Test Bank for Macroeconomics 5th Edition by Williamson

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1) In 2011, the per-capita GDP in the United States, in 2005 dollars, was about A) 1!,500" #) 2!,500" $) %&,000" D) %!,500" Answer' $ (uestion Status' e*ised 2) +hich o the ollowin topics is ./ a priar concern o acroeconoists3 A) luctuations in the le*el o econoic acti*it ac ti*it #) dierences in standards o li*in across countries $) relati*e waes o s4illed and uns4illed wor4ers D) uneploent Answer' $ (uestion Status' Status' Pre*ious dition &) +hich o the ollowin 6uestions is o ost interest or 7A$/$/./7ISS3 A) +h is there inlation3 #) +h does the steel industr want taris3 $) +hat is the appropriate stance o antitrust polic3 D) +h do oreiners iirate to the United States3 Answer' A (uestion Status' Status' Pre*ious dition %) Priaril, Priaril, acroeconoists use icroeconoic principles to stud A) business ccles and trends in the stoc4 ar4et" #) lon-run econoic rowth and antitrust policies" $) trends in the stoc4 ar4et and lon-ter econoic rowth" D) lon-run econoic rowth and business ccles" Answer' D (uestion Status' Status' Pre*ious dition 5) +hich is a 6uestion o interest in this boo43 A) +hat causes illeal iiration3 #) +hat echanis could orce people to pollute po llute less3 $) +hat causes econoic luctuations3 D) +hat is the eect o penalties on crie3 Answer' $ (uestion Status' .ew

1 $opriht 8 201% Pearson ducation, Inc"


9) +hich is a 6uestion o interest in this boo43 A) +hat causes rowth in the lon ter3 #) :ow should a labor contract be structured3 $) :ow should a o*ernent be elected3 D) +hat is the ipact o o*ernent pro*ided health care3 Answer' A (uestion Status' .ew !) +hich is a 6uestion o interest in this boo43 A) +here is the stoc4 ar4et headin3 #) +hat is the optial inlation rate3 $) :ow are stoc4 options priced3 D) +hat are coodit utures3 Answer' # (uestion Status' .ew ;) he two ost iportant Aerican business ccle e*ents o the twentieth centur were A) the Great Depression and stalation" #) +orld +ar II and the Great Depression" $) the producti*it slowdown and the Great Depression" D) o*ernent budet deicits and +orld +ar +ar II" Answer' # (uestion Status' Status' Pre*ious dition <) /*er the course o the twentieth centur, centur, the tpical Aerican A) reained e6uall as rich" #) becae twice as rich" $) becae i*e ties as rich D) becae eiht ties as rich" Answer' D (uestion Status' Status' Pre*ious dition 10) +hich o the ollowin assertions is alse3 A) he Great Depression was a tpical business ccle" #) =er rapid rowth occurred durin +orld +ar II" $) eal GDP per capita dipped about &0> durin the Great Depression" D) /n a*erae, the U"S" econo rows at a rate o 2"1>" Answer' A (uestion Status' Status' Pre*ious dition



11) he relationship between the rowth rate o an econoic *ariable, g t t, and its le*el, yt , can be appro?iated b A) g t = yt - yt - 1. t = #) g t t @ lot - lo yt - 1" $) yt @ lo g t t - lo g t t - 1" D) lo g t t @ yt - yt - 1" Answer' # (uestion Status' e*ised 12) he business ccle coponent o the lo o real per-capita G.P is e6ual to A) lo o actual real G.P - lo o trend G.P" G.P" #) lo o trend G.P  lo o actual real G.P" G.P" $) lo o trend G.P - lo o actual real G.P" G.P" D) lo o actual real G.P  lo o trend G.P" G.P" Answer' A (uestion Status' Status' Pre*ious dition 1&) Bor the stud o econoic rowth, it is ost helpul to e?aine o*eents in CCCCCCCC or the stud o business ccles, it is ost helpul to e?aine o*eents in CCCCCCCC" A) trend G.P trend G.P #) trend G.P de*iations ro trend in G.P $) de*iations ro trend in G.P trend G.P D) de*iations ro trend in G.P de*iations ro trend in G.P Answer' # (uestion Status' Status' Pre*ious dition 1%) /*er the twentieth centur, centur, rowth in per-capita G.P was hihest A) iediatel prior to the Great Depression" #) durin +orld +ar II" $) durin the 1<90s" D) durin the 1<;0s" Answer' # (uestion Status' Status' Pre*ious dition 15) +hen we sa the U"S" econo has rown on a*erae at 2"1>, we ean A) the inlation rate" #) the rowth rate o noinal GDP" GDP" $) the rowth rate o per-capita noinal GDP" GDP" D) the rowth rate o per-capita real GDP" GDP" Answer' D (uestion Status' Status' Pre*ious dition



19) A useul acroeconoic odel A) is e?treel realistic" #) is siple" $) ne*er enerates testable hpotheses" D) pro*ides a lot o intricate details" Answer' # (uestion Status' Status' Pre*ious dition 1!) 7acroeconoic odels are A) ne*er wron" #) accurate descriptions o the econo" $) siple abstractions o o  realit" realit" D) consistent with all econoic data" Answer' $ (uestion Status' e*ised 1;) he structure o a acroeconoic odel in*ol*es all a ll o the ollowin e!cept A) the a*ailable technolo" technolo" #) the beha*ior o consuers and irs" $) the preerences o consuers" D) the a*ailable resources" Answer' # (uestion Status' Status' Pre*ious dition 1<) +hat characteriEes a copetiti*e e6uilibriu3 A) 7ar4ets are rationed" #) Go*ernents sta out o the ar4et" $) conoic aents are price-ta4ers" D) It is costl to e?perient with policies" Answer' $ (uestion Status' Status' Pre*ious dition 20) +hat do we assue about households and irs3 A) he act irrationall" #) he do what the o*ernent tells the to do" $) he loo4 ater each other" D) he optiiEe" Answer' D (uestion Status' Status' Pre*ious dition



21) he de*elopent ost responsible or the wide-spread introduction o acroeconoic odels built upon solid icroeconoic oundations was the A) wor4 o Fohn 7anard enes" #) rational e?pectations re*olution" $) populariEation o suppl-side econoics" D) de*elopent o the enesian coordination ailure odel" Answer' # (uestion Status' Status' Pre*ious dition 22) Accordin to the Lucas critique, chanes in econoic polic are li4el to ha*e iportant eects on A) the a*ailable aounts o natural resources" #) the beha*ior o consuers and irs" $) the preerences o consuers" D) none o the abo*e Answer' # (uestion Status' Status' Pre*ious dition 2&) $urrent acroeconoic odels use icroeconoic principles because A) the use the sae lanuae or all econoists" #) the hihliht the socioloical aspects o production" $) the beha*ior o econoic aents chanes with polic" D) we li*e in a deocratic societ and e*erbod has a sa" Answer' $ (uestion Status' Status' Pre*ious dition 2%) +hich aspect o acroeconoics enerates the ost contro*ers3 A) econoic rowth #) the causes o business ccles $) suppl and deand D) copetiti*e e6uilibriu Answer' # (uestion Status' e*ised 25) +hat is the 4e eature that dierentiates business ccle theories3 A) whether the theor was de*eloped beore or ater the Great Depression" #) whether the theor is enesian or non-enesian" $) whether the theor also e?plains econoic rowth" D) whether the theor e?plains how onetar polic wor4s" Answer' # (uestion Status' .ew



29) Accordin to real business ccle theor, theor, the priar causes cau ses o business ccles are A) shoc4s to areate deand" #) onetar actors" $) technolo shoc4s" D) wa*es o sel-ulillin optiis and pessiis" Answer' $ (uestion Status' Status' Pre*ious dition 2!) Accordin to enesian coordination ailure theor, theor, the priar causes o business ccles are A) shoc4s to areate deand" #) onetar actors" $) technolo shoc4s" D) wa*es o sel-ulillin optiis and pessiis" Answer' D (uestion Status' Status' Pre*ious dition 2;) he acroeconoic odels that are ost supporti*e o the role o o*ernent polic aied at soothin business ccles are A) real business ccle odels" #) endoenous rowth odels" $) enesian odels" D) Solow rowth odels" Answer' $ (uestion Status' Status' Pre*ious dition 2<) wo wo iportant theories o uneploent are A) ae theor and search theor" #) search theor and the eicienc wae theor" $) the eicienc wae theor and the 6uantit theor" theor" D) the 6uantit theor and ae theor" Answer' # (uestion Status' Status' Pre*ious dition &0) +hat is produced and consued in the econo is deterined Hointl b A) o*ernent policies and the econos producti*e capacit" #) the econos producti*e capacit and the preerences o consuers" $) the preerences o consuers and the beha*ior o business anaers" D) the beha*ior o business anaers and o*ernent policies" Answer' # (uestion Status' Status' Pre*ious dition



&1) Ipro*eents in a countrs standard o li*in are brouht about in the lon run b A) technoloical proress" #) rowth in the population" $) constructin ore achines and buildins" D) iiration polic" polic" Answer' A (uestion Status' Status' Pre*ious dition &2) #usiness ccles are A) each uni6ue, but all ha*e a sinle cause" #) each uni6ue and the can ha*e an causes" $) siilar, siilar, and the all ha*e a sinle cause" D) siilar, but the can ha*e an causes" Answer' D (uestion Status' Status' Pre*ious dition &&) $redit ar4ets are A) bad, as the cause people to accuulate debt" #) not iportant or the inancial crisis" $) iportant, but i*en too little attention in the past b acroeconoists" D) ar4ets that wor4 perectl" Answer' $ (uestion Status' .ew &%) In the lon run, inlation is caused b A) aressi*e labor unions" #) reed onopolists" $) rowth in the one suppl" D) lobal warin" Answer' $ (uestion Status' Status' Pre*ious dition &5) Bor acroeconoics, ban4s A) are siilar to other irs" #) can be abstracted awa" $) pla a 4e role" D) are siilar to households" Answer' $ (uestion Status' Status' Pre*ious dition &9) In the lon run, the 6uantit o one A) does not atter" #) inluences GDP" $) inluences uneploent" D) inluences the business ccle" Answer' A (uestion Status' Status' Pre*ious dition 7 $opriht 8 201% Pearson ducation, Inc"


&!) eardin one, what atters ost3 A) that is e?ists" #) that its 6uantit is 4nown" $) that coins are a*ailable" D) that its 6uantit is stable" Answer' A (uestion Status' Status' Pre*ious dition &;) he 6uantit o one in circulation in the United States is anaed b A) he Securities ?chane $oission" #) he United States reasur" $) he Bederal eser*e Sste" D) +all Street" Answer' $ (uestion Status' Status' Pre*ious dition &<) $onsiderin the uture A) is irrele*ant to acroeconoics" #) is 4e to acroeconoic odellin" $) has a liited ipact on acroeconoic analsis" D) atters onl under special circustances" Answer' # (uestion Status' Status' Pre*ious dition %0) International trade between two countries A) beneits onl the recei*in countr" #) beneits onl the sendin countr" $) beneits both countries" D) beneits neither countr" countr" Answer' $ (uestion Status' Status' Pre*ious dition %1) Uneploent, at the areate le*el", A) is a*oidable" #) is part o a well-unctionin econo" $) is alwas a sin o ar4et ailure" D) would not happen with ood o od polic" Answer' # (uestion Status' Status' Pre*ious dition %2) A trade-o between areate output and inlation A) is theoreticall possible, but has ne*er been obser*ed in practice" #) a e?ist in the short run, but not in the lon run" $) a e?ist in the lon run, but not in the short run" D) e?ists in both the short run and the lon run" Answer' # (uestion Status' Status' Pre*ious dition 8 $opriht 8 201% Pearson ducation, Inc"


%&) A ood easure o producti*it is A) the interest rate" #) the inlation rate" $) areate output di*ided b eploent" D) the rowth rate o areate output" Answer' $ (uestion Status' Status' Pre*ious dition %%) +hich is not a cause or business ccles considered b acroeconoists3 A) shoc4s to one suppl #) reed $) shoc4s to technoloical abilit D) *ariations in optiis Answer' # (uestion Status' e*ised %5) A producti*it slowdown was obser*ed ro the A) earl 1<50s to the late 1<90s" #) earl 1<90s to the earl 1

%<) he aHor contributor to the lon-run ipro*eent o a countrs standard o li*in is A) low inlation" #) rowth in o*ernent" $) population rowth" D) technoloical proress" Answer' D (uestion Status' Status' Pre*ious dition 50) Uneploent is ood ro a social point o *iew because A) it 4eeps waes in chec4" #) it allows or better atches between wor4ers and irs" $) it pro*ides ree tie" D) it 4eeps the least eicient wor4ers out" Answer' # (uestion Status' Status' Pre*ious dition 51) he U"S" o*ernent budet was A) continuousl in surplus ro 1<5< to the late 1<<0s" #) in surplus or ost o the period ro 1<5<-1


5%) In the 200;-0< recession, the o*ernent deicit A) staed rouhl constant" #) decreased" $) increased" D) would ha*e increased i the o*ernent had inter*ened" Answer' $ (uestion Status' .ew 55) he idea that o*ernent budet bud et deicits do not atter under certain circustances is A) called the Briedan-Jucas theor" theor" #) called the icardian e6ui*alence theore" $) attributed to dward Prescott and Binn dland" D) preposterous" Answer' # (uestion Status' Status' Pre*ious dition 59) In the second hal o o  the twentieth centur, the U"S" inlation rate was at its hihest in the period ro A) 1<90 to the earl 1


5<) Go*ernent debt is dierent ro indi*idual debt because A) the o*ernent can alwas ta? to reduce it" #) the o*ernent cannot declare ban4ruptc" $) the o*ernent does not need to pa interest" D) the o*ernent can decide the interest rate" Answer' A (uestion Status' e*ised 90) he real interest rate is A) alwas e6ual to the pure rate o tie preerence" #) e6ual to the rate o inlation inus the noinal rate o interest" $) e6ual to the noinal rate o interest inus the rate o inlation" D) less iportant or decision a4in than the noinal rate o interest" Answer' $ (uestion Status' Status' Pre*ious dition 91) he real interest rate is A) alwas positi*e" #) alwas neati*e" $) *ariable" D) Eero" Answer' $ (uestion Status' e*ised 92) +hen there is positi*e po siti*e inlation A) the noinal interest rate is appro?iatel e6ual to the real interest rate" #) the real interest rate is reater than the noinal interest rate" $) the noinal interest rate is reater than the real interest rate" D) the real interest rate is neati*e" Answer' $ (uestion Status' e*ised 9&) eal interest rates were neati*e durin ost o the A) 1<90s" #) 1

95) +hich period was not a recession in the United States3 A) 1


!0) Jiit coitent occurs when A) collateral is re6uired to et a loan" #) one cannot borrow as uch as necessar to conduct business" $) one cannot be orced to repa a loan" D) the ban4 can sell our loan to another ban4" Answer' $ (uestion Status' Status' Pre*ious dition !1) Inlation is deined as A) the rate o increase in the o*ernent budet deicit" #) the increase in the one suppl" suppl" $) the rate o chane in the a*erae le*el o prices" D) the noinal interest interest rate inus inus the price le*el" Answer' $ (uestion Status' e*ised !2) +hen a countr has a current account deicit, the countr A) is borrowin ro abroad" #) is lendin abroad" $) ust ha*e a o*ernent budet surplus" D) ust ha*e a o*ernent budet deicit" Answer' A (uestion Status' e*ised !&) #etween 1<%! and 2011, A) ?ports decreased and iports decreased" #) ?ports and iports increased" $) he current account surplus rose" D) he current account deicit ell" Answer' # (uestion Status' .ew


Test Bank for Macroeconomics 5th Edition by Williamson

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