15. During the decade of the 1980s our Lorenz curve A) moved inward, toward the

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15. During the decade of the 1980s our Lorenz curve
A) moved inward, toward the line of perfect equality.
B) moved outward, away from the line of perfect equality.
C) stayed about the same distance from the line of perfect equality.
D) crossed the line of perfect equality.
E) became the line of perfect equality.

20. Statement I. In no way can it be said today that the America is a nation of immigrants.

Statement II. Immigrants have always been made to feel welcome in the United States.
A) Statement I is true and statement II is false. C) Both statements are true.
B) Statement II is true and Statement I is false. D) Both statements are false.

25. Which statement is false?
A) Less than 5 percent of the entrepreneurs and higher level employees in Silicon Valley come from overseas.
B) The upper strata of the American work force is very well educated.
C) Immigration is restricted to slightly over 800,000 people a year.
D) The immigration and Naturalization Service (INS) has stopped picking up illegal aliens, allowing them to help American employers fill jobs.



27. Statement I. As basic reading, writing and math skills have declined in the United States, computer skills have increased dramatically.

Statement II. Virtually all economists agree that the more than doubling of our rate of productivity growth since the mid-1990's was due almost entirely to the more widespread use of computers.
A) Statement I is true and statement II is false. C) Both statements are true.
B) Statement II is true and Statement I is false. D) Both statements are false.



33. Which one of these factors has NOT retarded our rate of economic growth?
A) higher energy costs D) higher military spending.
B) environmental protection requirements E) immigration
C) rising health care costs.



35. Between 1993 and 2005 our rate of productivity growth
A) rose every year. B) rose most years. C) stayed about the same. D) declined most years.


44. A conclusion of the theory of rational expectations is that the impact of discretionary fiscal policies designed to shift the aggregate demand curve will
A) result in no net change in aggregate demand.
B) be anticipated and compensated for, causing no significant change in real GDP or employment levels.
C) be completely opposite of the intended result.
D) be incorrectly evaluated by most economists.
E) cause potential GDP to increase

45. Monetarists argue that business fluctuations are caused by
A) excessive government spending.
B) ups and downs in the growth of the money supply.
C) changes in tax rates.
D) changes in transfer payments.



50. Which of the following would expand aggregate demand according to Keynesians, while stimulating aggregate supply according to modern supply-siders?
A) increasing government purchases of resources and goods
B) increasing transfer payments
C) open-market purchases of Treasury bonds by the Fed
D) cutting the discount rate and reserve requirements on demand deposits
E) cutting personal and corporate marginal tax rates



56. According to the ____ school of thought, it is in people's self-interest to acquire, process, and respond to information which affects their economic well-being and to not repeat previous errors in action.
A) supply-side D) rational expectations
B) economic behavioralists E) monetarist
C) Keynesian



58. Proponents of the monetarist approach to economic stabilization think that the growth of the money supply should be approximately equal to
A) the prime rate.
B) the long-term average growth of real output
C) the real interest rate.
D) the growth of federal expenditures.
E) the growth of the federal budget.



61. Which statement is true?
A) The most important job of the Federal Reserve is to control our money supply.
B) Our currency is issued by the United States Treasury.
C) There is a reserve requirement of 12% on all checking accounts.
D) None is true.



67. Which statement is false?
A) There are Federal Reserve district banks in Atlanta, Minneapolis, and Kansas City.
B) There are 12 Federal Reserve District Banks.
C) The Federal Reserve System was set up in 1935.
D) None is false.



68. If a recessionary GDP gap exists, which of the following sets of policies should the Federal Reserve Board pursue?
A) Sell government securities, lower the discount rate, and lower the required reserve ratio.
B) Sell government securities, lower the discount rate, and raise the required reserve ratio.
C) Buy government securities, raise the discount rate, and lower the required reserve ratio.
D) Buy government securities, lower the discount rate, and lower the required reserve ratio.
E) Buy government securities, lower the discount rate. and raise the required reserve ratio.



70. Statement I: The president appoints the Chairman of the Federal Reserve Board at the beginning of his administration.

Statement II: The deposit expansion multiplier is the reciprocal of the reserve ratio.
A) Statement I is true and statement II is false. C) Both statements are true.
B) Statement II is true and statement I is false. D) Both statements are false.



77. Statement I: Time deposits have different reserve requirements than demand deposits.

Statement II: The deposit expansion multiplier is, in reality, quite a bit lower than it would be if we based it solely on the reserve ratio.
A) Statement I is true and statement II is false. C) Both statements are true.
B) Statement II is true and statement I is false. D) Both statements are false.

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