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5 Written questions

5 Matching questions

  1. GDP as measure of Productivity
  2. Transfer Payments
  3. GDP
  4. Downward sloping demand curve
  5. High and variable inflation
  1. a -inverse relationship (negative) between the price of a good and the quantity that buyers are willing to purchase
  2. b -reduces investment
    -distorts the information delivered by prices
    -results in less productive use of resources
  3. c -excludes non market production
    -excludes the underground economy
    -excludes leisure and human costs
    -difficult measuring quality variation and introduction of new goods
    -excludes the costs of harmful side effects
  4. d transfers of income from some individuals to others (social security, unemployment benefits, health care)
  5. e only counts goods and services produced within the geographic borders of a country
    -does not count transfers (welfare, gifts of money)

5 Multiple choice questions

  1. the sum of all three types of unemployment
  2. Money used to buy goods and services
    -fiat money: money that has no intrinsic value
    -More efficient to use money
  3. government spending is great than government revenues
  4. percentage of the amount borrowed that must be paid to the lender in addition to the repayment of the principle.
  5. a package of spending projects benefiting local areas financed through the federal government

5 True/False questions

  1. Velocity of Money-Medium of Exchange
    -Store of Value
    -Unit of account


  2. Shifters of Aggregate Demand-Change in Resource base
    -change in technology
    -Change in arrangements that affect productivity


  3. Actual Inflation > Anticipated Inflationthe sum of all three types of unemployment


  4. Logrollingthe practice of trading votes by a politician to get the necessary support to pass desired legislation


  5. Rent seekinggovernment revenue is great than government spending


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