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Rapid economic growth has increased the economic well-being of U.S.citizens because


A) people are now earning higher incomes while goods and services are cheaper
B) the dollar is worth now more than in the past
C) the output of goods and services has risen faster than the population
D) the population is now living and working longer
E) the population has increased while production has decreased

F) B) and E)
G) B) and C)

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  -Refer to Figure 5-1 above.If the economy goes from point A to point C on the graph,it is going through a(n)  A)  peak B)  trough C)  expansion D)  business cycle E)  recession -Refer to Figure 5-1 above.If the economy goes from point A to point C on the graph,it is going through a(n)


A) peak
B) trough
C) expansion
D) business cycle
E) recession

F) C) and D)
G) D) and E)

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The country that suffered an extreme inflation rate of 89,700,000,000,000,000,000,000 percent in November 2008 was


A) England
B) Zimbabwe
C) Germany
D) Egypt
E) the former Soviet Union

F) C) and E)
G) A) and D)

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In only one of the following situations is a nation's standard of living certain to increase.Which one?


A) Real GDP rises faster than population.
B) Real GDP rises faster than the price level.
C) Real GDP rises.
D) Real GDP rises faster than the number of people employed.
E) Real GDP rises faster than the number of people unemployed.

F) A) and E)
G) All of the above

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Inflation has never been a major problem in the U.S.

A) True
B) False

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Periodic fluctuations in real GDP are called


A) business cycles
B) recessions
C) peaks
D) expansions
E) troughs

F) B) and C)
G) All of the above

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Which of the following is a major macroeconomic goal?


A) Low prices
B) Declining prices
C) Pure competition
D) Stable prices
E) High prices

F) All of the above
G) B) and D)

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The two phases of the business cycle are


A) high economic growth and low economic growth
B) expansion and contraction
C) expansion and depression
D) high inflation and low inflation
E) potential economic growth and actual economic growth

F) B) and C)
G) A) and B)

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In the Full Employment and Balanced Growth Act of 1978,Congress set a target rate of unemployment.The nation achieves this target rate


A) in most years
B) at least once a year
C) only rarely
D) in election years
E) at least once every five years

F) A) and C)
G) C) and E)

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When we study macroeconomics,


A) we model tens of thousands of individual supply and demand curves
B) we determine thousands of prices and quantities
C) we employ aggregation to reduce the number of markets we need to understand
D) we add up all the demand and supply curves that are obtained in microeconomics
E) we add up the prices of all goods and services produced in the economy

F) A) and D)
G) A) and C)

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Over the past 80 years,real GDP has


A) decreased in more years than it has increased
B) increased dramatically
C) increased slowly
D) increased moderately
E) been stable

F) B) and D)
G) All of the above

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Most recessions last approximately three years.

A) True
B) False

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From 1929 to 1933,U.S.output dropped by about


A) 10 percent
B) 20 percent
C) 25 percent
D) 50 percent
E) 75 percent

F) A) and B)
G) B) and C)

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Economists regard some inflation as good for the economy.

A) True
B) False

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Since the late 1970s,economic growth has


A) occurred at a rapid pace compared to the period 1950-1973
B) improved living standards across the entire population
C) maintained approximately constant living standards across the entire population
D) improved the living standards of less-skilled workers while highly skilled workers have become worse off
E) improved the living standards of highly skilled workers while less-skilled workers have become worse off

F) A) and B)
G) A) and C)

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In recent years,each 1 percent drop in output is associated with the loss of more than


A) five million jobs
B) one million jobs
C) half a million jobs
D) two hundred thousand jobs
E) one hundred thousand jobs

F) C) and E)
G) C) and D)

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The Full Employment and Balanced Growth Act of 1978 set the target unemployment rate for the United States economy at 4 percent.

A) True
B) False

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John Maynard Keynes,author of The General Theory of Employment,Interest,and Money,argued that


A) classical economic theory was correct
B) the government should follow a policy of laissez faire
C) the critiques of classical economics were flawed
D) the economy does not always perform well in the absence of government guidance
E) instead of focusing on money,the government should control interest rates

F) None of the above
G) C) and D)

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During the Great Depression of the 1930s,the unemployment rate in the United States peaked at around


A) 5 percent
B) 10 percent
C) 12 percent
D) 25 percent
E) 50 percent

F) B) and C)
G) D) and E)

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The equilibrium price of automobiles is a primarily macroeconomic issue.

A) True
B) False

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