of the Federal Deposit Insurance Corporation (FDIC)
B)The GI bill of rights
C)The creation of the Securities Exchange Commission
D)The Social Security System
Answer: B
Q2) Which statement is true?
A)The recessions of 2001 and 2007-2009 were both mild.
B)The recessions of 2001 and 2007-2009 were both severe.
C)The recession of 2007-2009 was mild;the recession of 2001 was severe.
D)The recession of 2001 was mild;the recession of 2007-2009 was severe.
Answer: D
Q3) Andrew Carnegie was largely responsible for the development of the _________ industry;while John D.Rockefeller was largely responsible for the development of the _________ industry.
Answer: steel;oil
Q4) This president made the campaign promise: "Read my lips: no new taxes."
Answer: George HW Bush
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Chapter 2: Resource Utilization
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Sample Questions
Q1) A country producing a combination of 9 units of guns and 6 units of butter would be _____________ (outside/on/inside)the production possibilities curve.
Answer: on
Q2) "As output of one good expands,the opportunity cost of producing additional units of this good increases," is the law of ____________.
Answer: increasing costs
Q3) Which of the following is(are)the main factor(s)spurring economic growth?
A)Improving technology.
B)More and better capital.
C)More and better labor.
D)All of these cause economic growth.
Answer: D
Q4) The opportunity cost for a student of attending college for a year is measured by
A)the benefit received by the student.
B)the tuition paid for the year.
C)the value of the most valued opportunity foregone by attending college.
D)the total money outlays associated with attending college.
Answer: C
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Chapter 3: The Mixed Economy
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Sample Questions
Q1) The U.S.distribution system is
A)identical to that of the former Soviet Union.
B)based on a pure socialist economy.
C)determined by a modified version of one dollar,one vote.
D)similar to the fascist 1930's Germany.
Answer: C
Q2) Under the old Soviet version of communism in the U.S.S.R. ,the questions of 'What?','How?',and 'For whom?' were answered by
A)a democratically elected congress called the DumA.
B)the law of supply and demand.
C)the decisions of hundreds of millions of individual consumers.
D)a government planning committee.
E)the owners of private businesses.
Answer: D
Q3) Capitalism is based on all of the following except
A)the "invisible hand."
B)the price mechanism.
C)trust.
D)equity.
Answer: D
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Chapter 4: Supply and Demand
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Sample Questions
Q1) A)Is $28 a price ceiling or price floor in the above graph?
B)Is there a shortage or a surplus?
C)How much is this shortage or surplus?
Q2) If the government set a price at $16,there would be price __________,that would cause a ___________ of ______ units.
A)floor,shortage,10
B)floor,surplus,10
C)ceiling,shortage,10
D)ceiling,surplus,10
Q3) _____ is the charging of "an unconscionable or exorbitant rate of interest."
Q4) A decrease in equilibrium quantity would result from
A)an increase in demand with no change in supply.
B)a decrease in supply with no change in demand.
C)a decrease in demand with no change in supply.
D)both a decrease in supply with no change in demand and a decrease in demand with no change in supply.
Q5) Equilibrium quantity is _____.
Q6) When demand rises and supply remains the same,equilibrium price _______ and equilibrium quantity ____________.
Page 6
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Chapter 5: The Household Consumption Sector
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Sample Questions
Q1) Induced consumption is equal to total consumption minus ______________.
Q2) Saving is negative below a disposable income of A)0.
B)2500.
C)3000.
D)3500.
E)4000.
Q3) When disposable income rises,autonomous consumption __________.
Q4) How much is induced consumption?
Q5) Traditionally,the age group with the highest rate of savings is the ________.
Q6) How much is induced consumption when disposable income is $4 trillion?
Q7) How much is induced consumption at a disposable income of 1000?
Q8) When disposable income is 3500,how much is induced consumption?
Q9) If the APS is .2,we save A)2 percent of our income. B)8 percent of our income. C)20 percent of our income. D)80 percent of our income.
Page 7
Q10) When disposable income is 2000,how much is saving?
Q11) Calculate the MPS.
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Page 8
Chapter 6: The Business Investment Sector
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Sample Questions
Q1) Which statement is true?
A)Our capacity utilization rate is rarely over 75 percent.
B)Gross investment is generally negative.
C)The most important determinant of the level of investment is the expected profit rate.
D)None is true.
Q2) Which is the most accurate statement?
A)Most investment in the U.S.involves stock market speculation.
B)Investment involves sacrifice.
C)Net investment during recession years is usually negative.
D)Investment is carried out mainly by individual savers.
Q3) When disposable income is 4,000,C + I is
A)2,000.
B)3,000.
C)3,400.
D)4,000.
Q4) When disposable income is $1 trillion,how much is savings?
Q5) Gross Investment changed from _______ in 1929 to _______ in 1932.
Q6) How much was net investment in 1993?
Q7) When disposable income is $2 trillion,how much is C?
Page 9
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Chapter 7: The Government Sector
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Sample Questions
Q1) In 2009,_____________ of Americans owed no federal income taxes.
A)60%
B)47%
C)38%
D)26%
Q2) K - 12 public education in the U.S.is paid for mainly by the _____ tax.
A)income
B)sales
C)excise
D)property
Q3) A progressive tax is such that
A)tax rates are higher the smaller one's income.
B)the same tax rate applies to all income receivers,so that the rich pay a greater amount of taxes than the poor.
C)the greatest burden is on low-income workers.
D)none of the above holds true.
Q4) The federal government spending estimate for 2009 is a combined total of about ____.
Q5) Sue Hawkins earns $100,000.How much Social Security tax does she pay?
Q6) A progressive tax is a tax that ____,while a regressive tax is one that ____.
Page 10
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Chapter 8: The Export-Import Sector
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Sample Questions
Q1) If U.S.exports of goods and services exceed imports
A)GDP in the United States will be less than the sum of consumption,investment,and government purchases.
B)GDP in the United States will exceed the sum of consumption,investment,and government purchases.
C)net exports for the United States equals gross investment.
D)net exports for the United States equals gross savings.
Q2) The trading bloc that has eliminated all internal tariffs is
A)the European Union.
B)NAFTA.
C)Mercosur.
D)the World Trade Organization.
Q3) Net exports is a negative number whenever
A)a nation's exports of goods and services exceed its imports.
B)a nation's imports of goods and services exceed its exports.
C)the nation's gross investment is on the decline.
D)the nation's gross savings rate is on the decline.
Q4) The free trade zone that includes Argentina,Brazil,Paraguay and Uruguay is known as
Q5) The 2009 our imports and exports added together are __________ percent of GDP.
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Chapter 9: Gross Domestic Product
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Sample Questions
Q1) Assume that Mexico and Italy have equal populations.If Mexico had a GDP of 700 and a depreciation of 130,while Italy had a GDP of 790 and a depreciation of 140,most economists would say that
A)Italy had the better year.
B)Mexico had the better year.
C)There is no way of determining which country had the better year.
Q2) By adding together all market transactions in an economy,we would be A)calculating GDP.
B)multiple counting.
C)calculating the market value of the nation's total output of final goods and services. D)underestimating GDP.
Q3) If real GDP rose by 1 percent per year and the GDP deflator rose by 2 percent per year,the percentage change in GDP is A)1%.
B)2%.
C)3%.
D)4%.
E)-1%.
Q4) Find per capita GDP when population is 10 million and GDP is $45 billion.
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Chapter 10: Economic Fluctuations, unemployment, and Inflation
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Sample Questions
Q1) Which statement is true?
A)The psychological theory of business cycles is an exogenous theory.
B)All business cycle theories are exogenous.
C)The war theory is an endogenous business cycle theory.
D)The monetary theory is an endogenous business cycle theory.
Q2) If the CPI is 85,by what percent did prices decline since the base year?
Q3) There have/has been __________ recession(s)since World War II that have lasted over one year.
A)one
B)two
C)three
D)four
E)five
Q4) In the 1970s our economy suffered from _____ and ____.
Q5) Disinflation occurs when
A)the rate of inflation rises.
B)the rate of inflation declines.
C)the price level declines.
D)the price level stays the same.
Page 13
Q6) A decrease in the rate of inflation is called ____.
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Chapter 11: Classical and Keynesian Economics
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Q1) The classical school
A)was the dominant school of economic thought until the Great Depression.
B)was the dominant school of economic thought after the Great Depression.
C)believed that the economy was basically unstable.
D)believed wages and prices were rigid downwards.
E)All of the choices are true of the classical school.
Q2) Say's law
A)was a basic pillar of classical economics.
B)was a basic pillar of Keynesian economics.
C)was formulated during the Great Depression.
D)proves that we can never have full employment.
Q3) Macroeconomic equilibrium occurs when the quantity of output _____ equals the quantity of output ____.
Q4) In the classical model where aggregate supply is vertical with respect to the price level,an increase (shift)in aggregate demand will yield
A)a relatively large increase in output.
B)an equal change in output.
C)a relatively large increase in the price level.
D)a relatively small change in the price level.
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Chapter 12: Fiscal Policy and the National Debt
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Sample Questions
Q1) Statement I: The federal budget deficit is the same thing as the national debt. Statement II: The national debt will continue to rise even if the federal budget deficit is lowered.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.
Q2) There is a recessionary gap when
A)equilibrium GDP is equal to full employment GDP.
B)equilibrium GDP is smaller than full employment GDP.
C)equilibrium GDP is larger than full employment GDP.
D)None of the choices are correct.
Q3) Most economists would agree that the national debt should be reduced
A)during both periods of recession and prosperity.
B)just during periods of recession.
C)just during periods of prosperity.
D)never.
Q4) If the deficit is falling,the national debt will be _______.
Q5) Congress passed and the president signed deficit reduction packages of over $400 billion in the years ______ and _____.
Page 16
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Chapter 13: Money and Banking
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Sample Questions
Q1) If M3 is 4,000,small denomination time deposits are 1,000,and large denomination time deposits are 500,how much is M2?
Q2) Statement I: Branch banking is prohibited in most states.
Statement II: All banks are chartered in the states in which they have their headquarters.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.
Q3) A main function of money is to avoid the problem of double coincidence of wants.This is the
A)medium of exchange function.
B)unit of account function.
C)standard of deferred payment function.
D)store of value function.
E)standard of credit function.
Q4) How much are his outstanding loans?
Q5) Large denomination time deposits are the difference between ________ and _______.
Q6) The dividing line between small CDs and large CDs is $_______.
Page 17
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Chapter 14: The Federal Reserve and Monetary Policy
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Sample Questions
Q1) The responsibility for monetary policy in the United States lies with A)the president.
B)the presidents of the Federal Reserve Banks.
C)the chairman of the Board of Governors of the Federal Reserve System.
D)the Board of Governors of the Federal Reserve System.
E)both the president and the chairman of the Federal Reserve Board of Governors.
Q2) Which statement is false?
A)Since some people choose to hold some of their currency,the deposit multiplier is lower than one divided by the reserve ratio.
B)In times of inflation banks are quite likely to carry excess reserves.
C)If banks choose to hold excess reserves;the deposit multiplier will be lower than expected.
D)If there is a large drain of dollars to foreigners because of a large trade imbalance,the deposit multiplier will be lower than expecteD.
Q3) A major factor contributing to the recession of 1981-1982 was
A)an increase in interest rates.
B)an increase in exports.
C)the multiplier effect.
D)an increase in unemployment.
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Chapter 15: A Century of Economic Theory
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Sample Questions
Q1) Who believed that people had transactional,precautionary,and speculative motives for holding money?
A)John Maynard Keynes and the classical economists
B)Neither John Maynard Keynes nor the classical economists
C)The classical economists,but not John Maynard Keynes
D)John Maynard Keynes,but not the classical economists
Q2) In addition to the extreme conventional macropolicy measures implemented by the Federal Reserve,Congress,and the Administration to recover from the Great Recession,unprecedented financial measures were carried out by ___________ ___________,___________,and _____
__________ to stave off the financial meltdown.
Q3) According to the rational expectationists,
A)individuals and business firms quickly anticipate government policy.
B)even if there were a recession or substantial inflation,the best government policy would be to do nothing.
C)the dramatic oil price shocks of 1973 and 1979 created declines in aggregate supply,lowering the natural level of real GDP.
D)at best,government anti-recessionary policies would have no effect whatsoever.
E)All of the choices agree with the thought of rational expectationists.
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Page 19
Chapter 16: Economic Growth and Productivity
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Sample Questions
Q1) During the recent past,production and income have grown faster than population in highly developed economies because
A)of the availability of expensive and ineffective birth control devices.
B)of rapid technological advancements.
C)accumulation of both physical and human capital has slowed down.
D)famine,war,and pestilence have greatly reduced the population.
Q2) Which of these statements is FALSE?
A)The official average workweek for most Americans information workers greatly underestimates the hours they really work.
B)If the Labor Department does not count the extra hours information workers put in on their laptops,cell phones,and personal digital assistants,it is overestimating productivity growth.
C)In most economic sectors Americans are less productive than workers in other mature economies.
D)Productivity growth in the U.S.has been constant since the mid-1990s.
Q3) By the mid-1970s,the average workweek was about ______% lower than it was in 1900.
Q4) The country that spends the most per capita on healthcare is ____.
Q5) The industrial revolution first began in ________.
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Chapter 17: Demand,supply,and Equilibrium
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Sample Questions
Q1) A move from D<sub>2</sub> to D<sub>3</sub> is a(n)____.
A)an increase in quantity demanded
B)a decrease in quantity demanded
C)an increase in demand
D)a decrease in demand
Q2) If the price of cameras rise,there will be a(n)
A)decrease in the demand for film.
B)increase in the quantity of cameras demanded.
C)increase in the demand for film.
D)None of the answers are correct.
Q3) A decrease in the demand for a service means that the
A)demand curve shifts to the right.
B)demand curve shifts to the left.
C)supply curve shifts to the right.
D)supply curve shifts to the left.
Q4) A move from O to P best represents a
A)change in quantity demanded
B)change in demand
C)increase in demand
D)decrease in demand
Page 21
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Chapter 18: The Price Elasticities of Demand and Supply
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Sample Questions
Q1) Total revenue will rise if
A)demand for a good is inelastic and its price rises.
B)demand for a good is elastic and its price rises.
C)demand for a good is inelastic and its price falls.
D)None of these choices are true.
Q2) The curve in the above graph:
A)can only be a perfectly inelastic demand curve.
B)can only be a perfectly inelastic supply curve.
C)may be either a perfectly inelastic demand curve or a perfectly inelastic supply curve.
D)can be neither a perfectly inelastic demand curve nor a perfectly inelastic supply curve.
Q3) If elasticity of demand is 5 and price is raised from $10 to $11,by what percentage will quantity demanded fall?
Q4) If supply is more elastic than demand,the seller will pay _____ of a tax.
Q5) When advertisers try to build brand loyalty they are trying to make their product more ______.
Q6) The seller passes on the entire tax to the consumer when demand is ____.
Q7) The most important determinant of the elasticity of demand is ___________.
Q8) Demand is elastic if elasticity is greater than _____.
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Chapter 19: Theory of Consumer Behavior
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Sample Questions
Q1) Bob Toshida has the demand schedule for dress shirts shown in the table below.
A)His total utility from three shirts would be ____.
B)His marginal utility from the fourth shirt would be ____.
C)If the price were $3,his consumer surplus would be ____.
\[\begin{array} { | c | c | c | c | }
\hline \text { Price } & \text { Quantity Demanded } & \text { Marginal Utility } & \text { Total Utility } \\
\hline \$ 15 & 1 & & \\
\hline \$ 12 & 2 & & \\
\hline \$ 9 & 3 & & \\
\hline \$ 6 & 4 & & \\
\hline \$ 2 & 5 & & \\
\hline
\end{array}\]
Q2) Given the demand curve in this graph,if price were $3.00,how much is consumer surplus?
A)$0
B)$1.50
C)$5.00
D)$10.50
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Page 23
Chapter 20: Cost
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Q1) Statement I: Shutting down and going out of business mean exactly the same thing. Statement II: A firm will shut down if variable cost is greater than total revenue.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.
Q2) Total costs divided by output equals _____.
Q3) Which statement is true?
A)Fixed cost rises as output rises.
B)Variable cost falls as output rises.
C)In the short-run,at an output of zero,total cost = zero.
D)None of these statements are true.
Q4) At small levels of output the gap between the ATC and the AVC curves is ______,and at larger levels of output the gap between the ATC and the AVC curves is ______.
Q5) We know that diminishing returns has set in when ______ declines.
Q6) As a farmer adds more and more fertilizer to a fixed amount of land he will eventually experience _______________.
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Chapter 21: Profit, loss, and Perfect Competition
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Q1) How much is the most profitable output for the firm in the graph?
Q2) The minimum point of the average total cost curve is the ______;the minimum point of the average variable cost curve is the ________.
Q3) On the graph,label the shutdown and break-even points.
Q4) To determine if a firm is operating at peak efficiency we need to look at
A)a firm's ATC curve.
B)a firm's demand curve.
C)a firm's AVC curve.
D)where MC = MR.
Q5) Which statement is true?
A)Price is calculated by dividing output by total revenue.
B)The lowest point on the short-run supply curve is at the break-even point.
C)When price exceeds marginal cost,a profit-maximizing firm will decrease production.
D)The marginal cost curve intersects the average total cost curve at the break-even point.
Q6) At an output of 19,MC = $40 and ATC =$48.At an output of 20,MC = $60 and ATC = $49.Estimate the ATC at the break-even point.
Q7) A perfect competitor's demand curve and marginal revenue curve are __________.
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Chapter 22: Monopoly
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Sample Questions
Q1) If the marginal cost were $14,output would be A)1.
B)2.
C)3.
D)4.
E)5.
Q2) The QWERTY keyboard is an example of a company _________________.
Q3) Which of the following is true?
A)Monopolists never lose money in the short-run or long-run.
B)Monopolies can only be overcome by government action.
C)Having a recognizable brand name is a barrier to entry that can preserve monopoly power.
D)Patents are granted to investors who have control over an essential resource.
Q4) Which statement is false?
A)Monopolies tend to be inefficient.
B)Economic power is easily translated into political power.
C)Two ways of preventing public utilities from taking advantage of their power are government regulation and government ownership.
D)None of these statements are false.
Q5) Fill in the table.
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Chapter 23: Monopolistic Competition
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Q1) Monopolistic competitors that give better deals to new customers than old customers assume that regular buyers have a ____________ demand than new buyers.
A)less inelastic
B)more inelastic
C)more elastic
D)None of these choices are correct.
Q2) The demand curve for monopolistic competitive firms is
A)slightly elastic because there are few substitutes for the product.
B)slightly elastic because there are many substitutes for the product.
C)very elastic because there are few substitutes for the product.
D)very elastic because there are many substitutes for the product.
Q3) Under perfect price discrimination
A)every buyer in the market would lose his or her entire consumer surplus.
B)every buyer would have to pay more than the original market price before price discrimination.
C)all buyers would maximize their consumer surpluses.
D)the rich buyers would benefit and the poor buyers would be hurt.
Q4) Monopolistic competition leads to ___________ prices,but ___________ product variety.
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Chapter 24: Oligopoly
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Sample Questions
Q1) ___________ prices are set by large corporations for relatively long periods of time.
Q2) Which one of these firms would be an oligopolist?
A)Proctor & Gamble
B)A family farm
C)A McDonald's restaurant in Manhattan
D)The only dentist in Hendry County,Florida
Q3) The two measures of the degree of competitiveness (or of oligopoly)are called (1)__________________ and (2)_________________.
Q4) Which is the most accurate statement?
A)The most important aspect of oligopoly is product differentiation.
B)An oligopolistic industry cannot have more than five firms.
C)There are virtually no oligopolies in the U.S.
D)There are a whole range of oligopolistic models,from a cartel to cutthroat competition.
Q5) Setting the prime rate of interest is an example of
A)price leadership.
B)cutthroat competition.
C)covert collusion.
D)strong competition.
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Chapter 25: Corporate Mergers and Antitrust
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Q1) Which statement is true?
A)The Sherman Act modified the Clayton Act.
B)The Sherman Act prohibits price discrimination.
C)The Sherman Act prohibits interlocking directorates.
D)The Sherman Act prohibits conglomerate mergers.
E)None of these statements are true.
Q2) Which statement is true?
A)The federal government never intervened in our economy until the 1930s.
B)The federal government intervention in our economy has grown steadily since the time of the Civil War.
C)The federal government has intervened in our economy from time to time throughout our history.
D)None of these statements are true.
Q3) The ___________ case marked the high-water mark of antitrust enforcement.
Q4) The deregulation of the long distance trucking,long distance phone calling,banking,and the airline industries was carried out under Presidents ___________ and __________.
Q5) The huge wave of conglomerate mergers took place during the decade of the __________.
Q6) The largest merger in American corporate history was between _____ and
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Chapter 26: Demand in the Factor Market
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Sample Questions
Q1) As the price of washing machines fell,tens of millions of housewives substituted _______ for ______.
Q2) Derived demand is derived from the demand for the ________________.
Q3) You should
A)increase the number of repair people working for you.
B)decrease the number of repair people working for you.
C)make no change in the number of people you use.
D)lay off all your employees and do all the work yourself.
Q4) If Max's output per hour were 50 in 1994 and 60 in 1995,how much would his marginal productivity be in 1995?
A)10
B)50
C)55
D)60
Q5) A firm will continue hiring labor as long as the MRP of labor _______ the market wage rate.
A)is equal to B)determines
C)is less than D)is greater than
30
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Chapter 27: Labor Unions
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Sample Questions
Q1) The _____ Act allows states to enact "right-to-work" laws.
A)National Labor Relations
B)Taft-Hartley
C)Landrum-Griffin
D)Sherman Antitrust
Q2) When all the workers in a particular industry are unionized under a single union,there is a(n)
A)exclusive union.
B)inclusive union.
C)craft union.
D)revolutionary union.
E)union town.
Q3) Union membership as a percentage of the labor force has been falling since the mid ______.
Q4) The Taft-Hartley act allows the president to call for an 80-day "cooling-off" period if a strike imperils the ___________.
Q5) The largest six American unions each has at least _____ members.
Q6) The modern era of trade unionism began around _______ with the founding of the _______.
Q7) The AFL was headed by ___________ from 1886 until 1924.
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Chapter 28: Labor Markets and Wage Rates
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Sample Questions
Q1) Among these countries,which has the highest hourly wage and fringe benefits in manufacturing?
A)Germany
B)Japan
C)The U.S.
D)Canada
Q2) If the legal minimum wage is set below the equilibrium wage rate
A)employment will tend to be lower than it otherwise would have been.
B)employment will tend to be higher than it otherwise would have been.
C)the level of employment will not be affected.
D)there is no way to determine how the level of government would be affecteD.
Q3) In 1991,the base year,you were earning $350/week.Your wages rose to $450 in 2000,the current year,when the Consumer Price Index stood at 135.What statement can you make about what happened to your real wages over this period?
A)They rose.
B)They fell.
C)They remained the same.
D)There is not enough information to determine whether they rose,fell,or remained the same.
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Chapter 29: Rent, interest, and Profit
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Q1) The collection of rent by landlords was opposed by
A)Pierre-Joseph Proudhon.
B)Henry George.
C)both Henry George and Pierre-Joseph Proudhon.
D)neither Henry George nor Pierre-Joseph Proudhon.
Q2) If the interest rate is 8% and $1 will be paid to you in 3 years,what is the present value of that dollar (to the nearest tenth of a cent)?
Q3) If the usury law was in effect,how much money would be lent out?
Q4) The entrepreneur is rewarded for recognizing a _______________ and _______________.
Q5) Frank Knight said that profit
A)is indistinguishable from risk.
B)exists when the probability of a given event cannot be predicted reliably.
C)can be incorporated into the cost structure of production.
D)forces entrepreneurs to make unwise decisions with imperfect information.
Q6) Which of the following in NOT a source of profit?
A)Innovation
B)Wages
C)Exercise of monopoly power
D)Risk taking
Page 33
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Chapter 30: Income Distribution and Poverty
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Q1) Each of the following is a provision of the 1996 welfare reform law except that
A)lifetime welfare benefits would be limited to five years.
B)each state receives a lump sum to run its own welfare and work programs.
C)any adult found guilty of a felony would be removed from the welfare rolls.
D)future legal immigrants are banned from welfare assistance.
Q2) Today about one in ___________ Americans receive food stamps.
Q3) Cutting the poor off welfare is
A)the liberal position.
B)the conservative position.
C)both the liberal and the conservative position.
D)neither the liberal nor the conservative position.
Q4) According to Charles Murray,the incentive to go on public assistance has
A)increased due to changes in the law.
B)decreased due to changes in the law.
C)increased due to economic conditions.
D)decreased due to economic conditions.
Q5) Nearly _____________ of the world's people have never made a phone call.
Q6) If income were equally distributed,a nation's Lorenz curve would be identical to the _____________.
Q7) About one out of every _________ Hispanics is poor.
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Chapter 31: International Trade
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Sample Questions
Q1) One way of reducing our trade deficit would be to get Americans to
A)save more and consume more.
B)save more and consume less.
C)save less and consume less.
D)save less and consume more.
Q2) Which statement is false?
A)If we restrict our imports,our exports will decline.
B)Trade restrictions cause economic inefficiency.
C)International finance is based on the gold standard.
D)None of the statements is false.
Q3) Which statement is true?
A)The Japanese have not been selling below cost nor taking advantage of economies of scale.
B)The Japanese have been selling below cost and have been taking advantage of economies of scale.
C)The Japanese have been selling below cost but have not been taking advantage of economies of scale.
D)The Japanese have been taking advantage of economies of scale but have not been selling below cost.
Q4) A ______ is a tax on imports.
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Chapter 32: International Finance
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Sample Questions
Q1) Suppose that the tastes of U.S.beer drinkers shift from domestic brands toward more expensive brands imported from Germany.If this change is large enough,it will cause the ___ for foreign currencies to increase,and the dollar to _______.
A)demand;appreciate B)demand;depreciate C)supply;appreciate D)supply;depreciate
Q2) The free floating exchange rate system has been in effect since A)1900.
B)1933.
C)1945.
D)1973.
E)1985.
Q3) Drug trafficking leads to
A)a net outflow of money from the United States.
B)a net inflow of money into the United States.
C)no net outflow or net inflow.
Q4) If the exchange rate is 1000 yen = $20,you would get __________________ in American money for 1 yen.
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