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Economics HomeWork mcq




Question;3. (TCO 5) A fall in labor costs will cause aggregate;a. supply to increase;b. demand to increase;c. supply to decrease;d. demand to decrease;5. (TCO 6) with an MPS of.3, the MPC will be;a. 1-.3;b..3-1;c. 1/.3;d..3;7. (TCO 7) The basic requirement of many is that it be;a. backed by precious metals--gold or silver;b. authorized as legal tender by the central government;c. generally accepted as medium of exchange;d. some form of debt or credit;8. (TCO 7) The Federal Reserve System of the U. S. is the;country's;a. financial advisor;b. comptroller or accountant;c. central bank;d.deposit insurance provider;9. (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 supply;b. setting the reserve requirements;c. being the bankers' bank;d. providing for check clearing and collection;11. (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;Fed;a. 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's;d. was much bigger institution in the 1930s than it is today;15. (TCO8) nation X has a comparative advantage in the;production of product compared to nation Y when;a. it imposes a tariff on the importation of the product;b. its production possibilities curve expands, allowing it;to produce more of the product;c. it is achieving full employment and is producing the;maximum amount of the product;d. it has lower domestic opportunity cost of producing the;product;16. (TCO 8) An excise tax on imported commodities is known;as a;a. quota;b. tariff;c. export restriction;d. price ceiling;17. (TCO 8) Tariffs and quotas are most costly to consumers;because;a. the price of imported goods fall;b. the supply of the imported good increase;c. imported competition increases for domestic goods;d. 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 product;b. domestic consumers of the product;c. workers engaged in trade, like transportation workers;d. foreign producers of the product;19. (TCO 8) about how many nations belong to the World Trade;Organization as of 2010?;a. 35;b. 72;c. 153;d. 2102. (TCO 9) If the united States wants to regain ownership of;domestic assets sold to foreigners, it will have to;a. increase domestic consumption;b. increase its national debt;c. export more than it imports;d. import more than it exports.


Paper#57209 | Written in 18-Jul-2015

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