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Question 1 2 points Save Debtors tend to benefit more…

Question 1 2 points Save Debtors tend to benefit more from inflation than creditors do. True False Question 2 2 points Save If the U.S. government increases spending, the U.S. Treasury has the legal right to issue currency to pay for the spending does not have the legal right to issue currency to pay for the spending usually pays for the spending by selling bonds directly to the Fed seldom pays for the spending by selling bonds to the public Question 3 2 points Save The most effective means of stimulating the economy during a recession is for the federal government to increase spending and hold taxes hold government spending and decrease taxes decrease government spending and hold taxes decrease government spending and raise taxes Question 4 2 points Save If business leaders thought an existing tax credit provision on new investment might be suspended because of inflation, this would cause investment spending to slacken investment spending to accelerate no effect on investment plans interest rates to decline Question 5 2 points Save During an inflationary period, the Fed is inclined to purchase government securities to combat inflation. True False Question 6 2 points Save During an inflationary period, the Federal Reserve is most likely to lower the discount rate buy government securities lower reserve requirements raise the discount rate Question 7 2 points Save If the government must borrow during an inflationary period, it is less inflationary to borrow idle funds rather than funds that would otherwise be spent. True False Question 8 2 points Save During the 1990–1991 recession, the U.S. government’s large budget deficits and budget reduction commitments limited its ability to use fiscal policy to stimulate the economy. True False Question 9 2 points Save A cost associated with an economic depression is the loss of goods and services that are not produced the loss of individual income to unemployed workers a possible deterioration of working skills of unemployed workers all of the above Question 10 2 points Save Deflation and disinflation are synonymous terms. True False Question 11 2 points Save Stagflation is a mixture of low inflation and low unemployment high inflation and low unemployment low inflation and high unemployment high inflation and high unemployment Question 12 2 points Save A balanced budget always has a neutral effect on the economy. True False Question 13 2 points Save If the government finances increased spending strictly through higher taxes, this action increases the multiplier effect has no impact on the multiplier effect decreases the multiplier to a value greater than one decreases the multiplier to one Question 14 2 points Save Which of the following categories of business cycle theories includes the theory of “real business cycles?” physical monetary psychological spending and saving Question 15 2 points Save A hurricane is considered an external force in business cycle analysis. True False Question 16 2 points Save The statistical indicators of business cycle changes contain leading indicators lagging indicators roughly coincident indicators all of the above Question 17 2 points Save Minor cycles have fluctuations which are noticeable and severe. True False Question 18 2 points Save Which of the following is not a phase of the business cycle? peak trough compression expansion Question 19 2 points Save During a contraction in the business cycle, the multiplier effect leads to cumulative declines in output, employment, and income. True False Question 20 2 points Save The measurement of a business cycle is obtained by adjusting the real GDP for seasonal variation, the trend, and random fluctuations. True False Question 21 2 points Save Recurring fluctuations in business activity over the course of one year are known as seasonal variations random fluctuations the trend the business cycle Question 22 2 points Save A recession is defined as a period in which real GDP is negative for two consecutive quarters. True False Question 23 2 points Save The level of business activity at any time is affected by the trend, seasonal variations, random fluctuations, and cyclical fluctuations. True False Question 24 2 points Save An example of an external force in business fluctuations is falling interest rates due to lagging demand in a contraction a devaluation in the nation’s currency variations in inventories the lag between price changes and cost changes Question 25 2 points Save A noticeable drop in the level of business activity is known as a recession collapse lagging indicator contraction Question 26 2 points Save Economic indexes whose upward and downward turning points generally precede the peaks and troughs of general business activity are known as causal indicators leading indicators roughly preceding indicators primary indicators Question 27 2 points Save Maximum employment was not defined in the Employment Act of 1946. True False Question 28 2 points Save Most of the unemployment experienced during the Great Depression was cyclical structural seasonal functional Question 29 2 points Save The full-employment unemployment rate is identical to the inflation threshold rate of unemployment. True False Question 30 2 points Save The idea of the natural rate of unemployment is that frictional and structural causes prevent employment in the economy from ever becoming 100 percent of the labor force each industry has its average turnover rate, and this rate determines its natural rate of unemployment the market system requires that a pool of unemployed people be available to limit the power of workers none of the above Question 31 2 points Save U.S. workers have neither substantial geographic nor occupational mobility both substantial geographic and occupational mobility substantial geographic mobility but not occupational mobility substantial occupational mobility but not geographic mobility Question 32 2 points Save The organization that develops and recommends to the U.S. President national economic policies to foster maximum employment, production, and purchasing power is the Joint Economic Committee Bureau of Labor Statistics Council of Economic Advisers Full-Employment Council Question 33 2 points Save The Full Employment and Balanced Growth Act of 1978 is also known as the Deficit Reduction Act. True False Question 34 2 points Save The Employment Act of 1946 does not require that the administration in office should endeavor to maximize production maximize employment maximize purchasing power stabilize prices Question 35 2 points Save The U.S. civilian labor force does not include the self-employed members of Congress members of the armed services lawyers and doctors Question 36 2 points Save The natural rate of unemployment is sometimes called the inflation threshold rate of unemployment. True False Question 37 2 points Save U.S. workers tend to be both geographically and occupationally immobile. True False Question 38 2 points Save If workers are changing jobs voluntarily and it takes a while for them to find new jobs, they are an example of structural unemployment frictional unemployment technological unemployment none of the above Question 39 2 points Save The New Economy is one of durable goods services information manufacturing Question 40 2 points Save The Lorenz curve measures the per capita annual income of individuals. True False Question 41 2 points Save Which of the following statements is not true? growing employment in retailing and restaurants contributes to the wage decline of high school graduates the decline in union membership has contributed to income inequality the increased use of technology in manufacturing has increased income inequality since service industries are less likely to use technology, they are more likely to be unionized Question 42 2 points Save The percentage of the population classified as poor in 2004 was approximately 7 percent 12 percent 21 percent 25 percent Question 43 2 points Save Labor market discrimination on the basis of sex or race is usually person-specific rather than a general labor practice. True False Question 44 2 points Save If a single household received all income, the Gini coefficient would have a value of zero be identical to the Lorenz distribution have a value of 1 have a value of infinity Question 45 2 points Save For many welfare recipients, taking a job reduces income. True False Question 46 2 points Save If everyone had the same income, the Lorenz curve would become the line of income equality. True False Question 47 2 points Save If new highly progressive tax laws are enacted, the resulting Lorenz curve will move to the right-hand corner of the graph. True False Question 48 2 points Save One of the problems with official poverty statistics is that they do not account for inflation are not adjusted annually omit in-kind transfers, such as food stamps omit Medicare payments Question 49 2 points Save Which of the following contributes to income inequality? unequal abilities unequal ownership of property discrimination all of the above Question 50 2 points Save According to the U.S. Department of Commerce, a group of two or more persons living together who are related by birth, marriage, or adoption is known as a household family Lorenz unit quintile



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