Macroeconomics And Mid Term Exams. Essay

1131 words - 5 pages

Macroeconomics Midterm Exam 1Name:1) Famous influential economist of the last century?() John Adams () Cornwall Stowe(X) John Maynard Keynes () John Dempsey Cortwright2) The condition in which our wants are greater than our needs?() Surplus () Equilibrium() Annex (X) Scarcity3) An economist's word for satisfaction one receives from a good or service?(X) Utility () Optimum() Cohesion () Pleasure4) Economics is often times referred to as the study of?() Commerce () Monetary policy(X) Scarcity () Capital5) When two variables such as price and demand move in opposite directions they aresaid to be?() Independent () Positively correlated(X) Inversely related () Negatively related6) Defined as the ratio of the change in the variable on the vertical axis to the change inthe variable on the horizontal axis?() Incline () Ratio influx() Decline (X) Slope7) The United States is generally thought to have an_________ economy?() Pure capitalistic () Pure socialistic() Mixed socialistic (X) Mixed capitalistic8) As incomes in America increase, the demand for sneakers decreases. In this scenario,sneakers are a (n)?() Superior good (X) Inferior good() Commodity good () inelastic good9) According to the law of supply, as a price for a good rises, the supply of that good?() Decreases (X) Increases() Stays stable over time () Moderates over time10) Government subsidies usually result in?(X) An increase of the supply of goods () A decrease of the supply of goods() More government interference () Industry exists11) When supply of a good equals demand then a state of ________ is attained?() Stability () Future instability(X) Equilibrium () Disequilibria12) As more of a good is produced the associated_________ costs increase?() Production () Maintenance(X) Opportunity () Influx13) This law states that the more resources that are thrown into a fix asset, the rate ofreturn of those additional resources will?(X) Law of diminishing returns () Law of increasing efficiencies() Law of relevant efficiency () Law of marginalization14) Real Balance Effect, Interest Rate Effect, International Trade Effect are all reasons why?(X) Aggregate demand curve is downward sloping.() Aggregate demand curve is upward sloping.() Aggregate demand curve is bowed-inward.() Aggregate demand curve is bowed-outward.15) International trade effect helps explain?(X) Self-regulating nature of prices in world trade.() Case for increased government regulation in world trade.() Inflationary tendencies in world trade.() Deflationary tendencies in world trade.16) Factors that can cause aggregate demand to rise include?() Downward sloping prices.(X) Increases in investment.() Decreases in investment.() Increases in government regulation.() Both A & B.() All of the above17) Defined as the process of focusing in on a limited number of variables to explain or predict an event?(X) Abstract () Thesis () Convex Rationalization () Convex Interpolation18) Surpluses occur when?() # of buyers > # of producers. ()...

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