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Question : 71) In December 2009, currency was $400 billion, traveler’s checks : 1240482

Economics

 

 

71) In December 2009, currency was $400 billion, traveler’s checks were $5 billion; checkable deposits owned by individuals and businesses were $600 billion, saving deposits were $2,00 billion, time deposits were $1,500 billion; and money market funds were $1,200 billion. What was the M1 in December 2009?

A) M1 = $405 billion

B) M1 = $1,005 billion

C) M1 = $3,005 billion

D) M1 = $3500 billion

E) M1 = $3505 billion

72) If Joe withdraws a $100 bill from his checking account and Jack deposits another $100 bill in his savings account, by how will M1 and M2 change?

A) M1 will decrease, but M2 will remain the same.

B) M1 will increase, and M2 will increase.

C) M2 will decrease by $100.

D) Both M1 and M2 will remain the same.

E) M1 will remain the same, and M2 will increase.

 

73) Susan just sold her text books for $200 cash and deposited the cash she received in her checking account. This transaction has

A) increased the quantity of M1.

B) decreased the quantity of M1.

C) increased the quantity of M2.

D) decreased the quantity of M2.

E) not changed either M1 or M2.

 

74) M2 consists of

A) M1 plus traveler’s checks.

B) M1 plus saving deposits, small time deposits, and money market funds.

C) M1 plus checkable deposits.

D) M1 plus currency at the banks.

E) M1 plus Federal Reserve notes.

75) Which of the following are included in the M2 definition of money?

A) currency outside of banks and checkable deposits

B) currency outside of banks and credit lines on credit cards

C) time deposits and the value of prime grade bonds

D) currency both inside and outside of banks

E) currency inside of banks and banks’ reserves

 

76) If we look at the components of M2, we find that

A) money market funds are the largest component.

B) savings deposits are the largest component.

C) currency is the largest component.

D) banks’ reserves are the largest component.

E) loans are the largest component.

 

77) In December 2009, currency outside of banks was $400 billion, traveler’s checks were $5 billion; checkable deposits owned by individuals and businesses were $600 billion, saving deposits were $2,000 billion, time deposits were $1,500 billion; and money market funds were $1,200 billion. What was the M2 in December 2009?

A) M2 = $5,705 billion

B) M2 = $3705 billion

C) M2 = $1,005 billion

D) M2 = $2,505 billion

E) M2 = $5,700 billion

78) If currency outside of banks is $800 billion; traveler’s checks are $10 billion; checkable deposits owned by individuals and businesses are $700 billion; savings deposits are $4,000 billion; small time deposits are $1,000 billion; and money market funds and other deposits are $800 billion, then M2 equals ________ billion.

A) $7,310

B) $5,800

C) $2,510

D) $1,510

E) $710

 

 

79) The above table has information about the hypothetical economy of Robotica. Based on the data, the size of M1 is

A) $610 billion.

B) $1,510 billion.

C) $600 billion.

D) $1,110 billion.

E) $2,600 billion.

80) The above table has information about the hypothetical economy of Robotica. Based on the data, the size of M2 is

A) $2,600 billion.

B) $2,610 billion.

C) $610 billion.

D) $600 billion.

E) $1,710 billion.

 

 

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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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