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ECON102 quiz 3




Question;Quiz;3;Question 1 of 10;10.0/;10.0 Points;Which of the following is a problem with the price system;that can lead to a breakdown in the coordination of economic activity?;A.The price system works silently in the background.;B.Prices can be slow to adjust.;C.Prices may be flexible.;D.all of the above;Question 2 of 10;10.0/;10.0 Points;If prices are sticky;A.economic activity will be coordinated efficiently.;B.economic activity will not be coordinated efficiently.;C.prices will quickly adjust to changes in demand.;D.quantity supplied will always equal quantity demand.;Question 3 of 10;10.0/;10.0 Points;What are some reasons why coordination of economic affairs;through the price system may not work perfectly?;A.may be too few prices (that is, more markets than prices);B.prices may not contain sufficient information;C.prices may be "sticky.;D.all of the above;Question 4 of 10;0.0/;10.0 Points;One reason the aggregate demand curve is downward sloping is;because of the;A. interest rate effect.;B.welfare effect.;C.price effect.;D.tariff effect.;Question 5 of 10;0.0/;10.0 Points;Which of the following would cause an increase in aggregate;demand in the short run?; increase in the supply of money;B.a decrease in the price level; increase in taxes;D.a crop failure;Question 6 of 10;10.0/;10.0 Points;The long-run aggregate supply curve is;A.downward sloping.;B.upward sloping.;C.a vertical line at potential output.;D.a horizontal line at the current price level.;Question 7 of 10;0.0/;10.0 Points;In the long run;A.price and output levels are mutually dependent.;B.the level of output depends on the price level.;C.the level of output is independent of the price level.;D.the price level depends on the level of output.;Question 8 of 10;10.0/;10.0 Points;What are the two tools of fiscal policy that governments can;use to stabilize an economy?;A.government spending and technology improvements;B.government spending and taxation;C.taxation and controlling imports;D.taxation and controlling exports;Question 9 of 10;0.0/;10.0 Points;An increased federal budget deficit resulting from a;recession can actually help stabilize an economy through transfer payments;because an increased budget deficit will ________ transfer payments and thereby;the income of some households.;A.increase, increase;B.increase, decrease;C.decrease, increase;D.decrease, decrease;Question 10 of 10;10.0/;10.0 Points;Using expansionary policies to combat a recession would;A.increase a budget deficit.;B.increase a budget surplus.;C.decrease discretionary spending.;D.increase federal revenue.


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