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Measuring And Managing The Economy Test 2
Test Description: A second test about measuring and managing the economy
Instructions: Answer all questions to get your test result.
1) During a contracting economy...
A
consumers spend more and unemployment falls
B
consumers spend less and unemployment falls
C
consumers spend more and unemplomynet rises
D
consumers spend less and unemployment increases
2) Which statement best describes someone that America considers unemployed?
A
an active-duty soldier
B
a disabled person that is physically unable to work
C
a 17 year old high school student looking for a part time job
D
a recent college grad with a part time job but looking for a full time job
3) Which statement best describes the causes for periods of increased and decreased economic activity?
A
The CPI being adjusted for inflation
B
The Bureau of Labor and Statistics makes policy decisions
C
natural tendency of consumers to go through periods of spending more and saving more
D
decisions by bussinesss about when to enter the next phase
4) Which action by the Fed will result in growing the money supply?
A
decreasing the discount rate
B
lowering taxes
C
selling bonds on the open market
D
increasing the reserve requirement
5) What is an action the governement can take to fight a fast growing inflation rate?
A
increase the consumer price index
B
reduce the consumer price index
C
decrease taxes
D
increase taxes
6) How is Real GDP different than GDP?
A
Real GDP counts ALL exports
B
Real GDP is the finalized number after the election
C
Real GDP takes into account the unemployment rate
D
Real GDP is adjusted for inflation
7) Which statement best reflects the government's involvement in the America economy?
A
the government routinely intervenes to "fine-tune" the economy
B
they only interven in severe problems, like the Great Depression
C
Republicans always intervene while Democrats rarely intervene
D
They have a strict "Hands off" approach
8) What is fiscal policy?
A
increasing or decreasing the money supply to increase economic activity or control inflation
B
unused
C
changing governemnt spending and taxes to increase economic activity or control inflation
D
unused
9) What is monetary policy?
A
unused
B
changing governemnt spending and taxes to increase economic activity or control inflation
C
increasing or decreasing the money supply to increase economic activity or control inflation
D
unused
10) Whish statement best reflects the current Real GDP in America?
A
Real GDP had be had been increasing but last year started decreasing
B
Real GDP had been decreaing but last year started increasing
C
Real GDP has been slowly decreasing fo rthe last few years
D
Real GDP has been slowly increasing for the last few years
*select an answer for all questions
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