TEST ITEM FILE 3
CHAPTERS 10–15
for
Luke Armstrong Barbara Moore Mark Rush
Lee College University of Central Florida University of Florida
,Contents
Chapter 10 Aggregate Supply and Aggregate Demand ................................................................. 1
Chapter 11 Expenditure Multipliers: The Keynesian Model ...................................................... 131
Chapter 12 U.S. Inflation, Unemployment, and Business Cycle ................................................ 263
Chapter 13 Fiscal Policy .................................................................................................................. 386
Chapter 14 Monetary Policy ........................................................................................................... 458
Chapter 15 International Trade Policy .......................................................................................... 524
Part 1 Review ........................................................................................................................................ 576
Part 2 Review ........................................................................................................................................ 583
Part 3 Review ........................................................................................................................................ 586
Part 4 Review ........................................................................................................................................ 591
Part 5 Review ........................................................................................................................................ 597
, Chapter 10
Aggregate Supply and Aggregate Demand
1 Aggregate Supply
1) The supply of real GDP is a function of
A) the total expenditures of consumers, investors and government.
B) the sum of wages, salaries, corporate profits, rents and interest.
C) only the state of technology.
D) the quantities of labor, capital and the state of technology.
Answer: D
Topic: Aggregate Supply Fundamentals
Skill: Conceptual
Question history: Previous edition, Chapter 10
AACSB: Reflective Thinking
2) The quantity of real GDP supplied depends on the A) level
of aggregate demand.
B) quantity of capital, bonds, and stocks.
C) quantity of labor, the quantity of capital, and the state of technology.
D) price level, the unemployment rate, and the quantity of government expenditures
on goods and services.
Answer: C
Topic: Aggregate Supply Fundamentals
Skill: Recognition
Question history: Previous edition, Chapter 10
AACSB: Reflective Thinking
3) An aggregate supply curve depicts the relationship between
A) the price level and nominal GDP.
B) household expenditures and household income.
C) the price level and the aggregate quantity supplied.
D) the price level and the aggregate quantity demanded.
Answer: C
Topic: Aggregate Supply
Skill: Recognition
Question history: Previous edition, Chapter 10
AACSB: Reflective Thinking
4) In the macroeconomic short run,
A) actual real GDP may be less than or more than potential GDP.
B) the unemployment rate is zero.
C) by definition, the economy is always moving away from full employment.
D) actual real GDP always equals potential GDP.
, Answer: A
Topic: Macroeconomic Long Run and Short Run
Skill: Recognition
Question history: Modified 10th edition
AACSB: Reflective Thinking
CHAPTERS 10–15
for
Luke Armstrong Barbara Moore Mark Rush
Lee College University of Central Florida University of Florida
,Contents
Chapter 10 Aggregate Supply and Aggregate Demand ................................................................. 1
Chapter 11 Expenditure Multipliers: The Keynesian Model ...................................................... 131
Chapter 12 U.S. Inflation, Unemployment, and Business Cycle ................................................ 263
Chapter 13 Fiscal Policy .................................................................................................................. 386
Chapter 14 Monetary Policy ........................................................................................................... 458
Chapter 15 International Trade Policy .......................................................................................... 524
Part 1 Review ........................................................................................................................................ 576
Part 2 Review ........................................................................................................................................ 583
Part 3 Review ........................................................................................................................................ 586
Part 4 Review ........................................................................................................................................ 591
Part 5 Review ........................................................................................................................................ 597
, Chapter 10
Aggregate Supply and Aggregate Demand
1 Aggregate Supply
1) The supply of real GDP is a function of
A) the total expenditures of consumers, investors and government.
B) the sum of wages, salaries, corporate profits, rents and interest.
C) only the state of technology.
D) the quantities of labor, capital and the state of technology.
Answer: D
Topic: Aggregate Supply Fundamentals
Skill: Conceptual
Question history: Previous edition, Chapter 10
AACSB: Reflective Thinking
2) The quantity of real GDP supplied depends on the A) level
of aggregate demand.
B) quantity of capital, bonds, and stocks.
C) quantity of labor, the quantity of capital, and the state of technology.
D) price level, the unemployment rate, and the quantity of government expenditures
on goods and services.
Answer: C
Topic: Aggregate Supply Fundamentals
Skill: Recognition
Question history: Previous edition, Chapter 10
AACSB: Reflective Thinking
3) An aggregate supply curve depicts the relationship between
A) the price level and nominal GDP.
B) household expenditures and household income.
C) the price level and the aggregate quantity supplied.
D) the price level and the aggregate quantity demanded.
Answer: C
Topic: Aggregate Supply
Skill: Recognition
Question history: Previous edition, Chapter 10
AACSB: Reflective Thinking
4) In the macroeconomic short run,
A) actual real GDP may be less than or more than potential GDP.
B) the unemployment rate is zero.
C) by definition, the economy is always moving away from full employment.
D) actual real GDP always equals potential GDP.
, Answer: A
Topic: Macroeconomic Long Run and Short Run
Skill: Recognition
Question history: Modified 10th edition
AACSB: Reflective Thinking
