A sustained increase in aggregate output over several decades represents 

*
1 point

an expansion
a recession
a recovery
economic growth

Which of the following statements is/are normative? I. The price of gasoline is rising.
II. The price of gasoline is too high. III. Gas prices are expected to fall in the near
future *
1 point

I only
II only
III only
I and III only

Which of the following is the most likely result of inflation? *

1 point

price stability
falling employment
low aggregate output per capita
people are discouraged from holding cash

A technological advance in tablet production will lead to which of the following? *

1 point

Decrease in tablet supply

Increase in tablet supply
Increase in tablet demand
Increase in the prices of tablet

Which of the following would increase demand for a normal good? A decrease in *
1 point

income
price
the price of a substitute
the price of a complement
Which of the following situations represent(s) resource scarcity? I. Rapidly growing
economies experience increasing levels of air/water pollution. II. Diskettes are no
longer being produced. III. There is a finite amount of petroleum in the area. *
1 point

I only
II only
I and III only
I, II, and III

During the recession phase of a business cycle, which of the following is likely to
increase? *
1 point

unemployment rate
wages
price level
labor force

Who belong to the labor force? *

1 point

actively seeking work

employed
employed or unemployed
old enough to work

Which of the following is an example of a resource? I. factory II. hamburger III.

petroleum *
1 point

A. I only
II only
I and II only
I and III only

Which of the following questions is studied in microeconomics? *

1 point

Should I go to college or get a job after I graduate?

How many people are employed in the economy this year?
Has the overall level of prices in the economy increased or decreased this year?
What government policies should be adopted to promote employment in the economy?

If an increase in income leads to a decrease in demand, the good is *

1 point

a complement
inferior
normal
a substitute

A decrease in the price of butter would most likely decrease the demand for *
1 point

jelly
margarine
milk
syrup

Which of the following will decrease the supply of good “A”? *

1 point

The demand for good “A” decreases.

The price of good “A” falls.
The wages of workers producing good “A” increase.
There is a technological advance that affects the production of all goods.

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MacEcon Mod 2 Post-test

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Debt deflation is *

1 point

a contributing factor in causing the Great Depression.

the effect of deflation in decreasing aggregate demand.
due to differences in how borrowers/lenders respond to inflation losses/gains.
all of the above.

A person who is unemployed because of a mismatch between the quantity of labor

supplied and the quantity of labor demanded is experiencing what type of
unemployment? *
1 point
cyclical
frictional
natural
structural

A person who moved to a new state and took two months to find a new job
experienced which type of unemployment? *
1 point

cyclical
frictional
natural
structural

If your nominal wage doubles at the same time as prices double, your real wage will *
1 point

decrease
double
increase
not change

Use the information for a hypothetical economy presented below to answer the
question: Population age 16 and older = 200,000 Labor Force = 100,000 Number of
people working part time = 20,000 Number of people working full time = 70,000 How
many people are unemployed? *
1 point

10,000
20,000
30,000
100,000

Use the information for a hypothetical economy presented below to answer the
question: Population age 16 and older = 200,000 Labor Force = 100,000 Number of
people working part time = 20,000 Number of people working full time = 70,000 What
is the labor force participation rate? *
1 point

10%
20%
50%
70%

The unemployment problem in an economy may be understated by the unemployment

rate due to *
1 point
discouraged workers
overemployed workers
people lying about seeking a job
job candidates with one offer but waiting for more

Use the information for a hypothetical economy presented below to answer the
question: Population age 16 and older = 200,000 Labor Force = 100,000 Number of
people working part time = 20,000 Number of people working full time = 70,000 What
is the unemployment rate? *
1 point

10%
20%
50%
70%

Because dollars are used as the basis for contracts, inflation leads to which type of
cost? *
1 point

price level
shoe-leather
menu
unit-of-account

The short-run Phillips curve shows ______ a relationship between ______. *

1 point

negative unemployment and inflation

positive unemployment and aggregate output
negative the aggregate price level and aggregate output
positive unemployment and the aggregate price level

Which of the following is true regarding prices in an economy? I. The level of prices
doesn’t matter. II. Increase in the price level is called inflation. III. The rate of change
in prices matters. *
1 point

I only
II only
III only
I, II, and III

If inflation causes people to frequently convert their dollars into other assets, the
economy experiences what type of cost? *
1 point

price level
shoe-leather
menu
unit-of-account

An increase in expected inflation will shift the *

1 point

short-run Phillips curve downward

short-run Phillips curve upward
long-run Phillips curve upward
long-run Phillips curve downward

To be considered unemployed, a person must I. not be working. II. be actively seeking

a job. III. be available for work. *
1 point

I only
II only
II and III
I, II, and III

Bringing down inflation that has become embedded in expectations is called *

1 point

anti-inflation
deflation
disinflation
negative inflation

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