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Course 371003- Understanding the Economy
  Final Exam
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371003v - Understanding the Economy

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12 CPE Credit Hours

Final Exam
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Read 'Chapter 1: Understanding Economic Data and Indicators' & answer the following question(s):
1. ______________ is a good indicator of the housing market's momentum.
2. Which of the following is NOT a leading economic indicator?
3. Consumer confidence is measured by
4. Institute for Supply Management's Index measures new orders, inventories, exports, and employment in the __________ sector.
5. Steep yield curve is a sign of
6. __________________________ is NOT included in the International Profit Associates’ Small Business Confidence Index?
Read 'Chapter 2: The Scope of Economics' & answer the following question(s):
7. The economy consists of two primary sectors:
8. Economics attempts to solve a wide variety of problems, NOT including
9. Economic systems do NOT include
10. Major goals of economic policy in the USA include all EXCEPT:
Read 'Chapter 3: Basic Concepts in Economics' & answer the following question(s):
11. Economic decisions are based on _______________ analysis of output, revenue, and profit.
12. Which of the following is NOT one of the basic economic concepts in the United States?
13. At the market determined equilibrium price
14. Economic decisions are based on marginal analyses of output, revenue, profit, and so on. Marginal concepts do NOT include
15. Tennis rackets and tennis balls may be described as
Read 'Chapter 4: Fundamental Macroeconomic Concepts' & answer the following question(s):
16. There are two types of inflation.
17. Which one of the following is NOT true about recession?
18. Unemployment indicators do NOT include
19. Unemployment will eventually rise if
20. The trough of a business cycle is generally characterized by
Read 'Chapter 5: Measuring Economic Activity' & answer the following question(s):
21. Measures of money supply do NOT include
22. A broadly used measure of money supply is
23. Which one of the following would NOT be included in the calculation of the gross domestic product (GDP)?
24. The _______________________ is a nation-wide measure of the average increase in prices for all domestic personal consumption
Read 'Chapter 6: Equilibrium Output and Income' & answer the following question(s):
25. Equilibrium outputs and income is the income level at which
26. The interest rate that equates saving and investment at full employment is known as the
27. Economists and economic policy makers are interested in the multiplier effect because the multiplier explains why
28. When the addition to capital goods (gross investment) in an economy is less than depreciation (capital consumption allowance), the economy has experienced
29. If personal consumption expenditures increase from $720 billion to $760 billion when disposable income increases from $900 billion to $980 billion, the marginal propensity to save equals
Read 'Chapter 7: Fiscal Policy' & answer the following question(s):
30. Which one of the following statements is NOT true as to fiscal policy?
31. Major components of aggregate demand stems from all EXCEPT:
Read 'Chapter 8: Money, Financial Markets, and the Banking System' & answer the following question(s):
32. The most prominent role for money is to serve as a
33. An example of a financial instrument in the capital market is
34. An important role of financial institutions is to
35. The Federal Reserve Bank includes 12 banks and ___ branches:
36. Each regional Federal Reserve Bank is owned by
37. Funding for the operations of the Board of Governors of the Federal Reserve is derived from
38. In the Keynesian model, which of the following will cause a reduction in interest rates?
39. The prime rate is
40. Interest rates are determined by the supply and demand for
41. Empirical evidence indicates that money demand is determined by
42. The Federal Open Market Committee directive is a
Read 'Chapter 9: Monetary Policy' & answer the following question(s):
43. The equation of exchange is equal to
44. Excess reserves immediately increase if
45. If investment is interest-insensitive,
Read 'Chapter 10: The Full Macroeconomic Model' & answer the following question(s):
46. Ideally, policy makers wish to find a policy mix that would shift the Phillips curve___________________, thus making price stability and full employment more compatible and bearable.
47. Stagflation is a combination of ___________________.
48. Which of the following arguments is against budget deficits?
49. Market measures for curing stagflation do NOT include
Read 'Chapter 11: International Trade And Finance' & answer the following question(s):
50. The foreign exchange market is
51. Long-term capital movements show up on the
52. There are basically three forces that will lead to alleviation of a country's payments imbalance. Which of the following is NOT one of those forces?
53. Trade restrictions do NOT include
54. The spot rate is
55. _______________ is NOT one of the functions of the foreign exchange market
56. If a U.S. firm can buy 1,100,000 yens for $10,000, the rate of exchange for the yen is
Read 'Chapter 12: Issues in MacroEconomics' & answer the following question(s):
57. Monetarists argue that rising money supply leads to
58. The key features of Keynesian economics do NOT include
59. The Laffer curve is a view of
60. Monetarists emphasize that stimulative fiscal measures lead to
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