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1. China’s economy has grown tremendously from 1979 to the present. The reason the article gives for this growth isA) the introduction of the centrally planned economy in 1978.B) the introduction of market-oriented reforms in 1978.C) the introduction of the social networking site, MySpace.D) the total lack of governmental intervention in the economy.2. Some factors currently exist that inhibit the growth rate of the Chinese economy. The main reason given isA) the introduction of free-market reforms.B) the introduction of the relatively new resource of entrepreneurship.C) the lack of laws that predictably enforce property rights.D) the total lack of governmental intervention in the market place.3. The period of time from 1,000,000 B.C. to 1300 A.D. was a period ofA) no sustained economic growth.B) slow and steady economic growth.C) moderate economic growth.D) rapid and sustained economic growth.4. Significant economic growth did not begin in the world untilA) 1000 A.D.B) 1750 A.D.C) 1820 A.D.D) the 20th century A.D.5. According to Douglass North, the Industrial Revolution occurred in England becauseA) the British Parliament took control of the government and could credibly commit to upholding property rights.B) the British monarchy took control of the government and pledged not to raise taxes arbitrarily.C) the British courts became tied to the king and began to refuse to enforce property rights.D) the British Parliament instituted a command economy structure and implemented a planned economy.6. Small differences in economic growth rates result in small differences in living standards.A) TRUEB) FALSE7. Which of the following is not one of the three sources of technological change?A) additional amounts of existing capitalB) better machinery and equipmentC) increases in human capitalD) better means of organizing and managing production8. An economy can improve its standard of living byA) organizing production so that the quantity of goods produced per hour will decrease.B) reducing the amount of human capital workers have.C) increasing the amount of capital available per hour worked.D) all of the above9. According to new growth theory,A) technological change is influenced by economic incentives.B) centrally-planned economies are the most efficient.C) growth in real GDP per capita occurs only if there are increasing returns.D) economic growth is determined by forces outside the control of the market system.10. A patent grants an inventor exclusive rights to a product for how long?A) 14 yearsB) 17 yearsC) 20 yearsD) the lifetime of the product11. Which of the following government policies would most likely result in an increase in economic growth?A) a decrease in the life of a patent from 20 years to 15 yearsB) a decrease in the interest rate at which the government provides student loansC) a decrease in government spending on grants issued through the National Institutes of HealthD) decreased copyright protection on music and movies12. Developing countries with low saving rates and poor levels of health and education are likely to experienceA) high levels of foreign direct investment.B) easy access to financial backing from banks.C) rapid growth in household incomes.D) low rates of growth in real GDP per capita.13. Globalization refers toA) the process of establishing a common world currency.B) the willingness of individuals within a given country to share knowledge with one another.C) the process of countries becoming more open to foreign trade and investment.D) the reduction in growth rates of real GDP per capita as a result of trade with foreign countries.14. Countries that are more globalized tend to haveA) lower levels of real GDP per capita.B) a higher likelihood of war or revolution.C) higher growth rates in real GDP per capita.D) lower levels of foreign direct investment.15. According to a study by economists Raymond Fisman and Edward Miguel, as the level of corruption in a country increases, A) so does the number of parking violations by the country’s United Nations delegates.B) so does the size of the country’s population.C) the levels of foreign direct investment and foreign portfolio investment decrease.D) the levels of real GDP per capita and real income per capita increase.16. The term “brain drain” refers toA) highly educated individuals who leave developing countries for high-income countries.B) the diminishing returns to studying for an exam.C) the negative impact on brain function of an individual’s overinvestment in human capital.D) the decreased quality of the college-educated workforce.17. Disease, poor nutrition, and substandard health care in developing nations can reduce growth in an economy by A) reducing physical capital.B) reducing human capital.C) increasing labor productivity.D) increasing technological change.18. All of the following policies are ways for a country to promote long-run economic growth exceptA) increasing vaccinations against infectious diseases.B) undergoing political reform to decrease corruption.C) enacting stronger laws to protect property rights.D) imposing stricter regulations to limit foreign direct investment.19. Which of the following policies would not help promote economic growth?A) a law requiring that the funds in an individual retirement account be taxedB) a law restricting elected officials from accepting expensive gifts and trips from private individualsC) a law that funds prenatal care for all expectant mothersD) a law that subsidizes research in nanotechnology20. Enforcing property rights in an economy will A) cause the market system to work less efficiently.B) decrease the level of foreign portfolio investment.C) encourage corruption and expand the underground economy. D) raise the level of investment.21. The aggregate demand curve shows the relationship between the ________ and ________.A) inflation rate; quantity of real GDP demandedB) real interest rate: quantity of real GDP suppliedC) nominal interest rate; quantity of real GDP demandedD) price level; quantity of real GDP demanded22. An increase in exports decreases aggregate demand.A) TRUEB) FALSE23. An increase in disposable income will shift the aggregate demand curve to the right.A) TRUEB) FALSE24. Supply creates its own demand isA) Say’s LawB) Hayes’ LawC) Franklin’s LawD) Keynes’s LawE) Boehmer’s Law25. Demand creates its own supply isA) Say’s LawB) Hayes’ LawC) Franklin’s LawD) Keynes’s LawE) Boehmer’s Law25. Money is A) an asset that people are willing to accept in exchange for goods and services.B) a liability that people are willing to accept in exchange for goods and services.C) the income one earns over a period of time.D) one’s assets net of one’s liabilities at any point in time.26. Commodity money is a goodA) used as money that has no secondary use.B) that is designated as money by law.C) used as money that also has value independent of its use as money.D) used as money that has no intrinsic value.27. By making exchange ________, money allows for ________ and higher ________.A) harder; specialization; costsB) easier; specialization; productivityC) harder; generalization; productivityD) easier; specialization; costs28. Which of the following is a function that money serves?A) medium of exchangeB) unit of accountC) store of valueD) All of the above are correct.29. When a grocery store accepts your $5 bill in exchange for bread and milk, the $5 bill serves as aA) medium of exchange.B) unit of account.C) store of value.D) standard of deferred payment.30. The statement “This Dell laptop costs $1,200” illustrates which function of money?A) medium of exchangeB) unit of accountC) store of valueD) standard of deferred payment31. A farm worker gets paid today in money, but plans to hold on to it and then spend the money next year. This illustrates which function of money?A) medium of exchangeB) unit of accountC) store of valueD) standard of deferred payment32. A car dealer sells you a car today in exchange for money in the future. This illustrates which function of money?A) medium of exchangeB) unit of accountC) store of valueD) standard of deferred payment33. Fiat money hasA) little to no intrinsic value but is backed by the quantity of gold held by the central bank.B) little to no intrinsic value and is authorized by the central bank or governmental body.C) value, because it can be redeemed for gold by the central bank.D) a great intrinsic value that is independent of its use as money.34. The M1 measure of the money supply equalsA) paper money plus coins in circulation.B) currency plus checking account balances.C) currency plus checking account balances plus traveler’s checks.D) currency plus checking account balances plus traveler’s checks plus savings account balances.35. The Federal Reserve’s narrowest definition of the money supply isA) M0.B) M1.C) M2.D) M3.36. ) The M2 measure of the money supply equalsA) savings account balances plus small-denomination time deposits plus traveler’s checks.B) savings account balances plus small-denomination time deposits plus noninstitutional money market fund shares.C) M1 plus savings account balances plus small-denomination time deposits.D) M1 plus savings account balances plus small-denomination time deposits plus noninstitutional money market fund shares.SCENARIO 13-1$1,000CHECKING ACCOUNT BALANCES 2,000SAVINGS ACCOUNT BALANCES 5,000SMALL-DENOMINATION TIME DEPOSITS 6,000NONINSTITUTIONAL MONEY MARKET FUND SHARES7,000CONSIDER THE INFORMATION ABOVE FOR A SIMPLE ECOMONY. ASSUME THERE ARE NO TRAVELER’S CHECKS.37. Refer to Scenario 13-1. M1 in this simple economy equalsA) $1,000.B) $2,000.C) $3,000.D) $8,000.38. Refer to Scenario 13-1. M2 in this simple economy equalsA) $3,000.B) $8,000.C) $14,000.D) $21,000.39. The required reserves of a bank equal its ________ the required reserve ratio.A) deposits divided byB) deposits multiplied byC) loans divided byD) loans multiplied bySCENARIO 13-2IMAGINE THAT KRISTY DEPOSITS $10,000 OF CURRENCY INTO HER CHECKING ACCOUNT DEPOSIT AT BANK A AND THAT THE REQUIRED RESERVE RATIO IS 20%.40.. Refer to Scenario 13-2. As a result of Kristy’s deposit, Bank A’s reserves immediately increase byA) $2,000.B) $8,000.C) $10,000.D) $50,000.41. Refer to Scenario 13-2. As a result of Kristy’s deposit, Bank A’s required reserves increase byA) $2,000.B) $8,000.C) $10,000.D) $50,000.42. Refer to Scenario 13-2. As a result of Kristy’s deposit, Bank A’s excess reserves increase byA) $2,000.B) $8,000.C) $10,000.D) $50,000.43. If the required reserve ratio (RR) is 20 percent, the simple deposit multiplier isA) 2.B) 5.C) 10.D) 20.44. Suppose that you deposit $2,000 in your bank and the required reserve ratio is 10 percent. The maximum loan your bank can made as a direct result of your deposit isA) $200.B) $1,800.C) $2,000.D) $20,000.45. The Federal Reserve was established in 1913 to A) prevent inflation by decreasing the money supply.B) stimulate the economy by increasing bank reserves.C) stop bank panics by acting as a lender of last resort.D) prevent bad loans by requiring banks to hold reserves.46. Which of the following is not a function of the Federal Reserve System, or the “Fed”?A) acting as a lender of last resortB) acting as a banker’s bankC) performing check clearing servicesD) insuring deposits in the banking system E) taking actions to control the money supply47. In response to the destructive bank panics of the Great Depression, future bank panics are designed to be prevented byA) the Federal Reserve System acting as a lender of last resort.B) the Federal Reserve System conducting open market operations.C) the establishment of the Federal Deposit Insurance Corporation.D) establishing a fractional reserve system of banking.E) increasing the required reserve ratio to 100%.48. The Federal Open Market Committee consists of the seven members of the ________, the president of the Federal Reserve Bank of New York, and ________.A) Federal Reserve’s Board of Governors; four members of the Council of Economic AdvisorsB) Federal Reserve’s Board of Governors; four presidents from the other 11 Federal Reserve banksC) Council of Economic Advisors; four presidents from the 11 Federal Reserve banksD) Council of Economic Advisors; four members of the U.S. Banking Committee49. The three main monetary policy tools used by the Federal Reserve to manage the money supply areA) interest rates, tax rates, and government spending.B) tax rates, government purchases, and government transfer payments.C) open market operations, discount policy, and reserve requirements.D) open market operations, the exchange rate of the dollar against foreign currencies, and government purchases.50. To increase the money supply, the Federal Reserve couldA) raise the discount rate.B) decrease income taxes.C) raise the required reserve ratio.D) conduct an open market purchase of Treasury securities.E) lower transfer payments.51. Suppose a bank has $100 million in checking account deposits with no excess reserves and the required reserve ratio is 20 percent. If the Federal Reserve reduces the required reserve ratio to 15 percent, then the bank will now have excess reserves ofA) $0.B) $5 million.C) $15 million.D) $20 million.52. Hyperinflations occur because governments want to spend more than they raise in taxes, and they pay for the extra purchases by printing money.B) FALSE53. Monetary policy refers to the actions theA) President and Congress take to manage the money supply and interest rates to pursue their economic objectives.B) Federal Reserve takes to manage the money supply and interest rates to pursue its macroeconomic policy objectives.C) President and Congress take to manage government spending and taxes to pursue their economic objectives.D) Federal Reserve takes to manage government spending and taxes to pursue its economic objectives.54. The Federal Reserve System’s four monetary policy goals areA) low government budget deficits, low current account deficits, high employment, and a high foreign exchange value of the dollar.B) low rate of bank failures, high reserve ratios, price stability, and economic growth.C) price stability, high employment, economic growth, and stability of financial markets and institutions.D) price stability, low government budget deficits, low current account deficits, and low rate of bank failures.55. Expansionary monetary policy refers to the ________ to increase real GDP.A) government’s increasing spending and lowering taxesB) government’s decreasing spending and raising taxesC) Federal Reserve’s increasing the money supply and decreasing interest ratesD) Federal Reserve’s decreasing the money supply and increasing interest rates56. Which of the following describes what the Fed would do to pursue an expansionary monetary policy?A) use open market operations to buy Treasury billsB) use open market operations to sell Treasury billsC) use discount policy to raise the discount rateD) raise the reserve requirement57. Fiscal policy refers to changes in A) state and local taxes and purchases that are intended to achieve macroeconomic policy objectives.B) federal taxes and purchases that are intended to achieve macroeconomic policy objectives.C) federal taxes and purchases that are intended to fund the war on terrorism.D) the money supply and interest rates that are intended to achieve macroeconomic policy objectives.58. Which of the following is an objective of fiscal policy?A) energy independence from Middle East oilB) health care coverage for all AmericansC) discovering a cure for AIDsD) high rates of economic growthE) homeland security59. Automatic stabilizers refer to A) the money supply and interest rates that automatically increase or decrease along with the business cycle.B) government spending and taxes that automatically increase or decrease along with the business cycle.C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives.D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. 60. The increase in the amount that the government collects in taxes when the economy expands and the decrease in the amount that the government collects in taxes when the economy goes into a recession is an example of A) automatic stabilizers.B) discretionary fiscal policy.C) discretionary monetary policy.D) automatic monetary policy.61. Fiscal policy is determined byA) the Federal Reserve.B) the president and the Federal Reserve.C) Congress and the Federal Reserve.D) Congress and the president.62. Expansionary fiscal policy involvesA) increasing government purchases or decreasing taxes.B) increasing taxes or decreasing government purchases.C) increasing the money supply and decreasing interest rates.D) decreasing the money supply and increasing interest rates.63. Which of the following is considered contractionary fiscal policy?A) Congress increases the income tax rate.B) Congress increases defense spending.C) Legislation removes a college tuition deduction from federal income taxes.D) The New Jersey legislature cuts highway spending to balance its budget.64. Expansionary fiscal policy involves increasing government purchases or increasing taxes.A) TRUE B) FALSE65. Which of the following does not reflect the state of the tax system in the United States today?A) The tax laws have become increasingly simplified as private citizens have demanded these changes.B) The tax laws are used to achieve social policy goals such as energy conservation.C) The tax laws are used to achieve macroeconomic goals of high employment and economic growth.D) Many taxpayers use software or professional tax preparation companies to file their income taxes.66. ) Before the Great Depression of the 1930s, the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________.C) federal level; state and local levelsB) local level; federal level D) federal level; state level67. Federal government expenditures, as a percentage of GDP,A) have risen since the early 1950s to the present.B) have fallen since the early 1950s to the present.C) rose from 1950 to 1991, fell from 1992 to 2001, and have risen from 2001 to the present.D) rose from 1950 to 2001, fell from 2001 and to the present.E) rose from 1950 to 1980, fell from 1981 to 2001, and have risen from 2001 to the present.68. From the 1960s to 2008, transfer payments A) have risen from about 25 percent to 46 percent of federal government expenditures.B) remained the same percentage of total federal government expenditures.C) have declined by half as a percentage of total federal government expenditures.D) have grown very slowly as a percentage of total federal government expenditures.69. The three categories of federal government expenditures, in addition to government purchases, areA) interest on the national debt, grants to state and local governments, and transfer payments.B) interest on the national debt, defense spending, and transfer payments.C) defense spending, budgets of federal agencies, and transfer payments.D) defense spending, Social Security, and Medicare.70. Social Security began as a “pay-as-you-go” system, meaning that payments to current retirees were paid A) from taxes collected from current workers. B) from taxes collected from retired workers.C) as long as the government had funds available.D) as the government collected revenues from tariffs and excise taxes in the years Social Security payments were made.71. Since the Social Security system began in 1935, the number of workers per retiree hasA) stayed roughly the same.B) continually risen.C) continually declined.D) risen and declined with different generations.72. The largest source of federal government revenue in 2010 wasA) sales taxes. C) individual income taxes.B) corporate income taxes.D) payroll taxes to fund Social Security and Medicare programs.
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