Workings of a System F Term Paper

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b.

increase production of capital goods and reduce consumption.

c.

increase production of capital goods and increase consumption.

d.

decrease current consumption and reduce production of capital goods.

A

32.

If an economy is producing inefficiently, it is

a.

possible to increase production of all goods simultaneously.

b.

possible to increase production of one good at the expense of another.

c.

not possible to increase production of any good.

d.

not possible to increase economic growth.

C

33.

If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of a.

both products to the right.

b.

both products to the left.

c.

grapefruit to the right.

d.

oranges to the left.

D

34.

An important assumption that is made when constructing a supply schedule is

a.

only price and quantity matter in determining supply.

b.

firms always want to sell a certain amount of a product.

c.

supply is too important to be left to the marketplace.

d.

all other determinants of supply are held constant.

e.

demand has a positive slope.

D

35.

A severe freeze has once again damaged the Florida orange crop. The impact on the market for oranges will be a leftward shift in a.

demand as consumers try to economize because of the shortage.

b.

both the supply and demand curves.

c.

the supply curve.

d.

the supply curve and a rightward shift in the demand curve, which will result in a higher price.

D

36.

A good produced in 2000 and held in inventory until it is sold in 2001 would be included in which measure of GDP?

a.

Half the value in 2000 and half the value in 2001

b.

In 2001 GDP

c.

In both 2000 and 2001 GDP

d.

In 2000 GDP

B

37.

In 1999, you buy a beautiful vintage 1965 Thunderbird convertible. This purchase would

a.

be included in the GDP for 1999.

b.

not be included in the GDP for 1999.

c.

be included in both the GDP for 1965 and 1999.

d.

be in the GDP for 1999 at a depreciated value.

B

38.

Gross Domestic Product is a monetary measure of a.

total consumption in the economy.

b.

the total value of all final goods and services.

c.

total industrial output.

d.

the total value of all foreign sales and purchases.

B

39.

The most severe depression in the United States was the 30% decrease in real GDP that occurred between

a.

1899 and 1913.

b.

1929 and 1933.

c.

1959 and 1963.

d.

1979 and 1983.

B

40.

If wages rise by 12% at the same time prices rise by 3%, then the increase in real wages is equal to a.

12%.

b.

9%.

c.

6%.

d.

3%.

C

41.

According to economists, one of the signs of an unhealthy economy is a (n)

a.

rising price level.

b.

increasing real GDP.

c.

declining real GDP.

d.

falling price level.

C

42.

A decrease in the capital stock would be expected to a.

decrease the labor force.

b.

increase the level of output.

c.

decrease real GDP per capita.

d.

increase real GDP per capita.

B

43.

Persons who have given up looking for work are classified as

a.

unemployed.

b.

discouraged workers.

c.

in the labor force.

d.

temporarily unemployed.

C

44.

One of the factors contributing to the existence of frictional unemployment is

a.

automation.

b.

labor union strikes.

c.

occupational mobility.

d.

falling real GDP.

D

45.

The use of automated teller machines (ATMs) has caused some bank tellers to lose their jobs. This is an example of a.

cyclical unemployment.

b.

seasonal unemployment.

c.

frictional unemployment.

d.

structural unemployment.

D

46.

Which of the following scenarios best illustrates the concept of cyclical unemployment?

a.

Grace loses her job because of new automated machinery.

b.

Sean quits his job to look for work that is more fun.

c.

Ellen quits looking for work because she doesn't think she can find a suitable job.

d.

Marian loses her job because of a recession.

A

47.

Full employment is defined by most economists as the minimization of a.

cyclical unemployment.

b.

frictional unemployment.

c.

seasonal unemployment.

d.

structural unemployment.

C

48.

Older Americans living on a pension and therefore on a fixed income, tend to be made

a.

better off when prices rise.

b.

better off when inflation rates…

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