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A. real wage rates will fall.
B. real interest rates will fall.
C. unemployment will rise above its natural rate.

A. goods only.
B. goods and services only.
C. goods, services, and financial assets only.

A. increase in net exports.
B. decrease in private spending.
C. decrease in the real rate of interest.

A. increased prices.
B. increased velocity.
C. increased production.

A. an increase in the nominal value of transactions.
B. inflation.
C. a change in the real interest rate.

A. higher taxes and increased government spending.
B. higher taxes and reduced government spending.
C. lower taxes and increased government spending.

A. National savings.
B. Foreign borrowing.
C. Household expenditures.

A. the quantity of money supplied.
B. short-term interest rates.
C. the price level.

A. required reserves plus demand deposits.
B. required reserves minus actual reserves.
C. actual reserves minus required reserves.

A. corporate profits are strongly counter-cyclical.
B. corporate profits are strongly pro-cyclical.
C. the corporate profits tax increases tax collections during recessions.

A. increased prices.
B. increased velocity.
C. increased production.

A. $20 million.
B. $100 million.
C. $500 million.

A. Gold.
B. U.S. currency in circulation.
C. U.S. Treasury bills.

A. Little or no impact.
B. Large expansionary impact.
C. Moderate expansionary impact.

A. lower interest rates.
B. higher output.
C. higher prices.

A. deflation.
B. stagflation.
C. depression.

A. 5x.
B. 50x.
C. 2x.

A. minus expected inflation.
B. plus actual inflation.
C. plus expected inflation.

A. an increase in income tax rates will increase tax revenue.
B. a decrease in sales tax rates could increase tax revenue.
C. an increase in income tax rates may not increase tax revenue.

A. retired.
B. not looking for work.
C. temporarily laid off from a job.

A. lower prices.
B. lower real output.
C. higher employment.

A. D=R/r.
B. R=D/r.
C. r=D/R.

A. impact lag.
B. recognition lag.
C. administrative lag

A. Nominal GDP = (Price) (Real Output).
B. Nominal GDP = (Money Supply) (Velocity) = (Price) (Real Output).
C. Nominal GDP = (Price) (Money Supply).

A. Ⅰ and Ⅱ only.
B. Ⅱ and Ⅲ only.
C. Ⅰ, Ⅱ, and Ⅲ.

A. decrease real output.
B. leave the price level unchanged.
C. increase real output.

A. A higher nominal risk-flee rate.
B. A higher real risk-free rate.
C. Higher expected inflation.

A. Peak, boom, bust, and recession.
B. Peak, expansion, recession, and stability.
C. Peak, contraction, recessionary trough, and expansion.

A. horizontal.
B. upward sloping to the upper right.
C. vertical.

A. an increase in real interest rates.
B. a decrease in real interest rates
C. an increase in asset prices.

A. zero tax revenues and ends at zero tax revenues.
B. zero tax revenues and ends at maximum theoretical tax revenues.
C. minimum tax revenues and ends at maximum theoretical tax revenues.

A. 0.133.
B. 1.153.
C. 7.500.

A. expected inflation rate.
B. actual inflation rate.
C. unemployment rate.

A. 6% inflation.
B. 5% inflation.
C. 3% inflation.

A. a discretionary fiscal policy stabilizer.
B. an automatic fiscal policy stabilizer.
C. an automatic monetary policy stabilizer.

A. Commercial checking deposits.
B. Federal Reserve notes.
C. Coins issued by the Treasury.

A. M1 money supply.
B. liquid money supply.
C. monetary base.

A. the required reserve ratio.
B. the inverse of the required reserve ratio.
C. the required reserve ratio multiplied by the quantity of reserves.

A. has risen.
B. has fallen.
C. has remained the same.

A. Property taxes.
B. Corporate profit taxes.
C. Unemployment compensation.

A. higher real interest rates.
B. lower real output.
C. higher employment.

A. a retiree.
B. not working at all.
C. waiting to return to a job from which he or she was just laid off.

A. inflation.
B. the monetary authorities.
C. interest rates.

A. Inflation rate.
B. Interest rate.
C. Money supply.

A. The discount rate.
B. The deposit expansion multiplier.
C. Open market operations.

A. Price level.
B. Real income.
C. Velocity.

A. one or more successive quarters.
B. two or more successive quarters.
C. three or more successive quarters.

A. unemployment is positive.
B. unemployment is negative.
C. actual inflation is positive.

A. the rate of change in the money supply and the rate of change in employment.
B. nominal interest rates and real interest rates.
C. inflation and unemployment.

A. 51500.
B. 54000.
C. 56000.

A. the basic Keynesian model.
B. the Crowding-Out model.
C. New Classical economics.

A. savings deposits.
B. time deposits.
C. all of the above.

A. demand for labor.
B. supply of labor.
C. productivity of labor.

A. ①
B. ②
C. ③

A. liquid asset.
B. unit of account.
C. store of value.

A. actual inflation rate.
B. expected inflation rate.
C. natural rate of unemployment.

A. unemployment will rise.
B. unemployment will fall.
C. the economy will remain at full-employment GDP.

A. reducing inflation will likely increase unemployment.
B. higher tax rates can reduce tax revenues.
C. tax revenues are a positive function of GDP.

A. higher levels of disposable income and ability to consume goods and services leading to higher GDP.
B. greater incentive for individuals to spend-their income on tax-deductible luxury items.
C. increased incentive for domestic investment leading to increased aggregate supply and GDP.

A. ①
B. ②
C. ③

A. Keynesian theory.
B. Crowding-out theory.
C. New classical theory.

A. ①
B. ②
C. ③

A. Fixed-rule.
B. Discretionary.
C. New Keynesian feedback rule.

A. -2%.
B. 0%.
C. 3%.

A. An increase in the reserve requirements for financial institutions.
B. A decrease in the discount rate.
C. An increase in the margin requirements at brokerage firms.

A. the Fed purchasing securities causes inflation in the long run.
B. a budget surplus will be a highly effective weapon against inflation.
C. budget deficits will increase real interest rates and thereby retard private spending.

A. the inflation rate will decrease and increase the policy’s effectiveness.
B. interest rates will decrease in the short run and reduce the policy’s effectiveness.
C. contracts will reflect expected higher prices and reduce the policy’s effectiveness.

A. a decrease in the money supply will cause a proportional increase in prices.
B. monetary and fiscal policy must be used in tandem.
C. an increase in the money supply will cause a proportional increase in prices.

A. year-to-year data indicate a strong relationship between budget deficits and interest rates but over a more lengthy period, persistently large budget deficits do lead to higher interest rates as implied by the crowding-out model.
B. year-to-year data indicate a loose relationship between budget surpluses and interest rates but over a more lengthy period, persistently large budget deficits do lead to higher interest rates as implied by the crowding-out model.
C. year-to-year data indicate a loose relationship between budget deficits and interest rates but over a more lengthy period, persistently large budget deficits do lead to higher interest rates as implied by the crowding-out model.

A. Sell Treasury securities and increase bank reserve requirements.
B. Buy Treasury securities and decrease bank reserve requirements.
C. Buy Treasury securities and increase bank reserve requirements.

A. rise and inflows of financial capital from outside the country will increase.
B. rise and inflows of financial capital from outside the country will decrease.
C. fall and inflows of financial capital from outside the country will increase.

A. ①
B. ②
C. ③

A. ①
B. ②
C. ③

A. expansionary fiscal policy leads to inflation.
B. restrictive fiscal policy is an effective weapon against inflation.
C. greater government deficits will drive up interest rates, thereby reducing private investment.

A. expansionary fiscal policy causes inflation.
B. restrictive fiscal policy is an effective weapon against inflation.
C. the sale of government bonds to the public will drive up interest rates, thereby retarding private investment and aggregate demand.

A. Increase in government expenditures and a decrease n tax rates.
B. decrease in both government expenditures and tax rates.
C. increase in both government expenditures and tax rates.

A. help the government achieve a balanced budget.
B. exert a stabilizing influence on an economy.
C. enable the government to control the money supply.

A. During an expansion, real output grows and unemployment increases.
B. During contraction, real output declines and unemployment decreases.
C. The business peak is the highest output (measured in GDP) of an expansion.

A. ①
B. ②
C. ③

A. Changes in the business cycle are difficult to predict.
B. Taxes paid by households increase as incomes rise.
C. Legal changes are delayed while legislators debate fiscal policy issues.

A. ①
B. ②
C. ③

A. ①
B. ②
C. ③

A. ①
B. ②
C. ③

A. ①
B. ②
C. ③

A. $ 5.0 million.
B. $17.5 million.
C. $ 20.0 million.

A. was terminated from his last job.
B. quit and is looking for new work.
C. is disabled and unable to return to work.

A. was terminated from his last job.
B. quit his previous job and is looking for new work.
C. is disabled and unable to return to work.

A. raise the real interest rate.
B. raise the nominal interest rate.
C. increase the profitability of corporate investment projects.

A. inflexible wages in the marketplace.
B. recessionary business conditions and inadequate aggregate demand for labor.
C. constant changes in the economy that prevent qualified unemployed workers from being immediately matched up with existing job openings.

A. government payments for unemployment benefits.
B. need to convince lawmakers that action must be taken.
C. inability of policymakers to forecast a recession precisely.

A. a situation in which total government spending exceeds total government revenue during a specific time period, usually one year.
B. a change in laws or appropriation levels that alters government revenues and/or expenditures.
C. a situation in which total government spending is less than total government revenue during a time period, usually one year.

A. ①
B. ②
C. ③

A. The opportunity cost of holding money balances will decrease.
B. Households will bid up securities prices.
C. The central bank must sell securities to absorb the excess money supply and establish equilibrium.

A. Expansion, business peak, contraction, recessionary trough.
B. Expansion, business peak, recessionary trough, contraction.
C. Depression, expansion, business peak, contraction.

A. raise the real interest rate.
B. raise the nominal interest rate.
C. increase the profitability of corporate investment projects.

A. ①
B. ②
C. ③

A. inject additional reserves into the banking system and increase the money supply.
B. inject additional reserves into the banking system and decrease the money supply.
C. remove reserves into the banking system and increase the money supply.

A. an asset that will allow people to transfer purchasing power form one period to the next.
B. an asset that can be easily and quickly converted to purchasing power without loss of value.
C. an asset that is used to buy and sell goods or services.

A. ①
B. ②
C. ③

A. ①
B. ②
C. ③

A. automatically increase tax collections during a recession.
B. reduce interest rates, thus stimulating aggregate demand.
C. change government deficits in a manner counter-cyclical to economic growth without legislative action.

A. makes monetary policy more effective as an instrument of stabilization policy.
B. increases the resulting change in real output and employment.
C. can result in real and nominal interest rates moving in opposite directions.

A. $ 5 million.
B. $10 million.
C. $ 26 million.

A. change in the monetary base and the Fed’s required reserve ratio.
B. Fed’s required reserve ratio and the money multiplier.
C. change in the monetary base and the money multiplier.

A. The purchasing power of money increases as a result of inflation.
B. Inflation has no effect on the real economic output.
C. Inflation is a persistent increase in the general price level of goods and services.

A. GDP of a country divided by its price level.
B. money supply of a country divided by its price level.
C. GDP of a country divided by its money supply.

A. increase the federal funds target rate.
B. reduce government expenditures on major government construction projects.
C. reduce the money supply.

A. Monetarists believe that the growth rate of real output should only be increased at the rate of the money supply.
B. Velocity as used in the equation of exchange is the average number of times per year each dollar is used to buy goods and services.
C. An increase in the money supply will lead to an increase in product prices.

A. An unexpected tightening of the money supply reduces aggregate demand.
B. Long-term demographic shifts result in fewer young adults in the labor force.
C. Labor market deregulation makes it easier for workers to change jobs.

A. initiating changes in monetary policy without requiring action by the central bank.
B. instituting counter-cyclical fiscal policy without the delays associated with policy changes that require legislative action.
C. adjusting interest rates without the delays associated with policy changes that require action by the central bank.

A. velocity is determined by institutional factors.
B. inflation is a function of increases in the money supply.
C. the price level is equal to the quantity of output divided by the money supply.

A. Improvements in quantitative methods have made the occurrence of recessions or expansions quite predictable.
B. There is usually a time lag between when a change in policy is needed and when the need is recognized by policy makers.
C. The time required to change tax laws and government expenditure programs can be lengthy.

A. When money is defined as a medium of exchange, it means that money enables value to be stored and transported.
B. Money’s value is directly related to the level of prices.
C. Money’s function as a unit of account allows individuals to account for debts.

A. Inflation tends to erode the purchasing power of a currency.
B. There are two fundamental types of inflation, demand-pull and cost-push.
C. Anticipated changes in inflation have greater impacts on real economic outcomes than unanticipated changes.

A. Higher marginal tax rates will lead to a reduction in the size of the budget deficit and lower interest rates, since they expand government revenues.
B. Higher marginal tax rates promote economic inefficiency and thereby retard aggregate output, since they encourage investors to undertake low productivity projects with substantial tax-shelter benefits.
C. Income redistribution payments will exert little impact on real aggregate supply, since they do not consume resources directly.

A. ①
B. ②
C. ③

A. Expansion, business peak, contraction, recession.
B. Expansion, business peak, recession, contraction.
C. Depression, expansion, business peak, contraction.

A. Reserve requirements.
B. Treasury securities held by the Federal Reserve.
C. The Federal Reserve’s discount rate.

A. When a firm writes a check to an individual, the M1 measure is increased.
B. When an individual pays for a transaction at a business with a credit card, the M2 measure is increased.
C. M2 includes M1 plus time deposits, savings deposits, and money market mutual fund balances.

A. Ⅰ only.
B. Ⅱ only.
C. none.

A. There is a clearer distinction between the functions of commercial banks on the one hand and thrift institutions on the other.
B. Different types of depository institutions are now more similar in the products and services that they provide.
C. Interest-bearing checkable deposits are no longer a major part of the M1 money supply.

A. government borrowing on interest rates and private consumption and investment.
B. higher government spending and lower taxes on aggregate demand.
C. axes on the incentive to engage in productive activities.

A. generating revenues from taxes and sales equal to its expenditures.
B. stimulate economic activity during a recession and restrain the economy during an inflationary boom.
C. increasing the supply of loanable funds needed to place downward pressure on the real rate of interest.

A. The inflation rate and money interest rates are directly related.
B. Inflation will remit from the rapid and persistent growth of the money supper.
C. There is a strict relationship between shifts in monetary policy and changes in output and prices.

A. they institute crowding out policy without the delays associated with policy changes that require legislative action.
B. they institute countercyclical fiscal policy without the delays associated with policy changes that require legislative action.
C. they institute cyclical fiscal policy without the delays associated with policy changes that require legislative action.

A. No, both of the methods of cutting taxes will exert the same impact on aggregate supply.
B. No, people in both cases will increase their savings expecting higher future taxes and thereby offset the stimulus effect of lower current taxes.
C. Yes, the lower tax rates alone will increase the incentive to earn marginal income and thereby stimulate aggregate supply.

A. ①
B. ②
C. ③

A. most businesses are operating at below level and real GDP is decreasing rapidly.
B. most businesses are operating at capacity level and real GDP is decreasing rapidly.
C. most businesses are operating at capacity level and real GDP is growing rapidly.

A. ①
B. ②
C. ③

A. The money supply will decrease.
B. Although the action does not directly affect the money supply, it will reduce the excess reserves of banks and tend to indirectly reduce the money supply.
C. The action does not directly affect the money supply; it will increase the excess reserves of banks and tend to increase the money supply because banks may expand their loans.

A. people’s standard of living would probably decline.
B. people would continue to enjoy their current standard of living and countries would become more self-sufficient in production of goods and services.
C. the transaction cost of exchange would increase.

A. ①
B. ②
C. ③

A. legislators automatically change the tax structure and expenditure programs to correct upswings and downswings in business activity.
B. with given tax rates and expenditure policies, a rise in national income tends to produce a surplus, while a decline tends to result in a deficit.
C. government expenditures and tax receipts automatically balance over the course of the business cycle, although they may be out of balance in any single year.

A. The money supply will decrease.
B. The money supply will increase during a period of inflation, but will decrease if the economy goes into a recession.
C. There will be no effect on the money supply.

A. ①
B. ②
C. ③

A. greater than expected inflation and unemployment increases.
B. less than expected inflation and unemployment decreases.
C. greater than expected inflation and unemployment decreases.

A. ①
B. ②
C. ③

A. $ 50 million increase.
B. $ 2 million increase.
C. $ 2 million decrease.

A. fiscal policy does not influence monetary policy.
B. fiscal policy substitutes government demand for private sector demand.
C. consumers will decrease spending and increase savings in anticipation of higher taxes to repay government borrowing.

A. Ⅰ only.
B. Ⅱ only.
C. all of the above.

A. a decrease in money interest rates resulting from restrictive fiscal policy.
B. an increase in the expected rate of inflation.
C. a sharp decline in the use of credit cards.

A. distorts the information delivered by prices.
B. affects product prices without changing underlying resource prices, such as wages, in the long run.
C. increases the uncertainty accompanying investment and other activities involving future payments.

A. a decrease in output in both the short run and the long run.
B. no change in output in both the short run and the long run.
C. a decrease in output in the short run, and lower inflation but no change in output in the long run.

A. output and employment rather than on prices.
B. inflation, particularly if excess capacity is present.
C. interest rates because rising interest rates will stimulate additional savings.

A. aggregate demand decreases leading to both an increase in current output and higher prices in the short run.
B. aggregate demand increases leading to both an increase in current output and higher prices in the short run.
C. aggregate demand increases leading to both a decrease in current output and higher prices in the short run.

A. the cost of holding money falls as the real interest rate goes down.
B. increasing wealth makes cash balances unnecessary.
C. taxes make productive uses of funds less profitable.

A. There will be no direct or indirect impact on the money supply because the decrease in currency holdings will be exactly offset by the increase in the funds in the checking accounts.
B. There will be no direct impact on the money supply, however, banks’ excess reserves will decrease, which will cause them to decrease their loans, thereby leading to an indirect decrease in the money supply.
C. There will be no direct impact on the money supply. However, banks’ excess reserves will increase, which will enable them to increase their loans, thereby leading to an indirect increase in the money supply.

A. buying bonds to reduce their money balances will increase the demand for bonds with an associated increase in interest rates.
B. selling bonds to increase their money balances will reduce the demand for bonds with an associated reduction in interest rates.
C. holding money when interest rates are higher will try to reduce their money balances and, as a result, the demand for money decreases.

A. ①
B. ②
C. ③

A. Classical.
B. Keynesian.
C. Supply-side.

A. the supply of money only.
B. both the demand for and supply of money.
C. the demand for money only.

A. ensure that the budget will remain in balance.
B. reduce the budget deficit (or increase the surplus).
C. enlarge the budget deficit (or reduce the surplus).

A. reduce the budget deficit (or increase the surplus).
B. enlarge the budget deficit (or reduce the surplus).
C. ensure that the budget will remain in balance.

A. 5.3%.
B. 6.0%.
C. 6.8%.

A. ①
B. ②
C. ③

A. ①
B. ②
C. ③

A. Fiscal stimulus generates economic activity greater than the amount of the stimulus due to the multiplier effect on future generations.
B. Each generation of fiscal policy decisions has unintended effects that require another generation of fiscal policy actions to correct them.
C. Fiscal imbalances must be corrected in the future by increasing taxes or decreasing government spending, and much of the burden will fall on future generations.

A. ①
B. ②
C. ③

A. restraint during a recession and stimulus during an economic boom.
B. restraint during a recession but do not apply stimulus during an economic boom.
C. stimulus during a recession and restraint during an economic boom.

A. Fed purchases of securities cause inflation in the long run.
B. A budget surplus will be a highly effective weapon against inflation.
C. budget deficits will increase real interest rates and thereby retard business investment.

A. $100000.
B. $1000000.
C. $900000.

A. with given tax rates and expenditure policies, a rise in national income tends to produce a surplus, while a decline tends to result in a deficit.
B. legislators automatically change the tax structure and expenditure programs to correct upswings and downswings in business activity.
C. government expenditures and tax receipts automatically balance over the course of the business cycle, although they may be out of balance in any single year.

A. Due to the negative growth of GDP, Smith was laid off.
B. Johnson was fired from his job after he got into an argument with his foreman.
C. Although there were jobs available, Jones was unable to find an employer with an opening.

A. ①
B. ②
C. ③