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Post Eco201 Final Exam

Question # 00151230
Subject: Economics
Topic: Macroeconomics
Due on: 03/31/2016
Posted On: 12/12/2015 07:24 PM

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Macro Final 100% correct Answers

  • In the United States during the 1970's, expected inflation rose substantially. This rise was due entirely to a supply shock not to higher money supply growth.

  • Suppose the price of the product you sell stays the same, but the prices of other goods and services rise, this means that the

  • According to the long-run Phillips curve what are the long-run effects of an increase in the money supply growth rate?

  • National saving is the source of the supply of loanable funds in the open-economy macroeconomic model.

  • Classical theory points to money supply growth as the primary determinant of

  • If the U.S. inflation rate is positive and higher than the inflation rate in Australia over the next few years then

  • If the U.S. were to impose an import quota on CD players

  • Money that has value as a good is called fiat money.

  • Nearly all hyperinflations follow the same pattern: high government spending is financed by increases in the money supply

  • As the price level rises, the value of money rises.

  • During recessions

  • Other things the same, if the U.S. dollar appreciates, then U.S. goods become

  • According to Friedman and Phelps it is appropriate to view the Phillips curve as a menu of options available to policymakers

  • A U.S. retail store uses dollars to purchase Yuan (Chinese currency) it then uses all of these Yuan to buy toys from a Chinese firm. Overall these transactions have

  • If firms and businesses became more optimistic about the future, what would happen to prices and output in the short run?

  • Short-run fluctuations in output and the price level should be viewed as deviations from the continuing long-run trends of output growth and inflation

  • Net capital outflow equals net exports

  • Which of the following Fed actions both increase the money supply?

  • A mutual fund in China buys $100,000 of bonds sold by a U.S. corporation. This is an example of

  • The recession of 2008-2009 was associated with a decrease in aggregate demand

  • According to rational expectations if the government made a credible commitment to a policy of low inflation, people would be rational enough to lower their expectations of inflation immediately. The short run Phillips curve would shift downward and the economy would reach low inflation quickly.

  • Which of the following decreases the natural rate of unemployment?

  • If consumers and businesses became more pessimistic about the future of the economy, the government could try to stabilize output by

  • Under the assumptions of quantity theory, if the money supply increases by 3 percentage points which of the following increases by 3 percentage points?

  • The Fed's primary tool to change the money supply is open-market operations, the buying and selling of bonds.

  • Purchasing-power parity means that the prices of goods in terms of local currencies must be the same across countries

  • In 2008 the U.S. budget deficit increased. According to the open-economy macroeconomic model

  • As inflation rises, people choose to hold less money. The resources used to reduce money holdings are called shoe leather costs

  • Other things the same, an increase in the price level shifts money demand

  • If Americans decided to save a larger fraction of their income, the interest rate would fall and the dollar would depreciate

  • At a price level below equilibrium people want to hold

  • If the short-run aggregate supply curve were to shift left, prices and output would fall

  • Which of the following best illustrates money's use as a unit of account?

  • How many members of the Board of Governors are voting member of the FOMC?

  • According to the economist's definition, money includes only the few types of wealth that are regularly accepted by sellers in exchange for goods and services

  • If the government of a foreign country chooses to purchase large quantities of U.S. assets, which of the following happens?

  • The long-run Phillips curve implies that monetary policy influences nominal but not real variables

  • Net capital outflow is determined by

  • An open economy can only finance its investment purchases with domestic saving

  • In the market for foreign currency-exchange an increase in the demand for dollars would cause the real exchange rate to fall.

  • If aggregate demand shifts right farther than expected, then

  • If the U.S. put an import quota on refrigerators, it would

  • If some firms have sticky prices, and the price level raises more than had been anticipated, then in the short run those firms with sticky prices will have

  • When the Fed announces a target for the federal funds rate it essentially accommodates the day-to-day shifts in money demand by adjusting the money supply accordingly

  • During the financial crisis and recession of 2008-2009

  • Which of the following is included in M2 but not M1?

  • Which of the following both decrease the money supply?

  • An increase in the interest rate increases the opportunity cost of holding money, so the quantity of money demanded falls

  • The demand curve for dollars in the market for foreign-currency exchange is based on the logic that a decrease in the exchange rate makes

  • Other things the same, an increase in the money supply cause the interest rate to rise to balance money supply and money demand.

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