Which of the following statements regarding inflation is correct?
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1 .Which of the following might be considered the most expansionary set of fiscal policies?
A Increase in government purchases, increase in the money supply. B Decrease in taxes, increase in the money supply. C Increase government purchases, decrease in taxes. D Increase government purchases, increase in taxes.
2 .Which of the following statements is correct if there is an increase in the resources available within an economy?
A The standard of living in the economy will rise. B More goods and services will be produced in the economy. C The economy will be capable of producing more goods and services. D The technological efficiency of the economy will improve.
3 .To decrease the money supply, the Fed might:
A Lower the discount rate. B Decrease the required reserve ratio. C Buy government securities on the open market. D Sell government securities on the open market.
4 .If the nominal interest rate is 10% and the rate of inflation is 5%, the real interest rate is:
A 50% B 2% C 15% D 5%
5 .Which of the following individuals would be most hurt by an unanticipated increase in inflation?
A A retiree living on a fixed income. B A borrower whose debt has a fixed interest rate. C A union worker whose contract includes a provision for regular cost-of-living adjustments. D A saver whose savings was placed in a variable rate savings account.
7 .An industry that is oligopolistic would be best characterized by:
A One firm selling a product with no close substitutes. B The absence of significant economies of scale. C Significant barriers to entry. D Horizontal or flat demand curves for the output of individual firms.
8 .Which of the following is incorrect with regard to value chain analysis?
A The value chain starts with the firm and goes all the way through to the end users of the product. B Value chain analysis must be used in conjunction with the strategic plan of the organization. C Value chain analysis is a strategic tool that assists the firm in determining how important the perce...
9 .An increase in the quantity demanded for a product would be associated with a(n):
A Decrease in the price of a substitute product. B Increase in the price of a complementary product. C Increase in average household income. D Decrease in the price of that product.
10 .Which one of the following statements about supply and demand is true?
A If demand increases and supply increases, equilibrium quantity will fall. B If demand increases and supply remains constant, equilibrium price will fall. C If demand increases and supply decreases, equilibrium price will increase. D If supply increases and demand remains constant, equilibrium pric...
