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Multiple Choice Questions




Question;1. (TCO 5) A fall in labor costs will cause aggregatea. supply to increaseb. demand to increasec. supply to decreased. demand to decrease;2. (TCO 6) with an MPS of.3, the MPC will be a. 1-.3b..3-1c. 1/.3d..3;3. (TCO 7) The basic requirement of money is that it bea. backed by precious metals--gold or silverb. authorized as legal tender by the central governmentc. generally accepted as medium of exchanged. some form of debt or credit;4. (TCO 7) The Federal Reserve System of the U. S. is the country's a. financial advisorb. comptroller or accountantc. central bankd.deposit insurance provider;5. (TCO 7) When the Fed acts as a "lender of last resort", like it did in the financial crisis of 2007-2008 it is performing its role a. controlling the money supplyb. setting the reserve requirements c. being the bankers' bankd. providing for check clearing and collection;6. (TCO 7) The difference between the Fed Behavior during the bank panics of 1930-1933 and the financial crisis of 2007-2008 is that the Feda. was very active during the former crisis, while it was basically passive during the latter crisis.b. stood idly by during the former crisis, but took dramatic actions during later crisis c. was not yet in existence during the 1930'sd. was much bigger institution in the 1930s than it is today;7. (TCO8) nation X has a comparative advantage in the production of product compared to nation Y whena. it imposes a tariff on the importation of the productb. its production possibilities curve expands, allowing it to produce more of the productc. it is achieving full employment and is producing the maximum amount of the productd. it has lower domestic opportunity cost of producing the product;8. (TCO 8) An excise tax on imported commodities is known as a a. quotab. tariffc. export restrictiond. price ceiling;9. (TCO 8) Tariffs and quotas are most costly to consumers becausea. the price of imported goods fallb. the supply of the imported good increasec. imported competition increases for domestic goodsd. consumers shift purchase to higher-priced domestic goods;18. (TCO 8) The major beneficiaries of a tariff on a product are the a. domestic producers of the productb. domestic consumers of the productc. workers engaged in trade, like transportation workersd. foreign producers of the product;10. (TCO 8) about how many nations belong to the World Trade Organization as of 2010?a. 35b. 72c. 153d. 210;11. (TCO 9) If the united States wants to regain ownership of domestic assets sold to foreigners, it will have toa. increase domestic consumptionb. increase its national debtc. export more than it importsd. import more than it exports.


Paper#50242 | Written in 18-Jul-2015

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