What must workers in the United States do to remain competitive in a global economy?

continually advance their skills and education

This statement explains which of the following?

why there is often disagreement over monetary and other economic policies

What key aspect of U.S. exports to China and other foreign countries does this poster

The U.S. exports pop culture through music, television shows, and movies.

Which of the following BEST summarizes the issue raised by this cartoon?

Between spending cuts and tax hikes, ordinary citizens often suffer the con

Why does the Fed rarely change reserve requirements?

It might force banks to require many borrowers to repay their loans.

Analyze this political cartoon, which shows President Roosevelt in a rowboat and Uncle Sam in the water.

the depression was a threat to the nation and required Roosevelt’s bold res

According to this testimony, the law failed to achieve its goals because

lawmakers and the President found ways to ignore its requirements.

What is the prime rate?

the interest rate banks charge on loans to their best customers

Keynesian economics differed from classical economics in which of the following ways?

It relied on government to maximize economic output in some cases.

What is an example of an opportunity cost of the federal government having to service its debt?

It has less money to spend on infrastructure.

This bumper sticker reflects a protectionist view because it shows that

he wants to support American companies and protect jobs in the United State

Which of the following conclusions is supported by the data in this illustration?

Human resources represents by far the largest category of spending in 2012.

Based on what you know, you can predict that Chairman Bernanke would have favored?

a loosening of the money supply

Why does the Fed rarely change reserve requirements?

It might force banks to require many borrowers to repay their loans.

who has an absolute advantage in making backpacks, and what is that person’s opportunity cost for producing the lamp?

Robin has an absolute advantage in making backpacks; opportunity cost is 3

What is an example of an opportunity cost of the federal government having to service its debt?

It has less money to spend on infrastructure.

This photograph likely shows the result of which of the following?

failure to establish a federal budget

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2nd Quarter Review

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Questions 28

Answers

1
What must workers in the United States do to remain competitive in a global economy?
reduce their carbon emissions
earn as much money as possible
start their own companies
continually advance their skills and education
2
This photograph shows the implementation of which of the following?
a contractionary fiscal policy
a tight-money monetary policy
an expansionary fiscal policy
application of the Laffer curve
3
This statement explains which of the following?
why most economists today are monetarists
why there is often disagreement over monetary and other economic policies
why the national debt has grown so alarmingly
why the business cycle exists
4
How can an inflationary economy be stabilized?
by utilizing the outside lag
with a tight monetary policy
with an expansionary monetary policy
by cutting taxes
5
This statement is most clearly opposed to which of the following?
an easy money monetary policy
supply-side economics
Expansionary fiscal policy
Keynesian economic theory
6
How can an inflationary economy be stabilized?
by cutting taxes
by utilizing the outside lag
tight monetary policy
with an expansionary monetary policy
7
In what 10-year span has the government had the highest deficits?
1990–2000
2000–2010
1980–1990
1960–1970
8
What key aspect of U.S. exports to China and other foreign countries does this poster
The U.S. has a growing trade deficit with China.
Some U.S. exports provide goods that an importing country couldn’t produce
One of the strongest U.S. exports is technologically sophisticated goods.
The U.S. exports pop culture through music, television shows, and movies.
9
Which of the following BEST summarizes the issue raised by this cartoon?
The combination of lower spending and higher taxes creates inflation.
Differences over preferred monetary policy approaches hurt citizens.
Between spending cuts and tax hikes, ordinary citizens often suffer the con
The combination of lower spending and higher taxes creates inflation.
10
Why does the Fed rarely change reserve requirements?
It could end open market operations.
It could end open market operations.
It might force banks to require many borrowers to repay their loans.
It would affect the discount rate.
11
Analyze this political cartoon, which shows President Roosevelt in a rowboat and Uncle Sam in the water.
the depression was a threat to the nation and required Roosevelt’s bold res
Keynesian policies threatened to swamp the United States in debt.
Roosevelt’s actions to rescue the nation from disaster were insufficient.
the New Deal was an overreaction that was harmful to the country.
12
the lowering or elimination of protective tariffs and other trade barriers between two or more nations
import
Free Trade
Tariff
export
13
According to this testimony, the law failed to achieve its goals because
the public was furious with the impact of the law’s required spending cuts.
lawmakers and the President found ways to ignore its requirements.
the law was based on inaccurate economic projections.
the language of the law was not strong enough.
14
What is the prime rate?
the interest rate the Fed charges to boost private spending
the interest rate that the government charges on required reserve ratios
the interest rate the Fed charges when it sells securities.
the interest rate banks charge on loans to their best customers
15
The text above is a description of the effect of
the FOREX.
foreign direct investment.
comparative advantage.
globalization.
16
Keynesian economics differed from classical economics in which of the following ways?
It paid little attention to impact of policies in the short term.
It relied on adjustments in monetary policy to impact the economy.
It relied on government to maximize economic output in some cases.
It encouraged a laissez-faire approach to the economy.
17
What is an example of an opportunity cost of the federal government having to service its debt?
It has less money to spend on infrastructure.
It has less money to spend on infrastructure.
It has less money to pay to bondholders.
It has less money to spend on infrastructure.
18
This bumper sticker reflects a protectionist view because it shows that
he believes the American military is weakened when imports increase.
he believes that American cars are of higher quality than foreign cars.
he doesn’t want foreign companies to invest in the United States.
he wants to support American companies and protect jobs in the United State
19
The United States limits the annual amount of raw cotton coming into the country from other nations. This is an example
an embargo
a licensing fee
import quota
a VER
20
Based on what you’ve read, you can assume that Ms. Yellen supported which of the following?
easy money monetary policy
the goal of budget surpluses
the goal of budget surpluses
contractionary fiscal policy
21
Which of the following conclusions is supported by the data in this illustration?
Human resources represents by far the largest category of spending in 2012.
The growth in defense spending is responsible for most spending growth sinc
Spending growth would be flat if not for large defense expenditures.
The United States is failing to pay the annual cost of borrowing.
22
Which is the most favorable source of development funds in an LDC?
borrowing
internal financing
foreign aid
internal financing
23
Based on what you know, you can predict that Chairman Bernanke would have favored?
greatly reduced federal budgets
a tightening of the money supply
a sharp reduction in open market operations
a loosening of the money supply
24
Why does the Fed rarely change reserve requirements?
It might cause the government to default on its debt.
It might force banks to require many borrowers to repay their loans.
It would affect the discount rate.
It could end open market operations.
25
who has an absolute advantage in making backpacks, and what is that person’s opportunity cost for producing the lamp?
Marta has an absolute advantage in making backpacks; opportunity cost is on
Robin has an absolute advantage in making backpacks; opportunity cost is 3
Marta has an absolute advantage in making backpacks; opportunity cost is tw
Robin has an absolute advantage in making backpacks; opportunity cost is fo
26
What is an example of an opportunity cost of the federal government having to service its debt?
It has less money to pay to bondholders.
It is unable to pay for entitlement programs.
It has less money for the crowding-out effect.
It has less money to spend on infrastructure.
27
Which of these countries used the tools of the free market to set up special economic zones that increased foreign trade
Czechosloviakia
China
Russia
India
28
This photograph likely shows the result of which of the following?
collapse of open market operations
failure to establish a federal budget
Keynesian economics
an inside lag

2nd Quarter Review Flashcards | StudBud