macro economics

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  • Created by: amit
  • Created on: 21-04-15 21:22

1. When economists use market values to aggregate output, they sum the:

  • quantity of items produced.
  • social value of items produced.
  • price times the quantity of each item produced.
  • number of items produced.
  • amount of each item produced.
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2. People who enjoy high standards of living usually have all of the following EXCEPT:

  • freedom from scarcity.
  • better general health.
  • more and better consumer goods.
  • longer life expectancies.
  • higher literacy rates

3. The nominal interest rate equals the

  • real interest rate divided by the inflation rate.
  • inflation rate times the real interest rate.
  • real interest rate minus the inflation rate
  • real interest rate plus the inflation rate.
  • inflation rate minus the real interest rate.

4. The tendency of changes in asset prices to affect spending on consumption goods is called the _____ effect.

  • consumption
  • income
  • wealth
  • multiplier
  • substitution

5. A higher equilibrium Y and a lower equilibrium i are best explained by _____

  • an decrease in the money supply
  • an increase in the money supply
  • an decrease in autonomous expenditure
  • an increase in autonomous expenditure
  • an increase in money demand

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