Measuring And Managing The Economy Test 2 Question Preview (ID: 15186)


A Second Test About Measuring And Managing The Economy. TEACHERS: click here for quick copy question ID numbers.

During a contracting economy...
a) consumers spend more and unemployment falls
b) consumers spend less and unemployment falls
c) consumers spend less and unemployment increases
d) consumers spend more and unemplomynet rises

Which statement best describes someone that America considers unemployed?
a) an active-duty soldier
b) a recent college grad with a part time job but looking for a full time job
c) a disabled person that is physically unable to work
d) a 17 year old high school student looking for a part time job

Which statement best describes the causes for periods of increased and decreased economic activity?
a) The Bureau of Labor and Statistics makes policy decisions
b) natural tendency of consumers to go through periods of spending more and saving more
c) The CPI being adjusted for inflation
d) decisions by bussinesss about when to enter the next phase

Which action by the Fed will result in growing the money supply?
a) selling bonds on the open market
b) increasing the reserve requirement
c) decreasing the discount rate
d) lowering taxes

What is an action the governement can take to fight a fast growing inflation rate?
a) increase taxes
b) decrease taxes
c) reduce the consumer price index
d) increase the consumer price index

How is Real GDP different than GDP?
a) Real GDP is the finalized number after the election
b) Real GDP counts ALL exports
c) Real GDP takes into account the unemployment rate
d) Real GDP is adjusted for inflation

Which statement best reflects the government's involvement in the America economy?
a) They have a strict "Hands off" approach
b) they only interven in severe problems, like the Great Depression
c) the government routinely intervenes to "fine-tune" the economy
d) Republicans always intervene while Democrats rarely intervene

What is fiscal policy?
a) increasing or decreasing the money supply to increase economic activity or control inflation
b) changing governemnt spending and taxes to increase economic activity or control inflation
c) unused
d) unused

What is monetary policy?
a) increasing or decreasing the money supply to increase economic activity or control inflation
b) changing governemnt spending and taxes to increase economic activity or control inflation
c) unused
d) unused

Whish statement best reflects the current Real GDP in America?
a) Real GDP has been slowly increasing for the last few years
b) Real GDP has been slowly decreasing fo rthe last few years
c) Real GDP had be had been increasing but last year started decreasing
d) Real GDP had been decreaing but last year started increasing

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