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BC090400798 : Muttee Ullah 85

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Quiz Start Time: 11:53 AM

Question # 1 of 15 ( Start time: 11:53:02 AM ) Total Marks: 1
Which would NOT tend to be a cause of an increase in productivity?

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Increases in labor supply

Increases in human capital

Correct Increases in quality of capital

Improvements in technology

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BC090400798 : Muttee Ullah 64

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Question # 2 of 15 ( Start time: 11:54:28 AM ) Total Marks: 1
Suppose in an economy, money is growing at 8% per year and output is growing at 5 % per year then the inflation rate in that
economy would be:
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correct 3%

5%

10%

13%

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BC090400798 : Muttee Ullah 35

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Question # 3 of 15 ( Start time: 11:55:46 AM ) Total Marks: 1
Which of the following is included in M2?

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Commercial paper

Stocks

U.S. Treasury bonds

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Savings accounts
correct

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BC090400798 : Muttee Ullah 71

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Question # 4 of 15 ( Start time: 11:59:00 AM ) Total Marks: 1
The extra output that a firm can produce using an additional unit of labor is known as:

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Average product of labor.

Marginal product of labor.

correct

Total product.

Total cost.

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BC090400798 : Muttee Ullah 60

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Question # 5 of 15 ( Start time: 11:59:37 AM ) Total Marks: 1
Which of the following is the largest component of total expenditures?
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Consumption
correct

Investment

Government spending

Net exports

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BC090400798 : Muttee Ullah 23

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Question # 6 of 15 ( Start time: 12:00:54 PM ) Total Marks: 1
Which of the following is the largest component of total expenditures?

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Undertaking consumption.
correct

Undertaking production.

Exchanging goods.
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Exchanging resources.

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BC090400798 : Muttee Ullah 34

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Question # 7 of 15 ( Start time: 12:02:21 PM ) Total Marks: 1
The term investment refers to:

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Only the creation of capital goods undertaken by private firms or the government.

Only large projects, such as building a new factory, undertaken by private firms.

Any action today that has costs today but provides benefits in the future.
correct

Any action today that has costs today and provides benefits today.

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BC090400798 : Muttee Ullah 23

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Question # 8 of 15 ( Start time: 12:03:43 PM ) Total Marks: 1
An asset that is included in M3 but not in M2 is:
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Currency.

Checkable deposits.

Small-denomination certificates of deposit.

Large-denomination certificates of deposit.

correct

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BC090400798 : Muttee Ullah 24

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Question # 9 of 15 ( Start time: 12:05:12 PM ) Total Marks: 1
The GDP deflator can be used:

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To reduce the overstatement of economic activity that would occur if we included intermediate production.

To correct nominal GDP for the contribution to domestic GDP made by foreign owned factors of production.

To decompose a change in nominal GDP into a change in real GDP and an average change in prices.
correct
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To obtain the factor income flows that result from the economic activity that has produced the GDP.

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BC090400798 : Muttee Ullah 68

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Question # 10 of 15 ( Start time: 12:06:37 PM ) Total Marks: 1
Which of the following is NOT an example of consumption expenditure?

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Television sets

Military airplanes
correct

Clothing

Restaurant meals

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BC090400798 : Muttee Ullah 53

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Question # 11 of 15 ( Start time: 12:07:26 PM ) Total Marks: 1
The demand for labor curve shows:
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An inverse relationship between the real wage and the number of workers who are willing to work.
correct

That real wages are constant.

An inverse relationship between the real wage and the amount of labor hired.

A positive relationship between the real wage and the number of workers who are willing to work.

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BC090400798 : Muttee Ullah 38

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Question # 12 of 15 ( Start time: 12:08:52 PM ) Total Marks: 1
Barter economies require:

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The use of fiat money.

The use of commodity money.

A double coincidence of wants.

correct
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Money to serve as a store of value but not as a medium of exchange.

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BC090400798 : Muttee Ullah 43

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Question # 13 of 15 ( Start time: 12:10:28 PM ) Total Marks: 1
The study of the aggregate economy is known as:

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Microeconomics.

Macroeconomics.

Financial economics.

Development economics.

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BC090400798 : Muttee Ullah 23

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Question # 14 of 15 ( Start time: 12:11:34 PM ) Total Marks: 1
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The circular flow is used to make the point that:

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Households are both earners and spenders.

correct

Production generates income.

Unemployment only occurs during a recession.

Rising prices never occur during times of unemployment.

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BC090400798 : Muttee Ullah 32

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Question # 15 of 15 ( Start time: 12:12:48 PM ) Total Marks: 1
To arrive at GDP, the Bureau of Economic Analysis (BEA) counts:

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The value of total sales.

The value of final sales.

correct
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The value of intermediate goods and final goods.

Total value added plus the value of sales at the retail level.

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