Questions from General Economics

Q: 1. A change in demand causes a (movement along/

1. A change in demand causes a (movement along/ shift of) the demand curve. A change in quantity demanded causes a (movement along/shift of) the demand curve. 2. Circle the variables that change as we...

Q: 1. The market equilibrium is shown by the intersection of the

1. The market equilibrium is shown by the intersection of the __________ curve and the __________ curve. 2. Excess demand occurs when the price is (less/greater) than the equilibrium price; excess sup...

Q: 1. Fill in the blanks in the following table. Note

1. Fill in the blanks in the following table. Note that the ordering of the first column has been scrambled. 2. When (supply/demand) changes, the equilibrium price and the equilibrium quantity chang...

Q: 1. Arrow up or down: According to the law of

1. Arrow up or down: According to the law of demand, an increase in price __________ the quantity demanded. 2. From the following list, choose the variables that are held fixed in drawing a market de...

Q: 1. The supply curve depicts the relationship between the __________ and

1. The supply curve depicts the relationship between the __________ and the __________. 2. From the following list, choose the variables that are held fixed when drawing a market supply curve: â...

Q: 4.1. The GDP deflator is calculated for any given

4.1. The GDP deflator is calculated for any given year by dividing nominal GDP by __________ GDP and multiplying by 100. 4.2. Nominal GDP is not an accurate measure of the real level of economic activ...

Q: 5.1. The date that a recession ends is called

5.1. The date that a recession ends is called the __________. 5.2. The traditional definition of a recession is a decline in real GDP lasting for at least two consecutive quarters. __________ (True/Fa...

Q: 1. A road map incorporates two unrealistic assumptions: (1

1. A road map incorporates two unrealistic assumptions: (1) _________ and (2) _________. 2. The four elements of the economic way of thinking are (1) use _________ to simplify the analysis, (2) explor...

Q: 6.1. Which of the following are not included in

6.1. Which of the following are not included in GDP? a. A mother taking care of children at home b. Professors teaching at a university c. Strawberries sold in a grocery store d. Economics textbooks s...

Q: 1.1. The circular flow describes the process by which

1.1. The circular flow describes the process by which GDP generates __________, which is spent on goods and services. 1.2. Macroeconomics is the study of the __________ (national/international) econom...