1) The largest source of household income in the U.S. is obtainedfrom
2) The market where business sell goods and services to householdsand the government is called the
3) Real gross domestic product is best defined as
4) Underemployment includes people
5) The Bureau of Economic Analysis is responsible for which of thefollowing?
6) The Federal Reserve provides which of the following data?
7) Consider if the government instituted a 10 percent income taxsurcharge. In terms of the AS/AD model, this change should have
8) If the depreciation of a country’s currency increases itsaggregate expenditures by 20, the AD curve will
9) Aggregate demand management policies are designed most directlyto
10) Suppose that consumer spending is expected to decrease in thenear future. If output is at potential output, which of thefollowing policies is most appropriate according to the AS/ADmodel?
11) According to Keynes, market economies
12) The laissez-faire policy prescription to eliminate unemploymentwas to
13) In the AS/AD model, an expansionary monetary policy has thegreatest effect on the price level when it
14) The Federal funds rate
15) What tool of monetary policy will the Federal Reserve use toincrease the federal funds rate from 1% to 1.25%?
16) If the Federal Reserve increases the required reserves,financial institutions will likely lend out
17) Suppose the money multiplier in the U.S. is 3. Suppose furtherthat if the Federal Reserve changes the discount rate by 1percentage point, banks change their reserves by 300. To increasethe money supply by 2700 the Federal Reserve should
18) If the Federal Reserve reduced its reserve requirement from 6.5percent to 5 percent. This policy would most likely
19) A country can have a trade deficit as long as it can
20) A weaker dollar
21) In the short run, a trade deficit allows more consumption, butin the long run, a trade deficit is a problem because
22) Considering an economy with a current trade deficit andconsidering only the direct effect on income, an expansionarymonetary policy tends to
23) The balance of trade measures the
24) When a country runs a trade deficit, it does so by:
25) Expansionary fiscal policy tends to
26) In considering the net effect of expansionary fiscal policy onthe trade deficit, the
27) If U.S. interest rates fall relative to Japanese interest ratesand Japanese inflation falls relative to U.S. inflation, thenthe
28) Expansionary monetary policy tends to
29) The U.S. has limits on Chinese textile imports. Such limits arean example of
30) Duties imposed by the U.S. government on imported Chinesefrozen and canned shrimp are an example of
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