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Title: ECO 372 Final Exam Latest Online HomeWork Help Free

1
ECO 372 Final Exam

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1. News Story Workers at a car-manufacturing
plant in Flint, Michigan are laid off because the
economy is weak and GM cars aren't selling well.
GM isn't sure when the plant will reopen. What
type of unemployment describes the workers'
situation?
Frictional unemployment
Structural unemployment
Full unemployment
Cyclical unemployment
2. Globalization that allows governments to
pursue expansionary policies can be dangerous
because it can lead to
A reduction in the debt ceiling
Goods price inflation
Asset price inflation
Goods price deflation
Complete paper here ECO 372 Final Exam

3. Macroeconomics is
The study of aggregate economic relationships.
An analysis of economic reality that proceeds
from the parts to the whole.
The study of pricing policies of firms and the
purchasing decisions of households.
The study of individual choice and how that
choice is influenced by economic forces.
4. Which of the following types of unemployment
is considered to be the most controllable through
demand-side macroeconomic policy?
Frictional unemployment
Cyclical unemployment
Structural unemployment
Natural unemployment
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5. If banks hold excess reserves whereas before
they did not, the money multiplier
Will become smaller
Will become larger
Might increase or might decrease
Will be unaffected
6. Using the expenditure approach, gross domestic
product equals
The sum of consumption, investment, government
purchases, and net exports
Gross national product minus net exports
The sum of consumption, investment, and
government purchases
Gross national product
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Final Questions and Answers

7. How do investment in technology and
investment in capital differ?
They have similar effects on output so they have
no important differences from an economic point
of view.
They have the same effects on output but
investments in technology are much more closely
tied to the level of saving than investments in
capital.
They have different effects on output because of
the positive externalities associated with
investments in capital.
They have different effects on output because of
the positive externalities associate with
investments in technology.
8. The interest rate is the price paid for use of
a
Real asset.
Financial liability.
Financial asset.
Real liability.
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Tutorial

9. If the reserve requirement is 20 percent, and
banks keep no excess reserves, an increase in an
initial inflow of 100 into the banking system
will cause an increase in the money supply of
50
100
500
20
10. Suppose farmers can use their land to grown
either wheat or corn. The law of supply predicts
that an increase in the market price of wheat
will cause
Farmers to substitute wheat for the production of
corn.
Farmers to raise the production of corn and
wheat.
Farmers to lower the production of corn and
wheat.
Farmers to substitute corn for the production of
wheat.
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Final Exam Solution

11. According to Keynes, why might deflation
create problems for an economy?
In expectation of increased spending, too many
entrepreneurs would begin businesses and most
would fail.
The cost of repricing goods would increase costs,
and therefore reduce profits, for businesses and
they would cut production.
People would drop out of unions because unions
would become ineffective at keeping wages of
members high.
Consumers might expect prices to fall further and
cut back consumption now.
12. When interest rates rise, people are
More likely to borrow, that is, purchase a
financial asset.
More likely to borrow, that is, sell a financial
asset.
Less likely to borrow, that is, sell a financial
asset.
Less likely to borrow, that is, purchase a
financial asset.
To download the complete answer check ECO 372
Entire Course

13. According to the Classical growth model, an
economy that increases its saving will grow
Quickly since the increase in saving will permit
greater investment.
Quickly since the increase in saving will permit
more rapid technological progress.
Slowly because interest rates will fall, causing
investment to decline.
Slowly because consumption and aggregate demand
will be reduced.
14. Suppose that consumer spending is expected to
decrease in the near future. If output is at
potential output, which of the following policies
is most appropriate according to the AS/AD model?
A reduction in government spending
An increase in taxes
An increase in government spending
No change in taxes or government spending
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ANSWERS

15. Which of the following topics is best
characterized as a macroeconomic issue?
The effect of a drought on the price of corn
The decision by Apple to produce fewer Macintosh
computers
The effect of an increase in federal spending on
the unemployment rate
The choice a student makes in selecting college
course
16. If income increases more rapidly than
expected, then
Estimates of the target rate of employment are
likely to increase.
The budget is less likely to be in surplus.
Tax revenues will be lower than expected.
Spending on income-support programs will likely
be lower than expected.
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17. In which of the following situations is a
budget surplus most likely to occur?
When fiscal policy is contractionary and the
economy is expanding
When fiscal policy is expansionary and the
economy is contracting
When fiscal policy is expansionary
When the economy is contracting
18. The largest expenditure component of GDP is
Government spending
Net exports
Investment
Consumption
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Final Exam Solved

19. Which of the following is the path through
which contractionary monetary policy works?
Money down implies interest rate up implies
investment up implies income down.
Money down implies interest rate down implies
investment down implies income down.
Money down implies interest rate up implies
investment down implies income down.
Money down implies interest rate down implies
investment up implies income down.
20. As a country develops economically, what
changes usually take place in the goods it
exports?
There is little change because comparative
advantage does not change.
Exports go from being diversified to being
specialized in whatever the country finds to its
comparative advantage.
Services and manufactured goods decline in
importance and are replaced by raw materials and
agricultural products.
Raw materials and agricultural products decline
in importance and are replaced by services and
manufactured goods.
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21. What would make foreigners want to buy more
from the United States?
Higher tariffs
Higher interest rates in the United States
Inflation in the United States
A fall in the value of the dollar in the foreign
exchange market
22. The depreciation of currency will
Balance a trade surplus.
Have no impact on a country's comparative
advantage.
Worsen a country's comparative advantage.
Improve a country's comparative advantage.
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ANSWERS

23. The government of Crossland wants to
influence its exchange rate. It will do so by
buying and selling
Currencies in its official reserves
Commodities
Goods and services from the current account
Transfers
24. If a country wants to prevent its exchange
rates from falling, it could
Place restrictions on imports
Pursue easier monetary policy
Remove any subsidies on exports
Remove restrictions on imports
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25. Central banks are responsible for
Both monetary policy and fiscal policy
Monetary policy but not fiscal policy
Neither monetary policy nor fiscal policy
Fiscal policy but not monetary policy
26. Quotas and tariffs can
Never have the same effect on imports and import
prices.
Have the same effect on the price of domestically
produced goods if they are set appropriately.
Yield the same amount of tax revenue if they are
set appropriately.
Both increase international trade by the same
amount if set appropriately.
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27. between 2007 and 2009, the U.S. unemployment
rate rose from under 5 percent to over 8 percent.
A Keynesian economist would most likely blame
this increase in unemployment on
An increase in the minimum wage.
An increase in the bargaining power of labor
unions.
A decline in the level of aggregate demand.
A decline in aggregate supply.
28. U.S. imports involve an
Inflow of foreign currency from foreigners to the
U.S. economy
Inflow of dollars from foreigners to the United
States economy
Outflow of foreign currency from the United
States to foreigners
Outflow of dollars from the United States to
foreigners
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29. The law of demand states that quantity
demanded of a good is inversely related to the
price of that good. Therefore, as the price of a
good goes
Up, the quantity demanded goes down.
Down, the quantity demanded stays the same.
Up, the quantity demanded also goes up.
Down, the quantity demanded goes down.
30. According to Keynes, market economies
Never experience significant declines in
aggregate demand.
Are constantly experiencing significant declines
in aggregate demand.
May recover slowly after they experience a
significant decline in aggregate demand.
Quickly recover after they experience a
significant decline in aggregate demand.

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