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Question : 11) A point the demand curve shows the A) price and : 1226483

Economics

 

 

11) A point on the demand curve shows the

A) price and the corresponding quantity demanded.

B) marginal benefit from that unit.

C) marginal cost to the seller of producing the unit.

D) Both answers A and B are correct.

E) Both answers A and C are correct.

 

12) A point on the demand curve shows the

A) minimum price that people are willing to pay for another unit of a good.

B) dollars’ worth of other goods that people must sacrifice to consume another unit of the good.

C) maximum price that people are willing to pay for another unit of a good.

D) consumer surplus a person gains from consuming a unit of a good.

E) marginal benefit minus the consumer surplus from consuming another unit of a good.

 

13) The demand curve is also the

A) total cost curve.

B) total benefit curve.

C) marginal cost curve.

D) marginal benefit curve.

E) marginal deadweight cost curve.

14) A demand curve can be interpreted as

A) a marginal benefit curve.

B) a total benefit curve.

C) an average benefit curve.

D) a marginal cost curve.

E) None of the above answers is correct.

 

15) Which of the following is true regarding a demand curve?

i.The demand curve is also the marginal benefit curve.

ii.The demand curve shows the dollars’ worth of other goods that people are willing to forgo to consume another unit of the good.

iii.The demand curve shows the maximum price that people are willing to pay for another unit of a good.

A) i and ii

B) i and iii

C) ii and iii

D) i, ii, and iii

E) i only

 

16) The marginal benefit from buying a particular unit of a good

A) is the amount paid for the unit plus the consumer surplus of the unit.

B) increases as market price increases.

C) is the difference between the amount paid for the unit and the market price of the unit.

D) is the difference between the total benefit of the unit and the marginal cost of producing that unit.

E) None of the above answers is correct.

17) Consumers’ total benefit from consuming a good is equal to the

A) total amount spent on the good.

B) consumer surplus on the quantity purchased.

C) consumer surplus plus the total amount spent on the good.

D) consumer surplus minus the total amount spent on the good.

E) total amount spent on the good divided by the number of units purchased.

 

18) Samantha was willing to pay $10 for a hamburger because she was hungry but she only paid $2.50. What is the marginal benefit Samantha gained from the hamburger?

A) $2.50

B) $7.50

C) $10.00

D) $12.50

E) None of the above answers is correct.

 

19) Consumer surplus exists when a

A) person buys something with a marginal benefit less than what they paid.

B) person buys something with a marginal benefit exactly what they paid.

C) person buys something with a marginal benefit more than what they paid.

D) producer sells something for more than it is worth.

E) person buys something with a marginal cost less than what they paid.

 

20) Shelby said to her friend, “I just bought a new pair of climbing shoes and I love them so much that I totally would have paid more for them.” Shelby was describing the concept of

A) consumer surplus.

B) producer surplus.

C) equilibrium.

D) marginal cost.

E) total surplus.

 

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July 1, 2023
    

 

 

51) In the short run, a decrease in aggregate demand will lead to

A) a decrease in the price level and an increase in real GDP.

B) an increase in the price level and a decrease in real GDP.

C) a decrease in the price level and an increase in the unemployment rate.

D) an increase in the price level and an increase in real GDP.

E) no change in the price level and a decrease in real GDP.

 

52) If the economy moves upward along its short-run Phillips curve, in the AS-AD diagram, this movement is shown by a

A) movement upward along the AS curve as a result of a rightward shift of the AD curve.

B) rightward shift of potential GDP.

C) movement downward along the AS curve as a result of a leftward shift of the AD curve.

D) rightward shift of the AS curve and a movement along the AD curve.

E) leftward shift of the AS curve and a movement along the AD curve.

 

53) If aggregate demand increases, thereby leading to an increase in real GDP and inflation, there is

A) a movement downward along the short-run Phillips curve.

B) a movement upward along the short-run Phillips curve.

C) a rightward shift in the short-run Phillips curve.

D) a leftward shift in the short-run Phillips curve.

E) neither a movement along nor a shift in the short-run Phillips curve.

54) The relationship between the AS-AD model and the Phillips curve points out that as aggregate demand increases, the unemployment rate

A) decreases and the inflation rate rises.

B) increases and the inflation rate falls.

C) decreases and the price level falls.

D) increases and the inflation rate rises.

E) decreases and the inflation rate does not change, only the price level rises.

 

55) Data from the United States and the United Kingdom show that the short-run Phillips curve exhibits

A) a great deal of shifting.

B) stability with shifts occurring only when external forces are strong.

C) stability with shifts occurring only when there is an internal change of government.

D) shifts that occur every five years or so.

E) positive slopes in both nations.

 

56) Changes in which of the following shift the short-run Phillips curve?

i.changes in the natural unemployment rate

ii.changes in the expected inflation rate

iii.changes in the inflation rate

A) i only

B) ii only

C) iii only

D) i and ii

E) i, ii, and iii

57) The short-run Phillips curve shows a relationship between the

A) inflation rate and the interest rate.

B) inflation rate and real GDP.

C) unemployment rate and the interest rate.

D) inflation rate and the unemployment rate.

E) price level and real GDP.

 

58) The short-run Phillips curve is

A) vertical at the natural unemployment rate.

B) upward sloping.

C) downward sloping.

D) horizontal at the expected inflation rate.

E) U-shaped.

 

59) Moving along the short-run Phillips curve, as the unemployment rate increases the inflation rate

A) decreases.

B) increases.

C) remains unchanged.

D) initially decreases and then increases.

E) initially increases and then decreases.

 

60) When a movement up along the aggregate supply curve occurs, there is also

A) a movement down along the short-run Phillips curve.

B) a movement up along the short-run Phillips curve.

C) a rightward shift of the short-run Phillips curve.

D) a leftward shift of the short-run Phillips curve.

E) no movement along nor a shift in the short-run Phillips curve.

61) If real GDP exceeds potential GDP, then employment is ________ full employment and the unemployment rate is ________ the natural unemployment rate.

A) below; above

B) equal to; below

C) above; below

D) above; above

E) equal to; equal to

 

62) According to Okun's Law, if the natural unemployment rate is 5 percent, the actual unemployment rate is 4 percent, and potential GDP is $15 trillion, then actual real GDP is

A) $12.0 trillion.

B) $15.0 trillion.

C) $14.7 trillion.

D) $15.4 trillion.

E) $15.3 trillion.

 

63) When aggregate demand increases, there is a movement ________ along the AS curve and ________.

A) up; a movement up along the short-run Phillips curve

B) up; a movement down along the short-run Phillips curve

C) up; an upward shift of the short-run Phillips curve

D) down; a downward shift of the short-run Phillips curve

E) down; a movement down along the short-run Phillips curve

 

 

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July 1, 2023
    

 

 

51) In the short run, a decrease in aggregate demand will lead to

A) a decrease in the price level and an increase in real GDP.

B) an increase in the price level and a decrease in real GDP.

C) a decrease in the price level and an increase in the unemployment rate.

D) an increase in the price level and an increase in real GDP.

E) no change in the price level and a decrease in real GDP.

 

52) If the economy moves upward along its short-run Phillips curve, in the AS-AD diagram, this movement is shown by a

A) movement upward along the AS curve as a result of a rightward shift of the AD curve.

B) rightward shift of potential GDP.

C) movement downward along the AS curve as a result of a leftward shift of the AD curve.

D) rightward shift of the AS curve and a movement along the AD curve.

E) leftward shift of the AS curve and a movement along the AD curve.

 

53) If aggregate demand increases, thereby leading to an increase in real GDP and inflation, there is

A) a movement downward along the short-run Phillips curve.

B) a movement upward along the short-run Phillips curve.

C) a rightward shift in the short-run Phillips curve.

D) a leftward shift in the short-run Phillips curve.

E) neither a movement along nor a shift in the short-run Phillips curve.

54) The relationship between the AS-AD model and the Phillips curve points out that as aggregate demand increases, the unemployment rate

A) decreases and the inflation rate rises.

B) increases and the inflation rate falls.

C) decreases and the price level falls.

D) increases and the inflation rate rises.

E) decreases and the inflation rate does not change, only the price level rises.

 

55) Data from the United States and the United Kingdom show that the short-run Phillips curve exhibits

A) a great deal of shifting.

B) stability with shifts occurring only when external forces are strong.

C) stability with shifts occurring only when there is an internal change of government.

D) shifts that occur every five years or so.

E) positive slopes in both nations.

 

56) Changes in which of the following shift the short-run Phillips curve?

i.changes in the natural unemployment rate

ii.changes in the expected inflation rate

iii.changes in the inflation rate

A) i only

B) ii only

C) iii only

D) i and ii

E) i, ii, and iii

57) The short-run Phillips curve shows a relationship between the

A) inflation rate and the interest rate.

B) inflation rate and real GDP.

C) unemployment rate and the interest rate.

D) inflation rate and the unemployment rate.

E) price level and real GDP.

 

58) The short-run Phillips curve is

A) vertical at the natural unemployment rate.

B) upward sloping.

C) downward sloping.

D) horizontal at the expected inflation rate.

E) U-shaped.

 

59) Moving along the short-run Phillips curve, as the unemployment rate increases the inflation rate

A) decreases.

B) increases.

C) remains unchanged.

D) initially decreases and then increases.

E) initially increases and then decreases.

 

60) When a movement up along the aggregate supply curve occurs, there is also

A) a movement down along the short-run Phillips curve.

B) a movement up along the short-run Phillips curve.

C) a rightward shift of the short-run Phillips curve.

D) a leftward shift of the short-run Phillips curve.

E) no movement along nor a shift in the short-run Phillips curve.

61) If real GDP exceeds potential GDP, then employment is ________ full employment and the unemployment rate is ________ the natural unemployment rate.

A) below; above

B) equal to; below

C) above; below

D) above; above

E) equal to; equal to

 

62) According to Okun's Law, if the natural unemployment rate is 5 percent, the actual unemployment rate is 4 percent, and potential GDP is $15 trillion, then actual real GDP is

A) $12.0 trillion.

B) $15.0 trillion.

C) $14.7 trillion.

D) $15.4 trillion.

E) $15.3 trillion.

 

63) When aggregate demand increases, there is a movement ________ along the AS curve and ________.

A) up; a movement up along the short-run Phillips curve

B) up; a movement down along the short-run Phillips curve

C) up; an upward shift of the short-run Phillips curve

D) down; a downward shift of the short-run Phillips curve

E) down; a movement down along the short-run Phillips curve

 

 

default image
July 1, 2023
    

 

 

51) In the short run, a decrease in aggregate demand will lead to

A) a decrease in the price level and an increase in real GDP.

B) an increase in the price level and a decrease in real GDP.

C) a decrease in the price level and an increase in the unemployment rate.

D) an increase in the price level and an increase in real GDP.

E) no change in the price level and a decrease in real GDP.

 

52) If the economy moves upward along its short-run Phillips curve, in the AS-AD diagram, this movement is shown by a

A) movement upward along the AS curve as a result of a rightward shift of the AD curve.

B) rightward shift of potential GDP.

C) movement downward along the AS curve as a result of a leftward shift of the AD curve.

D) rightward shift of the AS curve and a movement along the AD curve.

E) leftward shift of the AS curve and a movement along the AD curve.

 

53) If aggregate demand increases, thereby leading to an increase in real GDP and inflation, there is

A) a movement downward along the short-run Phillips curve.

B) a movement upward along the short-run Phillips curve.

C) a rightward shift in the short-run Phillips curve.

D) a leftward shift in the short-run Phillips curve.

E) neither a movement along nor a shift in the short-run Phillips curve.

54) The relationship between the AS-AD model and the Phillips curve points out that as aggregate demand increases, the unemployment rate

A) decreases and the inflation rate rises.

B) increases and the inflation rate falls.

C) decreases and the price level falls.

D) increases and the inflation rate rises.

E) decreases and the inflation rate does not change, only the price level rises.

 

55) Data from the United States and the United Kingdom show that the short-run Phillips curve exhibits

A) a great deal of shifting.

B) stability with shifts occurring only when external forces are strong.

C) stability with shifts occurring only when there is an internal change of government.

D) shifts that occur every five years or so.

E) positive slopes in both nations.

 

56) Changes in which of the following shift the short-run Phillips curve?

i.changes in the natural unemployment rate

ii.changes in the expected inflation rate

iii.changes in the inflation rate

A) i only

B) ii only

C) iii only

D) i and ii

E) i, ii, and iii

57) The short-run Phillips curve shows a relationship between the

A) inflation rate and the interest rate.

B) inflation rate and real GDP.

C) unemployment rate and the interest rate.

D) inflation rate and the unemployment rate.

E) price level and real GDP.

 

58) The short-run Phillips curve is

A) vertical at the natural unemployment rate.

B) upward sloping.

C) downward sloping.

D) horizontal at the expected inflation rate.

E) U-shaped.

 

59) Moving along the short-run Phillips curve, as the unemployment rate increases the inflation rate

A) decreases.

B) increases.

C) remains unchanged.

D) initially decreases and then increases.

E) initially increases and then decreases.

 

60) When a movement up along the aggregate supply curve occurs, there is also

A) a movement down along the short-run Phillips curve.

B) a movement up along the short-run Phillips curve.

C) a rightward shift of the short-run Phillips curve.

D) a leftward shift of the short-run Phillips curve.

E) no movement along nor a shift in the short-run Phillips curve.

61) If real GDP exceeds potential GDP, then employment is ________ full employment and the unemployment rate is ________ the natural unemployment rate.

A) below; above

B) equal to; below

C) above; below

D) above; above

E) equal to; equal to

 

62) According to Okun's Law, if the natural unemployment rate is 5 percent, the actual unemployment rate is 4 percent, and potential GDP is $15 trillion, then actual real GDP is

A) $12.0 trillion.

B) $15.0 trillion.

C) $14.7 trillion.

D) $15.4 trillion.

E) $15.3 trillion.

 

63) When aggregate demand increases, there is a movement ________ along the AS curve and ________.

A) up; a movement up along the short-run Phillips curve

B) up; a movement down along the short-run Phillips curve

C) up; an upward shift of the short-run Phillips curve

D) down; a downward shift of the short-run Phillips curve

E) down; a movement down along the short-run Phillips curve

 

 

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