ECON Final Review

Which of the following is a principal that governs the interaction of individual choice

The Congressional Budget Office estimated the Chain-linked version of CPI would

During the 1960s, Keynesian economists thought there was a relationship between

Parking shortages at UL could be reduced by all of the following except

Keynes recommended deficit spending as

In the automobile industry, Toyota is credited with introducing

The Solow aggregate production function exhibits

Nominal or market interest rates are the

Greece began having trade surpluses in 2013 after having large trade deficits. This signaled

One of the requirements for "perfectly" competitive market is

Optimal resource allocation, means allocating resources in such a way that

The problem initially faced in the "baby-sitting economy" was too

In Classical Model framework, loanable funds market determines the

Nations that need additional money create it in unlimited amounts, the danger of doing this is

Which of the following is counted in the monthly official unemployment rate

Following WW2, Montgomery Ward began to fail because the company

Say's law was used by classical economists to explain

A perplexing characteristic of the three recessions since 1990 has been

Brazil's Bolsa Familia (Family Grant) program is aimed at

The belief that money is the source of economic wealth is an illustration of which fallacy

"Efficiency wages" are believed to

Protesters at WTO meetings want to

Decision making is governed by self interest. This implies public goods like national defense

At the natural rate of unemployment, NAIRU, which of the following is presumed to be true

In 1971, $1 could buy 250 Japanese yen. In 2018, $1 can buy 110 Japanese yen. Over time the

GDP price Deflator increased from 110 to 115, that would indicate prices has increased by

When GDP was calculated for 2017, national income accountants impute a value for

If all factors that affect US trade deficit remain the same, an increase in gov spending will

Venezuela is currently close to economic collapse in part due to

Labor productivity did not increase until the mid 90s, this created the so called

According to Classical QTOM mercantilism's support for positive balance of trade would produce

Two-thirds of US GDP spending on goods and services for final use arises from

When the inflation rate is 0, the

The preferred measure of inflation used by the US Federal Reserve System is the

Richard Nixon was surprised to find that the 1970 recession was followed by

The traditional or original CPI tends to

Friedman & Phelps fixed the Phillips curve & demonstrated that tradeoff applied to unemployment

The official unemployment rate is primarily meant to capture

Which of the factors did Adam Smith emphasize in raising labor productivity

In the US what is the cost of one motor vehicle (without any trade with mexico)

Most advanced countries have set their price level goal (approximately) at

If less than the efficient quantity of yoga mats is produced

The law of demand is based on

The "Gains from Trade" are the typical outcome summarized by

Which group of Americans tend to have the highest unemployment rate

Firms start producing more computers and less tvs, they are answering the _ part of the # Q's

Which country has the lowest price for gasoline

The reason the UK's real GDP per capita is not as high the US is

All of the following will change the demand for pasta except a change in

Which of the following substantially increased during The Great Recession

Productivity growth is measured by

The Law of Supply refers to the fact that short run supply schedules reflect the

Monetary policy has its most important short-run impact on the US econ through its effect on

Endogenous growth theory emerged following the development of Solow growth model and attempted

When faced with financial panics and runs on commercial banks, President Roosevelt

In the Classical Quantity Theory of Money

If the US continues to raise tariffs on imports

In which product(s) does Mexico have an absolute advantage

The internet company Priceline was able to rebound after the 9/11 attacks by

The proposal to add silver to the US money supply in the late 19th cent. was in part aimed at

In which product(s) does the US have a comparative advantage

An increase in the quantity if PCs supplied would occur if

The sum of the MPC and MPS must equal

In 1948, a hamburger cost 15₵. Today it costs $1. Compared to he CPI over this period,

Frances adoption of the 35-hour work week in 2000 had what effect on the French economy

The neutrality of money refers to the prediction that the quantity of money will affect

In the original Classical Model, a recession will

Which of the following is included in calculating GDP

Keynesian ideas were introduced to macroeconomics in

Which of the following did not occur as the US econ contracted between 1929-1933

In market economies, goods and services are rationed by

Supply & demand produce efficient allocation of scarce resources if all of these are met except

Marginal benefit ____

Equilibrium occurs in the basic Keynesian model when

One consequence of NYC's rent stabilization program is

A nobel award in econ was first given in 1969 in part due to

A real estate developer was able to move 3 elderly residents from their rent controlled apts

The effect of a tariff on an import is to (for that imported item)

Which US commercial bank failed in December 1930, triggering a run on major New York banks

So-called "newspaper" or media headline inflation excludes

The concept that trade or exchange is beneficial for economies has its origin

A labor contractor increases wages by 20%, what is true if the price level rises from 2 to 4

Which of the following is not one of the principles that guide individual choice

Adam Smith believed that the "Wealth of a Nation" was promoted by

The basic goal of the World Trade Organization is to

The major problem with inflation arise from

Demand shocks in the 1960s included all of the following except the

Increase in pineapple supply causes price to fall. Lower prices mean households will increase

The original Phillips curve tradeoff of the 1960s had to be corrected because it ignored

In the circular flow of economic activity, there are 2 kinds of markets, in the product market:

Which of the following is not a part of a nation's physical capital stock

The total labor force in an economy is

Which of the following is not a source of loanable funds

The discount rate, also called the Primary Credit Rate in 2018 is the interest rate that

The chained CPI for all Urban Consumers (C-CPI-U) is

During a snowstorm, Uber raised its standard fare by nearly 10%

Social Security payments to eligible Americans

In the business cycle, the unemployment rate typically reaches its highest level

The best way gauge how well China's economy was doing was to look at all the following except

In the past 2 decades, economic growth in China has been characterized by

Which of the following is not a way to calculate a country's GDP

Since 2001, the federal government has run budget deficits that arise when

The Congressional Budget Office forecasts real GDP growth from 2018 to 2028 will average

Keynesian econ policies are characterized by all of the following except

More than 75% of mutual fund holdings are currently invested in

Measured in PPP-constant dollars, the worlds largest economy is

Arthur Pigou and Classical Economists suggested ____ to deal with the global depression

The "Greek Tragedy" refers to

In the 07-09 recession, US consumer's incentive to save increased, this implies the

When the price of a complement for tacos increases, what will happen in the market for tacos

An increase in the price of a good causes s decline in demand for

One recent feature of the business cycle and unemployment is

After specialization and division, Adam Smith believed trade would follow patterns associated

For the last 20 years, the US inflation rate has been approximately

The fear of technological unemployment predicts the rise of

The phase of the business cycle from trough to peak is termed a

Approximately 85% of US economists believe that

In the aggregate production "T" represents

Unanticipated inflation can benefit (everything else the same)

Which of the following is not an economic factor that can promote higher productivity

Which of the following would affect the supply side of a competitive market

What the Wright Brothers in 1903 and Boeing in 2016 both had in common is the

U_N is approximately equal to

Its not unusual in European supermarkets that you have to bag your own groceries largely due to

There was a cotton crash and panic in 2011 due to

Persistent US trade deficits are due to

In the classical model of the business cycle, when a recession occurs

When Kennedy brought Keynesian macroecon in the US he proposed

In the QTOM, the variable V is the

Which of the following is a positive economic statement

Which of the following is not a stock price index

Firms ____ in output markets and ____ in input markets

Which of the following variables is not a form of autonomous spending in basic Keynesian model

Modern day research and development traces its origins to the work of

How large an increase would raise GDP by $500 if the MPC=.9

There has been a decrease in the number veterinarians to treat large animals is in large due to

Among the worlds advanced economies, productivity growth is currently

Using the QTOM, what will happen if a country starts to double the size of its money supply

Parents are required to have their children immunized to attend public school because

The concept of "Potential Output" for the US economy is associated with

The 2018 US foreign trade debt was created by

The "Lump-of-Labor" fallacy is associated with the correct view that in the long run,

Fiscal "crowding out" occurs when deficit spending

If the federal gov lowers taxes by $800 bil and the MPC=.75, GDP will rise by

The "efficient-market hypothesis" states that changes in individual stock prices

The key short-term interest rate in the US is the federal funds rate. This interest rate is

The benefits of financial intermediation include all of the following except

Which group of society will benefit from unanticipated inflation

Keynesians emphasize the use of fiscal policy as a stabilizer, this is the case in 1930s b/c

All hyperinflations have the same cause. They are due to

Which of the following is not included in GDP

The US labor-force participation rate has declined since The Great Recession in part due to

The best alternative given up when we make decisions is called the ___________ of that decision

Aggregate spending on GDP includes all of the following except