Survey of Economics
Mock Exam
Course Introduction
Survey of Economics provides an accessible introduction to the fundamental principles of both microeconomics and macroeconomics. The course examines how individuals, businesses, and governments make choices regarding the allocation of scarce resources, and explores concepts such as supply and demand, market structures, fiscal and monetary policy, economic growth, and international trade. Designed for students from a variety of disciplines, this course emphasizes real-world applications and contemporary economic issues, equipping learners with the tools to analyze and understand key economic challenges and trends affecting society.
Recommended Textbook
Economics 10th Edition by Stephen Slavin
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32 Chapters
8094 Verified Questions
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Page 2
Chapter 1: A Brief Economic History of the United States
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Sample Questions
Q1) The completion of the American national railroad network in the second half of the 19th century led to all of the following except
A)that it enabled manufacturers to sell their products all over the country.
B)mass consumption.
C)increased prices of goods sold which led to more investment and more jobs.
D)higher wages.
Answer: C
Q2) In the years immediately after the American Revolution
A)both labor and capital were scarce.
B)neither labor nor capital were scarce.
C)labor was scarce and capital was plentiful.
D)capital was scarce and labor was plentiful.
Answer: A
Q3) The world's number one economic power,in terms of total output,is
A)the United States.
B)Germany.
C)China.
D)Japan.
Answer: A
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Page 3
Chapter 2: Resource Utilization
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Sample Questions
Q1) Which statement is true?
A)Entrepreneurial ability is considered a passive resource.
B)All entrepreneurs are inventors.
C)The entrepreneur has been the central figure in the long economic success in the U.S.
D)The basic payment made to the owners of capital is rent.
Answer: C
Q2) An improvement in technology will cause the
A)economy to move down the production possibility frontier.
B)production possibility frontier to shift inward.
C)production possibility frontier to shift outward.
D)economy to move closer to its production possibility frontier.
Answer: C
Q3) A production possibilities frontier demonstrates
A)that there are limits to what a society can produce.
B)the various choices a society can make in allocating its resources.
C)the concept of opportunity cost.
D)it demonstrates all of the choices stateD.
Answer: D
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4
Chapter 3: The Mixed Economy
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Sample Questions
Q1) Statement I: External costs are market failures,but external benefits are not.
Statement II: The U.S.government provides the legal system under which our free enterprise economy can operate.
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.
Answer: B
Q2) The role of _______ in the production process is central to why our country is rich and most of the rest of the world is poor.
A)Labor
B)Land
C)Capital
D)Government
Answer: C
Q3) In the Soviet Union,most goods and services were produced by _________________.
Answer: the government
Q4) There has been a marked reduction in air pollution since ________________.
Answer: 1972
Page 5
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Chapter 4: Supply and Demand
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Sample Questions
Q1) A demand schedule can be presented
A)only as a table.
B)only as a graph.
C)as a table and a graph.
D)as neither a table or a graph.
Q2) In the graph shown above,if market price were $23 there would be
A)a surplus.
B)a shortage.
C)a surplus and a shortage.
D)neither a surplus nor a shortage.
Q3) As price declines,quantity supplied A)rises.
B)falls.
C)remains the same.
Q4) When a price floor that has an impact is imposed,the quantity
A)demanded will decrease and quantity supplied will increase.
B)supplied will decrease and quantity demanded will increase.
C)demanded will decrease and quantity supplied will not change.
D)supplied will decrease and quantity demanded will not change.
Q5) Equilibrium price is _____.
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Chapter 5: The Household Consumption Sector
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Sample Questions
Q1) Calculate the MPC.
Q2) If consumption is greater than disposable income,the only APS that could possibly be right from among the following would be A)-.1.
B)0.
C).1.
D)1.0.
Q3) How much is the APS at disposable income of 6000?
Q4) A major critic of our very high consumer spending has been
A)John Maynard Keynes.
B)Karl Marx.
C)Milton Friedman.
D)Murray Weidenbaum.
Q5) When disposable income is 3750,saving is A)-1000.
B)0.
C)1000.
D)2750.
E)3750.
Q6) Calculate the MPS.
Page 7
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Chapter 6: The Business Investment Sector
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Sample Questions
Q1) When disposable income is 1,500,Savings is
A)0
B)100
C)150
D)200
Q2) As the interest rate rises a business firm would
A)become less inclined to invest.
B)become more inclined to invest.
C)continue to invest at the same level.
Q3) If a business person had the opportunity to borrow $100,000 at an interest rate of 10%,and expected to invest this money and receive a profit of $25,000,she would
A)definitely do it.
B)possibly do it.
C)probably not do it.
D)definitely not do it.
Q4) How much was the firm's net investment?
Q5) How much was the firm's net investment?
Q6) When disposable income is $2 trillion,how much is I?
Q7) When disposable income is 1,500,how much is savings?
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Chapter 7: The Government Sector
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Sample Questions
Q1) Which statement is false?
A)The federal government collects more in Social Security taxes than in personal income tax.
B)The federal government collects more in Social Security taxes than in corporate income tax.
C)The federal government collects more in personal income tax than in corporate income tax.
D)None is false.
Q2) Under a progressive income tax,the average tax rate
A)decreases as income increases.
B)remains constant at all levels of income.
C)increases as income increases.
D)initially decreases,then increases,as income increases.
Q3) Services the federal government provides include
A)building and maintaining the interstate highway system.
B)bank inspections.
C)environmental protection.
D)the carrying out of scientific research.
E)all the choices.
Q4) Sue Hawkins earns $100,000.How much Social Security tax does she pay?
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Chapter 8: The Export-Import Sector
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Sample Questions
Q1) The agreement between the U.S. ,the Dominican Republic and five small Central American countries that will eventually eliminate tariffs among all seven nations is called A)NAFTA.
B)CAFTA.
C)Mercosur.
D)GATT.
Q2) Statement I: In modern economies,virtually everyone specializes. Statement II: A family that tries to be self-sufficient will have a relatively low standard of living.
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) Exports minus imports equal _____________.
Q4) If imports exceed exports it would be called a trade _________.
Q5) The NAFTA treaty includes side agreements on _______________,_____________,and ________________.
Q6) Until the mid-1970s,U.S.imports and exports were a relatively ______ percent of domestic output.
Page 10
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Chapter 9: Gross Domestic Product
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Sample Questions
Q1) Suppose the GDP of Brazil were to rise from $1 trillion in 2001 to $2 trillion in 2011,when the GDP deflator is 160.And suppose that Brazil's population rose from 100 million in 2001 to 110 million in 2011.(1)How much is per capita real GDP in 2011;and (2)by what percentage did per capita real GDP rise between 2001 and 2011? Hint: Do the problem in four steps: (1)Find real GDP in 2011; (2)Find per capita real GDP in 2011; (3)Find per capita real GDP for 2001;and (4)Find the percentage rise in per capita real GDP between 2001 and 2011.
Q2) Gross Domestic Product is the total market value of all A)commodities sold in a year.
B)goods and services produced in a year within a country.
C)foods and services produced by domestic companies in a year.
D)consumer goods sold in a year.
Q3) If GDP rose by 5 percent per year and the GDP deflator fell by 3 percent per year,the percentage change in real GDP was A)2%.
B)8%.
C)15%.
D)-2%.
Q4) If prices rise 75 percent since the base year,how much is the GDP deflator?
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Chapter 10: Economic Fluctuations, unemployment, and Inflation
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Sample Questions
Q1) An increase in the quality of items included in the Consumer Price Index would cause the index to
A)overstate the true amount of unemployment.
B)overstate the true amount of inflation.
C)understate the true amount of unemployment.
D)understate the true amount of inflation.
Q2) Which of the following is the main barometer used by the Business Cycle Dating Committee of the National Bureau of Economic Research in determining if the economy has reached a peak?
A)Employment,based on non-farm payrolls
B)Industrial production
C)Personal income minus government transfer payments
D)Manufacturing and trade revenue
Q3) Which of the following assets decreases the most in purchasing power during inflation?
A)Government bonds
B)Real estate
C)Savings account money
D)Cash
Q4) In _____ the OPEC national quadrupled the price of oil.
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Chapter 11: Classical and Keynesian Economics
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Sample Questions
Q1) The classical economists believed that if saving exceeded investment,the ____________.
Q2) When the average price level in the United States,relative to the average price levels in other countries,rises,this tends to
A)raise imports and exports.
B)lower imports and exports.
C)raise imports and lower exports.
D)lower imports and raise exports.
Q3) In the horizontal range of the AS curve,
A)the price level is constant.
B)the classical model assumptions apply.
C)national income is supply-determined.
D)full employment exists.
Q4) Aggregate demand is ____________.
Q5) Studies in the last 30 years have shown that in highly concentrated industries __________ are seldom lowered,while similar studies of labor unions indicate that _________ cuts are seldom accepted.
Q6) The centerpiece of classical economics is ____.
Q7) The long-run aggregate supply curve is ____.
Page 13
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Chapter 12: Fiscal Policy and the National Debt
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Sample Questions
Q1) The time required for a new fiscal policy to have the desired effect on the economy after implementation is called the
A)political lag
B)impact lag
C)recognition lag
D)decision lag
Q2) Statement I: By law,the federal government must balance its budget every year. Statement II: Between 1970 and 1997 we ran Federal budget deficits every year.
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) If full employment GDP is $500 billion greater than equilibrium GDP and there is a deflationary gap of $100 billion,how much is the multiplier?
Q4) As the economy contracts,tax revenues ________ and transfer payments
A)fall;rise
B)fall;fall
C)rise;fall
D)rise;rise
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Chapter 13: Money and Banking
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278 Flashcards
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Sample Questions
Q1) The transactions demand for money is related to money functioning as a
A)standard of deferred payment.
B)measure of value.
C)store of value.
D)medium of exchange.
Q2) The Federal Deposit Insurance Corporation (FDIC)
A)is used to avert bank panics.
B)was set up in the 1930s.
C)used the "too-big-to-fail" doctrine since the bailout of Continental Illinois.
D)All of these statements are true.
Q3) It is generally agreed that when the rate of monetary growth exceeds the rate of growth in real GDP in the long run
A)the inflation rate will increase every year by a constant rate.
B)real GDP will grow at a faster rate.
C)the average price level will tend to decrease over time.
D)the average price level will tend to increase over time.
E)the inflation rate will decrease every year until it ultimately equals zero.
Q4) The transactions demand for money is most closely related to its job as a
Q5) The opportunity cost of holding money varies with the _________.
Page 15
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Chapter 14: The Federal Reserve and Monetary Policy
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Sample Questions
Q1) If the Fed sells Treasury bills then
A)the price of Treasury bills will fall.
B)the market rate of interest on Treasury bills will rise.
C)both the price of Treasury bills will fall and the market rate of interest on Treasury bills will rise.
D)neither the price nor the market rate of interest of Treasury bills will be affecteD.
Q2) When the Fed buys securities
A)it is conducting open market operations.
B)it wants to increase the money supply.
C)it offers a high price on those securities which drives down interest rates.
D)All of the choices are true when the Fed buys securities.
Q3) Primary reserves and secondary reserves
A)are identical.
B)are nearly identical.
C)have some overlap.
D)have completely different components.
Q4) A reserve ratio of 10% means that the deposit expansion multiplier is ________.
Q5) The Federal Reserve District bank charged with buying and selling United States government securities is the __________ Bank.
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Chapter 15: A Century of Economic Theory
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Sample Questions
Q1) According to monetarists,the main cause of change in the level prices are changes in
A)investment spending.
B)the money supply.
C)government budget deficits.
D)taxes.
Q2) One policy dilemma is that budget deficits necessitate massive borrowing by the government that __________ interest rates and __________ recovery.
Q3) The conventional fiscal policy to fight inflation is to ___________ while the conventional monetary policy is to __________.
Q4) Use the following list of modern macroeconomic theories in order to describe the following statement: Lower tax rates and less government intervention in the private economy is the only way to stimulate saving,investment,and productivity.
A)Keynesian economics
B)Monetarism
C)The theory of rational expectations
D)New classical economics
E)Supply-side economics
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Chapter 16: Economic Growth and Productivity
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Sample Questions
Q1) Since the 1980s,most of the economic growth has come from
A)emerging economies in AfricA.
B)eastern European countries.
C)emerging economies of Asia.
D)middle eastern countries.
Q2) Between 1973 and 1995,productivity in the United States had
A)been rising at a faster rate than it was before 1973.
B)been rising at a slower rate than it was before 1973.
C)been rising at about the same rate as it was before 1973.
D)not risen.
E)been falling.
Q3) The LDCs have relatively ____ rates of economic growth and relatively ____ rates of population growth.
Q4) One of the major drags placed on our economic growth is the results of our form of government because large amounts of resources are expended on:
A)the salaries of the members of the administration.
B)the salaries of members of congress.
C)the money wasted on lobbyist.
D)the interference of the Supreme Court in economic policy.
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Chapter 17: Demand,supply,and Equilibrium
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Sample Questions
Q1) If a business figures out a better way for management to supervise the activities of the rank and file workers,the result would be
A)an increase in supply.
B)an increase in the quantity supplied.
C)a decrease in supply.
D)a decrease in the quantity supplieD.
E)an increase in demand.
Q2) Changes in demand are caused by each of the following except A)changes in income.
B)changes in the prices of related goods and services.
C)changes in tastes and preferences.
D)changes in supply.
Q3) A move from E to F represents
A)an increase in quantity demanded.
B)a decrease in quantity demanded.
C)an increase in demand.
D)a decrease in demand.
Q4) An increase in the cost of building materials will generally lead to a _______ in the ______ curve for new homes.
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Chapter 18: The Price Elasticities of Demand and Supply
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Sample Questions
Q1) A 15% decrease in the price of radios causes the quantity demanded to rise by 16%.The demand for radios is
A)very elastic.
B)slightly elastic.
C)unit elastic.
D)slightly inelastic.
E)very inelastic.
Q2) Advertisers go to great lengths to build brand loyalty because
A)it makes their product more elastic.
B)it makes their product more inelastic.
C)it shifts its supply curve to the right.
D)it shifts its demand curve to the left.
Q3) The more time a buyer has to purchase a product,the more ________ the buyer can find and,therefore,the more _________ the good becomes.
Q4) Mathematically,elasticity is the percentage change in _____ brought about by a percentage change in ______.
Q5) If demand and supply have the same elasticity,the seller will pay ________ of a tax.
Q6) An elasticity of demand that is slightly elastic would be (write number)____.
Page 20
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Chapter 19: Theory of Consumer Behavior
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Sample Questions
Q1) Which philosopher-economist observed: "Individuals make choices in order to promote pleasure and to avoid pain"?
A)Thomas Malthus
B)Jeremy Bentham
C)Publilius Syrus
D)Stanley Jevons
E)Samuel Taylor Coleridge
Q2) Consumer surplus is the difference between what you would have _________________ and what you ____.
Q3) 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
Q4) The one exception to the rule that you are not getting ripped off if you pay a very high price for a good or service is if there is ___________.
Q5) The concept of consumer surplus was developed by the English economist
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Chapter 20: Cost
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Sample Questions
Q1) At an output of 4,ATC is
A)$250.
B)$400.
C)$600.
D)$800.
E)$1,000.
Q2) If a firm is operating at an output that is a little less than the minimum point of its ATC curve,the marginal cost is
A)greater than ATC and rising.
B)greater than ATC and falling.
C)less than ATC and rising.
D)less than ATC and falling.
Q3) At an output of 3,AVC is A)$250.
B)$300.
C)$333.
D)$400.
E)$667.
Q4) A firm that has increasing marginal output would be experiencing _________.
Q5) Fill in the table.Assume the fixed cost is $800.
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Chapter 21: Profit, loss, and Perfect Competition
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Q1) What is the lowest price the firm would accept in the short run?
Q2) The best that this firm in the above graph can do is A)maximize profits.
B)break-even.
C)minimize losses.
D)make a small profit.
Q3) At an output of 10,ATC is $9 and price is $9.At an output of 11,ATC is $9 and price is $9.MC = MR at an output of 10.5.At that output the firm will A)take a loss.
B)break-even.
C)make a profit.
Q4) Given the graph for a particular industry shown above we know that A)new entrants will not be attracted to this industry.
B)this industry can survive in both the short and long run.
C)the industry is making a profit.
D)this industry will disappear in the short run.
Q5) At an output of 4,MC= $9,ATC = $10,and MR =$10.At an output of 5,MC = $11,ATC = $10,and MR = $10.Estimate the firm's total profit.
Q6) How much is the firm's output at the break-even point?
Page 23
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Chapter 22: Monopoly
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Sample Questions
Q1) JoJo has a monopoly producing stringless yoyos.His company is called JoJo's Yoyos.As a result of his monopoly position,
A)he is guaranteed a profit.
B)if he loses money in the short run,he will make money in the long run.
C)his average total costs will always be lower than the price he charges.
D)None of the choices are correct.
Q2) Which statement is true?
A)Rival companies have captured about one-third of the $100 billion local phone market from local phone companies.
B)Local phone companies have complete monopolies over the market for local phone calls.
C)Some local phone companies have begun to compete with rival firms.
D)None of these statements are true.
Q3) The monopolist's demand curve is ______ that of the perfect competitor;the monopolist's marginal revenue curve is ______ that of the perfect competitor.
A)identical to;identical to B)different from;different from C)identical to;different from D)different from;identical to
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Page 24
Chapter 23: Monopolistic Competition
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Sample Questions
Q1) The typical monopolistic competitor
A)is a large firm.
B)never uses price discrimination.
C)always competes on the basis of producing a product that is physically different from those of its competitors.
D)may compete on the basis of physical differences,convenience,service,and ambience.
Q2) This monopolistic competitor is in the
A)short run making a profit.
B)short run taking a loss.
C)long run making a profit.
D)long run taking a loss.
E)long run breaking even.
Q3) Monopolistic competition is similar to perfect competition with respect to A)the number of firms in the industry.
B)barriers to entry.
C)breaking even in the long run.
D)All of these choices are similarities.
Q4) If monopolistic competitors are taking losses,in the long run firms ________ and market price will _______.
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Chapter 24: Oligopoly
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Sample Questions
Q1) Cutthroat competition is on the opposite end of the competitive spectrum from A)covert collusion.
B)price leadership.
C)open collusion.
D)cartels.
Q2) 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.
Q3) Which statement about oligopolies is true?
A)Most oligopolies in the U.S.engage in outright collusion.
B)Most oligopolies operate at the minimum point of their ATC curves.
C)Most of our GDP is produced by oligopolies.
D)Collusion is illegal in the U.S.and does not exist.
Q4) An industry with just a few sellers is a(n)__________.
Q5) ___________ prices are set by large corporations for relatively long periods of time.
Q6) The oligopolist ___________ a profit in the long run.
Page 26
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Chapter 25: Corporate Mergers and Antitrust
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Sample Questions
Q1) When separate firms engaged in various stages of a production process are united under one ownership,the resulting combination is known as
A)a horizontal merger.
B)a vertical merger.
C)a conglomerate merger.
D)a trust.
Q2) At least in the short run,each of these factors has increased competition except A)the entry of foreign firms.
B)the growth in size of many American firms.
C)the rise of the service industries.
D)the rise of new industries.
Q3) Statement I.The distinction between American and foreign companies is becoming blurred.
Statement II.Monopoly and antitrust enforcement will become even more important in the 21st century than it was in the 20th century.
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.
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Chapter 26: Demand in the Factor Market
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Sample Questions
Q1) Marginal Revenue Product with one unit of labor would be
A)$100.
B)$140.
C)$160.
D)$260.
E)None of the choices are correct.
Q2) When we have an optimum resource mix for the firm,
A)the MRP of land = the price of land.
B)the MPP of land = the price of land.
C)All of the choices are true.
D)Neither of the choices are true.
Q3) A decline in the wage rate would
A)raise the quantity of labor demanded.
B)lower the quantity of labor demanded.
C)increase the demand for labor.
D)decrease the demand for labor.
Q4) As output rises,eventually the MPP of a resource will A)rise.
B)fall.
C)become constant.
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Chapter 27: Labor Unions
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Q1) The largest union today is the _____________________.
Q2) The National Labor Relations Act not only committed the federal government to promote collective bargaining,but to actually support ___________.
Q3) The amount of work time lost because of strikes has been declining fairly steadily since A)1950.
B)1960. C)1970.
D)1990.
Q4) The number of labor union members reached its peak in the decade of the A)1950s.
B)1960s.
C)1970s.
D)1980s.
E)1990s.
Q5) The split between the AFL and the CIO in 1935 had to do with A)whether unions were to be organized along craft lines or industry lines. B)whether the unions were to pursue political goals or economic goals. C)communist influence in the American labor movement. D)corruption in the American labor movement.
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Chapter 28: Labor Markets and Wage Rates
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Sample Questions
Q1) Compared to real wages in 1973,today they are about
A)17% lower.
B)9% lower.
C)the same.
D)9% higher.
E)17% higher.
Q2) Cruz earned $500 a week in 2003,the base year;by 2009 she was earning $700.If the consumer price index was 150 in 2009,how much were Ms.Cruz's real wages that year,and by what percentage had they changed?
Q3) If the legal minimum wage is set above 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 employment would be affected.
Q4) The federal minimum wage rate was last raised in the year _________.
Q5) Mr.Retchnik was paid $500 a week in 1988,the base year.By 1994 he was earning $700.If the CPI was at 140 in 1994,how much were Mr.Retchnik's real wages in that year and by what percentage had they changed?
Q6) Economic rent is the difference between _____________ and ________________.
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Chapter 29: Rent, interest, and Profit
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Q1) According to the Koran,Moslems are forbidden
A)to give interest,but not to receive interest.
B)to receive interest,but not to give interest.
C)both to give and receive interest.
D)neither to give interest nor to receive interest.
Q2) Which statement is false?
A)The supply curve for land is perfectly inelastic.
B)Rent is set by supply and demand.
C)The demand for rent is the MRP schedule of the highest bidder for a specific plot of land.
D)An increase in the demand for land increases both the price and quantity of lanD.
Q3) If land is not in demand,its rent will be ________.
Q4) Which statement is true?
A)Usury laws hurt some borrowers,but don't interfere with the price mechanism.
B)Usury laws hurt some borrowers and interfere with the price mechanism.
C)Usury laws interfere with the price mechanism,but don't hurt borrowers.
D)Usury laws neither interfere with the price mechanism,nor hurt borrowers.
Q5) What is the present value of $1,000 received 3 years from now if the interest rate is 6%?
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Chapter 30: Income Distribution and Poverty
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Q1) Statement I: Welfare and food stamps raise nearly half of all poor families above the poverty line.
Statement II: Monthly public assistance grants vary considerably from state-to-state.
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) If we were on Lorenz curve M,the top income quintile receives about _______% of income.
A)24
B)40
C)58
D)80
E)There is not enough information.
Q3) The poverty line fell the most between
A)1960 and 1968.
B)1968 and 1976.
C)1976 and 1984.
Q4) About one out of every ________ black children under the age of 18 is poor.
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Chapter 31: International Trade
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Q1) Which of the following is a similarity between the impact of import quotas and the impact of tariffs?
A)Both increase the prices paid by American buyers.
B)Both increase profitability for the foreign sellers.
C)Both increase the net prices received by foreign sellers.
D)Both increase tax revenues for the U.S.government.
Q2) Statement I: Our merchandise trade deficit declined in 2009. Statement II: Our merchandise trade deficit with Japan is rising faster than our merchandise trade deficit with China.
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) Which statement is false?
A)When two countries trade,both gain from the trade.
B)In international trade some countries are winners and others are losers.
C)For most of the 20<sup>th</sup> century we had a positive balance of trade.
D)None of the statements is false.
Q4) When there is no ________ advantage,there is no benefit from trading.
Q5) Italy has a comparative advantage in which product?
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Chapter 32: International Finance
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Q1) Between 2006 and 2009,our current account deficit
A)increased.
B)decreased.
C)stayed the same.
Q2) Which statement is true?
A)International trade is part of international finance.
B)International finance is part of international trade.
C)International trade and international finance are identical.
Q3) In 2009,our current account deficit was $___________ billion.
Q4) From 2007 to 2009 our current account deficit
A)has been cut in half.
B)stayed about the same.
C)almost doubled.
D)more than tripleD.
Q5) Depreciation of the dollar will tend to _______ the prices we pay for our imports and ______ the prices that foreigners pay for our exports.
Q6) Under a gold standard in which France defined 1 franc to be worth 1/50<sup>th</sup> of an ounce of gold,and the U.S.defined $1 to be worth 1/10<sup>th</sup> of an ounce of gold,then 1 U.S.dollar would exchange for __________ francs.
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