BUS 1104 Unit 7 - Self Quiz PDF

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Question 1 Correct Mark 1.00 out of 1.00

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Prior to the 1970s, the model of choice was the aggregate expenditures model. According to this model, if the economy was in equilibrium below full employment, then the primary economic problem would be Select one: a. unemployment.

b. deflation. c. financing the government budget deficit. d. financing unemployment compensation.

Question 2 Correct Mark 1.00 out of 1.00

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Which of the following is a cost of unemployment? I. output foregone II. unemployment compensation that must be paid III. rising inflation that erodes the value of money Select one: a. I, II, and III b. I and II

c. I and III

d. II and III Feedback Your answer is correct.

Question 3 Correct Mark 1.00 out of 1.00

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From 1992 through 2000, the United States experienced Select one: a. rising unemployment and rising inflation. b. falling unemployment and an inflation rate that was about 2% or less.

c. falling unemployment and an inflation rate that increased moderately over the period. d. rising unemployment and a decreasing inflation rate.

Question 4 Correct Mark 1.00 out of 1.00

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In a stagflation phase, a decrease in short-run aggregate supply will generate Select one: a. an increase in the inflation rate and in the unemployment rate.

b. an increase in the inflation rate and a decrease in the unemployment rate. c. an increase in the inflation rate with no change in the unemployment rate. d. a decrease in the inflation rate and an increase in the unemployment rate.

Question 5 Correct Mark 1.00 out of 1.00

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What is a reservation wage? Select one: a. It is the highest wage that an unemployed worker would accept, if it were offered. b. It is the lowest wage that an unemployed worker would accept, if it were offered.

c. It is the highest wage that an employer will offer a potential worker if there are many candidates vying for the job. d. It is the lowest wage that an unemployed worker would accept, excluding any non-pecuniary benefits.

Question 6 Correct Mark 1.00 out of 1.00

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One explanation for why the poor tend to receive more noncash assistance than cash assistance is that: Select one: a. the poor are better off with noncash assistance. b. the poor prefer to receive noncash assistance. c. taxpayers prefer to give noncash assistance.

d. those who supply noncash services have less political power than the poor.

Question 7 Correct

Mark 1.00 out of 1.00

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The Case in Point titled “Attitudes and Inequality” suggested that: Select one: a. more Americans than Europeans believe that the poor could become rich with enough hard work.

b. more Europeans than Americans believe that the poor could become rich with enough hard work. c. the majority of both Americans and Europeans believe that the poor could become rich with enough hard work. d. the majority of both Americans and Europeans believe that success is based on luck, connections, and corruption.

Question 8 Correct Mark 1.00 out of 1.00

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The primary evidence of income inequality in the United States is provided by: Select one: a. the IRS. b. census data.

c. the Department of Agriculture. d. research economists.

Question 9 Correct Mark 1.00 out of 1.00

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Using the equation of exchange, the rate of money growth can be expressed as Select one: a. %∆M × %∆V = (%∆P × %∆Y) ÷ %∆V b. %∆M = (%∆P + %∆Y) ÷ %∆V c. %∆M = %∆P + %∆Y − %∆V

d. M × V = P × Y Feedback Your answer is correct.

Question 10 Correct Mark 1.00 out of 1.00

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During a recovery phase, Select one: a. inflation and unemployment both increase. b. inflation and unemployment stay the same. c. inflation and unemployment both decrease.

d. unemployment decreases and inflation increases.

Question 1 Correct Mark 1.00 out of 1.00

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According to the text, it is generally agreed that in the United States in the first two decades following World War II: Select one: a. income distribution in the United States became less equal. b. income equality measures stayed the same. c. income distribution became more equal.

d. there was no way to determine income distribution.

Question 2 Correct Mark 1.00 out of 1.00

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Studies of family income over time reveal that: Select one: a. most people in the lowest quintile tend to stay there over their lifetimes. b. income mobility is rare for all quintiles of the income distribution. c. many people who move down the income ladder tend to be young. d. many people who start out at the bottom of the income ladder when they are young move up the income ladder as they age.

Question 3 Correct Mark 1.00 out of 1.00

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Suppose that racism and sexism don't exist on the customer side of perfectly competitive markets. Then, according to the text, competition among profit-maximizing firms: Select one: a. would not eliminate racism or sexism on the part of employers from the market. b. would eliminate sexism but not racism on the part of employers from the market. c. would eliminate both racism and sexism on the part of employers from the market.

d. has nothing to do with discrimination.

Question 4 Correct Mark 1.00 out of 1.00

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The poverty line for a household with nine people in 2010 was: Select one: a. between $11,000 and $12,000. b. between $16,000 and $17,000. c. between $22,000 and $23,000. d. over $45,000.

Question 5 Correct Mark 1.00 out of 1.00

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Suppose an economy is operating with an inflationary gap. In this case, policymakers would seek to move the economy Select one: a. back down the Phillips curve toward an unemployment rate that is closer to the natural rate of unemployment.

b. up the Phillips curve toward an unemployment rate that is closer to the natural rate of unemployment. c. back down the Phillips curve toward an unemployment rate that is further from the natural rate of unemployment. d. up the Phillips curve toward an unemployment rate that is further from the natural rate of unemployment.

Question 6 Correct Mark 1.00 out of 1.00

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A Phillips curve implies Select one: a. a negative relationship between consumption and saving. b. a positive relationship between inflation and prices. c. a negative relationship between inflation and unemployment.

d. a positive relationship between consumption expenditure and inflation.

Question 7 Correct Mark 1.00 out of 1.00

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Which of the following characterizes the relationship between inflation and unemployment in the United States? I. There have been periods in which a clear tradeoff between inflation and unemployment seem to exist. II. There have been periods in which inflation and unemployment rose together. III. There have been periods in which inflation and unemployment fell together. Select one: a. I, II, and III

b. I and II c. I and III d. I only Feedback Your answer is correct.

Question 8 Correct Mark 1.00 out of 1.00

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Economists define discrimination as occurring when: Select one: a. one person receives a lower income for doing an apparently similar job as another. b. people with similar characteristics experience different economic outcomes because of sex, race, or other noneconomic characteristics.

c. a male professor receives a higher salary than a female professor.

d. people don't like others because of their sex or race.

Question 9 Correct Mark 1.00 out of 1.00

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Evidence suggests that all countries with very high Select one: a. inflation rates also have very high money growth rates.

b. unemployment rates also have very high GDP growth rates. c. GDP growth rates also have very high government budget deficits. d. government budget deficits also have very high inflation rates.

Question 10 Correct Mark 1.00 out of 1.00

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Reform to the welfare system in the United States in 1996: Select one: a. defined a minimum period of eligibility. b. gave states the power to design their own welfare programs.

c. increased noncash benefits after 2 years. d. increased cash benefits after 2 years.

Question 1 Correct Mark 1.00 out of 1.00

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The poverty rate for blacks in the United States in 2010 was about _______ percent. Select one: a. 3 b. 7 c. 25

d. 40

Question 2 Correct Mark 1.00 out of 1.00

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Which of the following affect the values of inflation and unemployment? I. changes in government spending II. expectations about the price level III. changes in nominal wages IV. changes in money supply Select one:

a. I and IV only b. I, II, and IV only c. II and III only d. I, II, III, and IV

Feedback Your answer is correct.

Question 3 Correct Mark 1.00 out of 1.00

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A money payment that a recipient may spend as he or she wishes is: Select one: a. the income effect. b. the wealth effect. c. noncash assistance. d. cash assistance.

Question 4 Correct Mark 1.00 out of 1.00

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America's poverty rate is _______ than that of most _______ . Select one: a. higher; developing nations

b. higher; other industrialized nations

c. just a little lower; other industrialized nations d. no lower; developing

Question 5 Correct Mark 1.00 out of 1.00

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In a stagflation phase, a decrease in short-run aggregate supply will generate Select one: a. an increase in the inflation rate and in the unemployment rate.

b. an increase in the inflation rate and a decrease in the unemployment rate. c. an increase in the inflation rate with no change in the unemployment rate. d. a decrease in the inflation rate and an increase in the unemployment rate.

Question 6 Correct Mark 1.00 out of 1.00

Flag question Question text

Reform to the welfare system in the United States in 1996: Select one: a. defined a minimum period of eligibility. b. gave states the power to design their own welfare programs.

c. increased noncash benefits after 2 years.

d. increased cash benefits after 2 years.

Question 7 Correct Mark 1.00 out of 1.00

Flag question Question text

Prior to the 1970s, the model of choice was the aggregate expenditures model. According to this model, if the economy was in equilibrium below full employment, then the primary economic problem would be Select one: a. unemployment.

b. deflation. c. financing the government budget deficit. d. financing unemployment compensation.

Question 8 Correct Mark 1.00 out of 1.00

Flag question Question text

Which of the following is a cost of unemployment? I. output foregone II. unemployment compensation that must be paid III. rising inflation that erodes the value of money Select one: a. I, II, and III b. I and II

c. I and III d. II and III Feedback Your answer is correct.

Question 9 Correct Mark 1.00 out of 1.00

Flag question Question text

According to the text, it is generally agreed that in the United States in the first two decades following World War II: Select one: a. income distribution in the United States became less equal. b. income equality measures stayed the same. c. income distribution became more equal.

d. there was no way to determine income distribution.

Question 10 Correct Mark 1.00 out of 1.00

Flag question Question text

One explanation for why the poor tend to receive more noncash assistance than cash assistance is that: Select one: a. the poor are better off with noncash assistance. b. the poor prefer to receive noncash assistance.

c. taxpayers prefer to give noncash assistance.

d. those who supply noncash services have less political power than the poor....