Questions from General Economics

Q: Disagreements about the shape of the aggregate supply curve focus on the

Disagreements about the shape of the aggregate supply curve focus on the degree of _________ in the economy. a) unemployment b) inflation c) fraud d) confidence

Q: One typical response to an overheated economy using in discretionary fiscal policy

One typical response to an overheated economy using in discretionary fiscal policy is to a) raise taxes and cut spending. b) lower taxes and cut spending. c) raise taxes and increase spending. d)...

Q: In determining whether the federal government is the right size, an

In determining whether the federal government is the right size, an economist would determine whether a) the first dollar spent produced $1 worth of social good. b) the average dollar spent produce...

Q: From the perspective of the United States, a major accomplishment of

From the perspective of the United States, a major accomplishment of the 1999 round of GATT was a) the complete banning of “domestic content” provisions in movie and television production. b) creat...

Q: The problem of the “third-party payer” arises in

The problem of the “third-party payer” arises in health care in the form of a) doctors having to pay part of the own expenses. b) government and/or private insurance paying a significant part of the...

Q: Walmart’s entry into the grocery business in the 1990s a)

Walmart’s entry into the grocery business in the 1990s a) turned it into a monopoly. b) had no impact on the market form; it remained perfectly competitive. c) had no impact on the market form; it...

Q: Medicare’s prescription drug coverage will likely a) cost substantially more

Medicare’s prescription drug coverage will likely a) cost substantially more than it was estimated to cost in 2003. b) cost substantially less than it was estimated to cost in 2003. c) cost slightl...

Q: Which of the following will impact both supply and demand?

Which of the following will impact both supply and demand? a) A change in price b) A change in quantity c) A change in expected future price d) A change in income

Q: When looking at the impact of a change in trade policy,

When looking at the impact of a change in trade policy, economists use consumer and producer surplus to look at the winners and losers. Free-trade economists insist that a) no one loses. b) everyon...

Q: The present value of a $1,000 payment received two

The present value of a $1,000 payment received two years from now at 5 percent annual interest will be less than $900 because of a) taxes. b) compounding. c) withholding. d) double jeopardy.