1. Among the tools available tomacroeconomic policy makers is _______. (Points:

Question

1. Among the tools available tomacroeconomic policy makers is _______. (Points: 1)
       fiscal policy, control ofgovernment spending, and taxation
       anti-trust policy, to breakup monopolies
       environmental policy, toclean up the economy
       all of theabove


2. The labor force is ______. (Points: 1)
       the total of peopleemployed
       the totalpopulation
       the total of the populationof working age
       the total of peopleemployed and unemployed


3. Secular long-run growth is the sustainedupward trend in ______. (Points: 1)
       aggregate output per personover several decades
       nominal GDP overtime
       real GDP overtime
       aggregate output per personover the business cycle


4. Real wages ______. (Points: 1)
       have not been adjusted forchange in prices over time
       have been adjusted forchanges in prices over time
       are after-taxwages
       are wages as a ratio of theminimum wage


5. As opposed to a closed economy, in an openeconomy _______. (Points: 1)
       the exchange rate isdetermined by the government
       specialization inactivities with a comparative advantage is not possible
       trade is only beneficial tothe relatively larger economy
       there is trade in goods,services, or assets with other countries


6. Disposable income in a particular periodis _______. (Points: 1)
       total incomeearned
       income earned plusgovernment transfer payments
       income earned plusgovernment transfer payments less taxes
       income earned plusgovernment transfer payments less taxes and savings


7. An example of investment spending would be______. (Points: 1)
       purchase of abond
       purchase of a loaf ofbread
       purchase of a newproductive machine
       all of theabove


8. If both aggregate output and the aggregateprice level increase ______. (Points: 1)
       real GDP will increasefaster than nominal GDP
       nominal GDP will increasefaster than real GDP
       it makes no difference toreal or nominal GDP
       either A or B may becorrect


9. The official unemployment rate ignores_______. (Points: 1)
       people with professionaljobs
       people who work oncommission
       discouraged workers whohave given up looking for a job
       all of theabove


10. Many economists believe that the CPIoverstates inflation because ______. (Points: 1)
       innovation forcesconsumers to pay more for most goods and services
       the Bureau of LaborStatistics collects data on the prices of only a few goods andservices
       the CPI market basketdoesn't reflect the fact that consumers shift consumption away frommore expensive goods
       people use it to bargainfor wage increases


1. Among the tools available tomacroeconomic policy makers is _______. (Points: 1)
       fiscal policy, control ofgovernment spending, and taxation
       anti-trust policy, to breakup monopolies
       environmental policy, toclean up the economy
       all of theabove


2. The labor force is ______. (Points: 1)
       the total of peopleemployed
       the totalpopulation
       the total of the populationof working age
       the total of peopleemployed and unemployed


3. Secular long-run growth is the sustainedupward trend in ______. (Points: 1)
       aggregate output per personover several decades
       nominal GDP overtime
       real GDP overtime
       aggregate output per personover the business cycle


4. Real wages ______. (Points: 1)
       have not been adjusted forchange in prices over time
       have been adjusted forchanges in prices over time
       are after-taxwages
       are wages as a ratio of theminimum wage


5. As opposed to a closed economy, in an openeconomy _______. (Points: 1)
       the exchange rate isdetermined by the government
       specialization inactivities with a comparative advantage is not possible
       trade is only beneficial tothe relatively larger economy
       there is trade in goods,services, or assets with other countries


6. Disposable income in a particular periodis _______. (Points: 1)
       total incomeearned
       income earned plusgovernment transfer payments
       income earned plusgovernment transfer payments less taxes
       income earned plusgovernment transfer payments less taxes and savings


7. An example of investment spending would be______. (Points: 1)
       purchase of abond
       purchase of a loaf ofbread
       purchase of a newproductive machine
       all of theabove


8. If both aggregate output and the aggregateprice level increase ______. (Points: 1)
       real GDP will increasefaster than nominal GDP
       nominal GDP will increasefaster than real GDP
       it makes no difference toreal or nominal GDP
       either A or B may becorrect


9. The official unemployment rate ignores_______. (Points: 1)
       people with professionaljobs
       people who work oncommission
       discouraged workers whohave given up looking for a job
       all of theabove


10. Many economists believe that the CPIoverstates inflation because ______. (Points: 1)
       innovation forcesconsumers to pay more for most goods and services
       the Bureau of LaborStatistics collects data on the prices of only a few goods andservices
       the CPI market basketdoesn't reflect the fact that consumers shift consumption away frommore expensive goods
       people use it to bargainfor wage increases

Explanation / Answer

1 Among the tools available to macroeconomic policy makers is_______.
       fiscal policy, control of government spending, andtaxation
       anti-trust policy, tobreak up monopolies
       environmental policy, toclean up the economy
       all of theabove

2 The labor force is ______.
       the total of peopleemployed
       the totalpopulation
       the total of thepopulation of working age
       the total of people employed andunemployed

3. Secular long-run growth is thesustained upward trend in ______.
       aggregate output per person over severaldecades
       nominal GDP overtime
       real GDP overtime
       aggregate output perperson over the business cycle

4. Real wages ______.
       have not been adjustedfor change in prices over time
       have been adjusted for changes in prices overtime
       are after-taxwages
       are wages as a ratio ofthe minimum wage

5. As opposed to a closed economy, in anopen economy _______.
       the exchange rate isdetermined by the government
       specialization inactivities with a comparative advantage is not possible
       trade is only beneficialto the relatively larger economy
       there is trade in goods, services, or assets with othercountries

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