Milestone 2

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School

Thomas Edison State College *

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Course

111

Subject

Economics

Date

Feb 20, 2024

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pdf

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19

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UNIT 2 — MILESTONE 2 19/ 20 <> that's 95% ‘ RETAKE @ 19 questions were answered correctly. 1 question was answered incorrectly. T @ Which of the following is NOT a way that the government finances fiscal policy? O Sale of treasury securities O Tax revenue Rollover of debt O Printing of mone CONCEPT — Funding Fiscal Policy: Bond Markets Report an issue with this question - O Which of the following graphs represents a peak in the economy? 19/20
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UNIT 2 — MILESTONE 2 / T AS/AD Model Price Level R i > Y=RGDP CONCEPT — Business Cycles and Long-Run Adjustment to Equilibrium Report an issue with this question 3 @ If the marginal propensity to consume (MPC) is 0.75 and the government increases spending by $100 billion, the effect this change has on the economy will be which of the following? There will be an increase of $133.3 billion throughout the economy. There will be an increase of $75 (O billion in economic activity. There will be an increase of $400 ©@ O billionin economic activity. 19/20
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UNIT 2 — MILESTONE 2 CONCEPT — Expansionary Policy Report an issue with this question 4 Q@ Based on the expenditure approach and the information shown here, which of the following is the GDP? Individual purchases: $5 billion Government purchases: $10 billion Business investments: $5 billion Imports: $5 billion Exports: $10 billion © O $25 billion O $45 billion O $15 billion O $35 billion 19/20
UNIT 2 — MILESTONE 2 5 @ Select the TRUE statement regarding aggregate supply in the short and long run. In the long run, there is a close O relationship between price level and RGDP. The relationship between price O level and RGDP is negative in the short run. In the long run, there are no limits O on production. The long-run aggregate supply O O (LRAS) curve can move over time. CONCEPT — Aggregate Supply Report an issue with this question 19/20
UNIT 2 — MILESTONE 2 001 002 00E 00t 00S 009 004 008 3 Based on the graph above, if market price is $19 per unit, what is happening at that market price? The price is too high, so suppliers O want to produce more than what consumers want. The price is too high, so suppliers O want to produce less than what consumers want. The price is too low so suppliers O want to produce less than what consumers want. bttt % Quantity 8 o — N (=] o 19/20
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UNIT 2 — MILESTONE 2 CUNCLECFI — Establishing Equilibrium Report an issue with this question 7 @ Which of the following will cause movement along the demand curve? The price of salt goes down, so O the price of black pepper goes up. The number of consumers who (O eat beef decreases. The market price of a pound of Q@ O beefincreases from $5 to $7. The price of Brand A orange juice O decreases, so the price of Brand B orange juice decreases. CONCEPT — Law of Demand Report an issue with this question 19/20
UNIT 2 — MILESTONE 2 The TANF program O Unemployment insurance The countercyclical approach © O Social Securit O \% CONCEPT — The Economic Role of the Government Report an issue with this question - O If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run aggregate supply (LRAS) curve, which statement will be true? This situation will most likely coincide with high unemployment. 19/20
UNIT 2 — MILESTONE 2 The economy may be in O equilibrium. Producers are using inventory o O faster than it can be replaced. CONCEPT — Equilibrium Report an issue with this question 0 @ Which of the statements is NOT true about expansionary fiscal policy? It is financed by selling treasury O securities. It often results in government O expenditures exceeding tax revenues. O It can trigger the multiplier effect. 19/20
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UNIT 2 — MILESTONE 2 CONCEPT — Expansionary Policy Report an issue with this question 1 @ Which of the following is true about a market at equilibrium price? There tend to be shortages O because the price is so low. At the prevailing price, there is no market basis for the price to © O change. Demand is low because the price O isso high. O The market does not clear. CONCEPT — Establishing Equilibrium Report an issue with this question 19/20
UNIT 2 — MILESTONE 2 The unemployment rate O increases, so people can purchase less. The fad for beanbag animals O comes to an end. The market price for four tires ©®@ O increasesto $300. The number of people who O consume butter increases. CONCEPT — Shifts in Demand Report an issue with this question 3 @ Which of the following is NOT one of the three ways that money can be spent that contribute to gross domestic product (GDP)? O Government purchases Government savings © O 19/20
UNIT 2 — MILESTONE 2 O Hidivivual puivliiQoc<o CONCEPT — Expenditure and Income Equations Report an issue with this question 14‘ Which combination of fiscal policies would be the most contractionary? Increasing spending and cutting O taxes Cutting spending and increasing Q O taxes Increasing both spending and O taxes Decreasing both spending and O taxes CONCEPT — Contractionary Policy Report an issue with this question 19/20
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UNIT 2 — MILESTONE 2 so they spend more. This influences which of the following, in economic terms? Aggregate demand 0 o ggred Aggregate suppl O ggred PPy O The interest rate effect O The exchange rate effect CONCEPT — Aggregate Demand Report an issue with this question 6 @ Which statement below is true regarding aggregate supply? It is downward sloping because O ofthe interest rate effect. It is not used that often in O macroeconomics. 19/20
UNIT 2 — MILESTONE 2 It is influenced by the wealth O effect. CONCEPT — Aggregate Supply and Aggregate Demand Report an issue with this question 17 @ The regular price for a set of four tires is $250, but Erin finds a store that has the tires she needs on sale for $175? Which graph correctly illustrates this scenario? “5,‘ Quantity Q2 Q1 19/20
UNIT 2 — MILESTONE 2 © O . ) Quantity ' ] O = ] |} ' ] L ; ! E . <> Quantity Q, Q Price AN > Quantity CONCEPT — Shifts in Demand Report an issue with this question 19/20
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UNIT 2 — MILESTONE 2 Considers price and quantity combinations, with everything © O else held constant Considers the economy from the O producer's point of view Considers the economy from the O consumer's point of view Usually depicted as an upward O sloping curve CONCEPT — Supply and Demand Report an issue with this question 19 @ Roberto suspected that traditional 4-year higher education in the United States was influenced by the recession. Most states cut the amount they contribute to public universities, making it much more expensive for them to operate in the traditional format. This caused many universities to invest in nontraditional, technology- based educational models. Which graph below best depicts the change Roberto is seeing 19/20
% Quantity ? Quantity % Quantity 19/20
UNIT 2 — MILESTONE 2 19/20 o LN ,L P, ................ 3 Quantity CONCEPT — Shifts in Supply Report an issue with this question 20 @ Economically speaking, which of the kinds of change below would be caused when an executive at a petroleum company develops a new way to extract petroleum from the ground? O Shift in the demand curve Movement along the supply O curve Shift in the supply curve © O ! O No change in supply or demand
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