Economics > QUESTIONS & ANSWERS > Sophia Macroeconomics Final Milestone Questions and Answers Rated A+ 100% Correct! (All)
Sophia Macroeconomics Final Milestone Questions and Answers Rated A+ 100% Correct!
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Sophia Marcoeconomics Milestone 1 1 Which statement below is true about aggregate demand? In the long run, it is indicated by a vertical line. It represents the amount the economy can produce at ... different price levels. It slopes upward due to the interest rate effect. It slopes downward due to wealth efffect. CONCEPT Aggregate Supply and Aggregate Demand 2 Which of the following is the point in the business cycle that marks the lowest period of growth in GDP for a specific period? Expansion Recession Peak Trough CONCEPT Business Cycles - Expansionary/Recessionary (NBER) 3 If a new car cost $1,250 in 1950 and is $30,000 in 2013, prices have increased by a factor of which of the following? 48 12 20 24 CONCEPT Nominal GDP versus Real GDP 4 As the price level falls, people feel as if they have more money, so they spend more, which influences which of the following, in economic terms? Exchange rate effect Aggregate demand Interest rate effect Aggregate supply CONCEPT Aggregate Demand 5 Select the statement below that is true. Once money is printed, the U.S. Treasury spends it. An increase in the money supply will also increase interest rates. The Fed buys treasury securities as a way to circulate money. An increase in the money supply will decrease loanable funds. CONCEPT Open Market Operations 6 Which of the following describes one of the unexpected benefits of China's economic policies? U.S. exports to China increased. The standard of living in the U.S. increased. The GDP of the U.S. increased, and the GDP of China decreased. The Chinese central bank printed extra currency to exchange with the U.S. CONCEPT International Trade and Aggregate Demand 7 Which of the following would NOT cause a shift in the supply curve for cheese? A celebrity chef develops a new technique for making cheese that makes it easier to increase output. Thousands of dairy cattle come down with a mysterious illness and need to be quarantined. The price of feed for the dairy cattle goes up significantly. The results of a medical study show that eating too much cheese can lead to premature aging. CONCEPT Law of Supply 8 Which statement below is true regarding sustainable economic growth? The level of production during a recession is not sustainable. It is not possible to produce at a level of production that is sustainable. Technological developments can increase the level of sustainable production. It means that we will be able to maintain our level of production only for a short time. CONCEPT Sustainable Economic Growth 9 Which of the following is NOT part of the expenditure approach to calculating GDP? Imports Exports Business investments [Show More]
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