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Question : 51) Other things being equal, a closed economy will have : 1384396

Economics

 

 

51) Other things being equal, a closed economy will have a ________ marginal propensity to spend and thus a ________ AD curve compared to an open economy with foreign trade.

A) lower; flatter

B) higher; flatter

C) higher; steeper

D) lower; rightward shift of the

E) lower; leftward shift of the

Answer:  B

Diff: 3

Topic:  23.1c. slope and shifts of the AD curve

Skill:  Applied

User2:  Qualitative

 

52) Consider two economies, A and B. Economy A has a marginal propensity to consume of 0.9, a net tax rate of 0.1 and a marginal propensity to import of 0.1. Economy B has a marginal propensity to consume of 0.6, a net tax rate of 0.2 and a marginal propensity to import of 0.2. Suppose there is a decrease in autonomous investment of $5 billion in each of these economies. Which of the following statements is true?

A) The AD curve shifts farther to the left in Economy A than Economy B.

B) The AD curve shifts farther to the right in Economy A than Economy B.

C) The AD curve shifts to the left the same amount in both economies.

D) The AD curve shifts to the right the same amount in both economies.

E) The simple multiplier is larger in Economy B.

Answer:  A

Diff: 3

Topic:  23.1c. slope and shifts of the AD curve

Skill:  Applied

Objective:  NEW

User2:  Quantitative

53) Consider the simple multiplier when the price level is constant. We can say that national income is ________ and that the simple multiplier measures the horizontal shift in ________ in response to a change in autonomous desired expenditure.

A) demand determined; the AS curve

B) unit-cost determined; the AD curve

C) constant; the AD curve

D) demand determined; the AD curve

E) constant; the AE curve

Answer:  D

Diff: 2

Topic:  23.1c. slope and shifts of the AD curve

Skill:  Recall

Objective:  NEW

User2:  Qualitative

 

54) Aggregate supply refers to the

A) decisions of firms to decrease inputs in order to produce outputs.

B) effects of increases in input prices on output.

C) economy’s potential output at each possible labour force.

D) supply of labour inputs in the economy.

E) total output firms wish to produce at each price level.

Answer:  E

Diff: 1

Topic:  23.2. slope and shifts of the AS curve

Skill:  Recall

User2:  Qualitative

 

55) The economy’s aggregate supply (AS) curve shows the relationship between the

A) equilibrium real GDP and marginal cost.

B) equilibrium real GDP and desired consumption.

C) price level and the marginal propensity to consume (MPC).

D) price level and the total output that firms wish to produce and sell, with technology and input prices held constant.

E) price level and the total output that firms wish to produce and sell, as technology and input prices vary.

Answer:  D

Diff: 1

Topic:  23.2. slope and shifts of the AS curve

Skill:  Recall

User2:  Qualitative

 

56) The economy’s aggregate supply (AS) curve shows the relationship between the price level and the total

A) investment that firms wish to make, with input prices given.

B) investment that firms wish to make, as input prices vary.

C) output that firms wish to produce and sell, with input prices given.

D) output that firms wish to produce and sell, as input prices vary.

E) wealth accumulated by households, with national income given.

Answer:  C

Diff: 1

Topic:  23.2. slope and shifts of the AS curve

Skill:  Recall

User2:  Qualitative

57) The aggregate supply (AS) curve is drawn with which variables on the axes of the graph?

A) the price level on the vertical axis and MPC on the horizontal axis

B) national income on the vertical axis and total desired consumption on the horizontal axis

C) the price level on the vertical axis and real national income on the horizontal axis

D) national income on the vertical axis and marginal cost on the horizontal axis

E) the price level on the vertical axis and real disposable income on the horizontal axis

Answer:  C

Diff: 1

Topic:  23.2. slope and shifts of the AS curve

Skill:  Recall

User2:  Qualitative

 

58) The aggregate supply curve relates the price level to the quantity of output that firms would like to produce and sell, given the assumption that

A) technology and the prices of all factors of production remain constant.

B) unit costs remain constant.

C) all firms are price takers.

D) all firms are price setters.

E) technology and the prices of all factors of production do not remain constant.

Answer:  A

Diff: 2

Topic:  23.2. slope and shifts of the AS curve

Skill:  Recall

User2:  Qualitative

 

59) In the short run, the aggregate supply curve has a positive slope because, as the price level rises, producers can

A) accumulate inventories.

B) be compensated for the extra costs incurred to produce more output.

C) experience rising factor prices.

D) produce less in response to falling profits.

E) increase output at unchanged unit costs.

Answer:  B

Diff: 1

Topic:  23.2. slope and shifts of the AS curve

Skill:  Recall

User2:  Qualitative

 

60) In building a macro model with an AS curve, it is assumed that producers will

A) increase prices without changing their output.

B) decrease their prices without changing output.

C) decrease their prices when they expand output.

D) produce as much as possible at the existing price level.

E) produce more output only if prices rise.

Answer:  E

Diff: 2

Topic:  23.2. slope and shifts of the AS curve

Skill:  Applied

User2:  Qualitative

 

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July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

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