Economics MCQs

Page No. 383

An index of prices of all domestically produced goods in the economy is the ?


a wholesale price index (WPI)

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b Consumer price index (CPI)

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cGDP deflator

✓


dProducer price index (PPI)

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View Answer GDP deflator

Macroeconomic theory that emphasized the theories of Keynes and de-emphasized the classical theory developed as the result of the failure of ?


a economic theory to explain the simultaneous increases in inflation and unemployment during the 1970s

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bThe classical model to explain the prolonged existence of high unemployment during the Great Depression

✓


cfine tuning during the 1960s

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d the economy to grow at a rapid rate during the 1950s

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View Answer The classical model to explain the prolonged existence of high unemployment during the Great Depression

Macroeconomics is the branch of economics that deals with ?


aimperfectly competitive markets:

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b. Only the long run adjustments to equilibrium in the economy

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cThe functioning of individual industries and the behavior of individual decision-making units business firms and households

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dthe economy as a whole

✓


View Answer the economy as a whole

If people have rational expectations a monetary policy contraction that is announced and is credible could ?


areduce inflation with little or no increase in unemployment

✓


b Increase inflation but would decrease unemployment by an unusually large amount

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cincrease inflation with little or no decrease in unemployment

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dreduce inflation but it would increase unemployment by an unusually large amount

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View Answer reduce inflation with little or no increase in unemployment

Refer to Exhibit 6. Suppose the economy is Operating in long-run equilibrium at point E. An unexpected monetary contraction will move the economy in the direction of point ?


aH

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b F

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c E

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dH

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View Answer F

Refer to Exhibit 6.Suppose the economy is in long-run equilibrium at point E. A sudden increase in government spending should move the economy in the direction of point ?


a d

✓


bG

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cE

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d b

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View Answer d

Refer to Exhibit 6.If People in the economy expect inflation to be 3 percent and inflation is 3 percent the economy is operating at point ?


ab

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b I

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c a

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d H

✓


View Answer H

A decrease the Price of foreign oil ?


a Shifts the short-run Phillips curve downward and make the unemployment inflation trade-off less favorable

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b Shifts the short run Phillips curve upward and makes the unemployment inflation trade-off more favorable

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cShifts the short run Phillips curve upward and makes the Unemployment inflation trade off more favorable

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d Shifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable

✓


View Answer Shifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable

Which of the following would shift the long-run Phillips curve to the right ?


aAn increase in the minimum wage

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bAn increase in the expected inflation

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c An increase in the price of foreign oil

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dAn increase in the aggregate demand

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View Answer An increase in the minimum wage

According to the Phillips curve, in the short run, if policy makers choose an expansionary policy to lower the rate of unemployment ?


a The economy will experience an increase in inflation

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bThe economy will experience a decrease in inflation

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cInflation will be unaffected if price expectations are unchanging

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dNone of these answers

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View Answer The economy will experience an increase in inflation

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