Eco 561 Final Examination Questions

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1. In the theory of comparative advantage, a good should be produced in that nation where
2. ​A monopolistically competitive industry combines elements of both competition and monopoly. The monopoly element results from
3. Research for industrially advanced countries indicates that
4. All else equal, a large decline in the real interest rate will shift the
5. If an unintended increase in business inventories occurs at some level of GDP, then GDP
6. The business cycle depicts:
7. Suppose you have a limited money income and you are purchasing products A and B, whose prices happen to be the same. To maximize your utility, you should purchase A and B in such amounts that
8. The two basic markets shown by the simple circular flow model are
9. Macroeconomics approaches the study of economics from the viewpoint of
10. If the prices of all goods and services rose, but the quantity produced remained unchanged, what would happen to nominal and real GDP?
11. Pure monopolists may obtain economic profits in the long run because
12. Arnold is spending all her money income by buying bottles of soda and bags of pretzels in such amounts that the marginal utility of the last bottle is 60 utils and the marginal utility of the last bag is 30 utils. The prices of soda and pretzels are $.60 per bottle and $.40 per bag respectively. It can be concluded that
13. ​The primary gain from international trade is
14. The simple circular flow model shows that
15. Contractionary fiscal policy is so named because it:
16. If the Federal Reserve System buys government securities from commercial banks and the public:
17. The term “recession” describes a situation where
18. Normal profit is
19. Which of the following will generate a demand for country X’s currency in the foreign exchange market?
20. Buyers will opt out of markets in which
21. Which of the following statements best describes the 12 Federal Reserve Banks?
22. Two major virtues of the market system are that it:
23. Which of the following have substantially equivalent effects on a nation’s volume of exports and imports?
24. Assume the reserve ratio is 25 percent and Federal Reserve Banks buy $4 million of U.S. securities from the public, which deposits this amount into checking accounts. As a result of these transactions, the supply of money is:
25. Why are economists concerned about inflation?
26. Because the federal government typically provides disaster relief to farmers, many farmers do not buy crop insurance even through it is federally subsidized. This illustrates:
27. In order for mutually beneficial trade to occur between two otherwise isolated nations:
28. As output increases, total variable cost:
29. Countercyclical discretionary fiscal policy calls for:
30. The fact that international specialization and trade based on comparative advantage can increase world output is demonstrated by the reality that:

Course: ECO 561 Influence of Economics on Household Decision Making
School: University of Phoenix

• Due Date (Double Check): 08/06/2017
• Willing to Pay (USD): 30