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ECONOMICS (ECO401) Quiz # 04 opened on August 06, 2014 12:00 AM and last date to attempt quiz will be August 08, 2014 11:59 PM

Quiz # 04

ECONOMICS (ECO401)

 

Dear Students!

This is to inform that Quiz # 04 will be opened on August 06, 2014 and last date to attempt quiz will be August 08, 2014.

 


Instructions:
 

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  • Quiz will be based on Multiple Choice Questions (MCQs). Covering video Lectures 28 to 38.  
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Replies to This Discussion

A study of how increases in the minimum wage rate will affect the national unemployment rate is an example of 
A. descriptive economics.
B. normative economics.
C. macroeconomics. = Correct Option
D. microeconomics.

2 Aggregate supply is the total amount 
A. of goods and services produced in an economy. = Correct Option
B. produced by the government.
C. of products produced by a given industry.
D. of labour supplied by all households.

3 The total demand for goods and services in an economy is known as 
A. aggregate demand. = Correct Option
B. national demand.
C. gross national product.
D. economy-wide demand.

4 Deflation is 
A. an increase in the overall level of economic activity.
B. an increase in the overall price level.
C. a decrease in the overall level of economic activity.
D. a decrease in the overall price level. = Correct Option

5 A recession is 
A. a period of declining prices.
B. a period during which aggregate output declines.
C. a period of declining unemployment.
D. a period of falling trade volumes.

6 Involuntary unemployment means that 
A. people are not willing to work at the going wage rate.
B. at the going wage rate, there are people who want to work but cannot find work. = Correct Option
C. there are some people who will not work at the going wage rate.
D. there is excess demand in the labour market.

7 A cut in the income tax rate designed to encourage household consumption is an example of 
A. expansionary demand-side policy. = Correct Option
B. contractionary demand-side policy.
C. expansionary supply-side policy.
D. contractionary supply-side policy.

8 A cut in the tax rate designed to reduce the cost of capital and hence encourage business investment is an example of 
A. expansionary demand-side policy.
B. contractionary demand-side policy.
C. expansionary supply-side policy. = Correct Option
D. contractionary supply-side policy.

9 Macroeconomics is the branch of economics that deals with
A. the economy as a whole. = Correct Option
B. imperfectly competitive markets.
C. only the long run adjustments to equilibrium in the economy.
D. the functioning of individual industries and the behaviour of individual decision-making units - business firms and households.

10 A group of modern economists who believe that price and wage rigidities do not provide the only rationale for macroeconomic policy activism are called:
A. New-Keynesians. = Correct Option
B. Keynesians.
C. Monetarists.
D. The Classical school.

11 Macroeconomic theory that emphasised the theories of Keynes and de-emphasised the Classical theory developed as the result of the failure of 
A. economic theory to explain the simultaneous increases in inflation and unemployment during the 1970s.
B. fine tuning during the 1960s.
C. the economy to grow at a rapid rate during the 1950s.
D. the Classical model to explain the prolonged existence of high unemployment during the Great Depression. = Correct Option

12 Keynes believed falling wages were not a solution to persistent unemployment because
A. falling wages demoralised workers.
B. this would reduce the purchasing power of labourers as consumers. This in turn would bleaken firms’ prospects of selling more goods, hence inducing them to cut their investment (and hence labour) demand.
C. the unemployment was caused by frictional and structural factors.
D. wages would fall more than required to clear the labour market.

13 The practice of using fiscal and monetary policy to stabilise the economy is known as 
A. fine tuning of demand = Correct Option
B. monetarism
C. laissez faire economics
D. supply side economics

14 According to Classical models, the level of employment is determined primarily by 
A. interest rates.
B. the level of prices.
C. the level of aggregate supply in the economy = Correct Option
D. the level of aggregate demand for goods and services.

15 According to Keynes, the level of employment is determined by 
A. interest rates.
B. the level of prices.
C. the level of aggregate supply in the economy
D. the level of aggregate demand for goods and services. = Correct Option

16 According to the Classical model, unemployment 
A. could not persist because wages would fall to eliminate the excess supply of labour.
B. could persist for long periods of time because wages are not flexible.
C. could be eliminated only through government intervention.
D. could never exist.

17 To get the economy out of a slump, Keynes believed that the government should 
A. increase both taxes and government spending. = Correct Option
B. increase taxes and/or decrease government spending.
C. cut both taxes and government spending.
D. decrease taxes and/or increase government spending. = Correct Option

18 Aggregate demand refers to the total demand for all domestically produced goods and services in an economy generated from 
A. the household and government sectors.
B. the household sector.
C. all sectors except the rest of the world.
D. all sectors including the rest of the world. = Correct Option

19 Government policies that focus on increasing production rather than demand are called:
A. fiscal policies.
B. monetary policies.
C. incomes policies.
D. supply-side policies. = Correct Option

20 Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are 
A. market prices.
B. sticky prices. = Correct Option
C. fixed prices.
D. regulatory prices.




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