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ECO 372T Wk 3 - Practice: Knowledge Check

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ECO 372T Wk 3 - Practice: Knowledge Check 

  1. Government Spending
  2. Consumer Expectations
  3. Degree of Excess Capacity
  4. Personal Income Tax Rates
  5. Productivity
  6. National Income Abroad
  7. Business Taxes
  8. Domestic Resource Availability
  9. Prices of Imported Products
  10. Profit Expectations on Investments

 

Answer the question based on the accompanying list of items related to aggregate demand or aggregate supply. Changes in which combination of factors best explain why the aggregate supply curve would shift?

Multiple Choice

  •      1 and 2
  •      2 and 10
  •      3 and 6
  •      7 and 8

 

 

GDP       Consumption

$440       $450

490  490

540  530

590  570

640  610

 

Refer to the accompanying consumption schedule in an economy. All figures are in billions of dollars. If gross investment is $34 billion, net exports are zero, and there is a lump-sum tax of $30 billion at all levels of GDP, then the after-tax equilibrium level of GDP will be

Multiple Choice

  •      $490 billion.
  •      $540 billion.
  •      $590 billion.
  •      $640 billion.

 

 

The graph shows the relationship between consumption and income. The ratio LM/PL would be a measure of the

Multiple Choice

  •      marginal propensity to consume.
  •      marginal propensity to save.
  •      average propensity to consume.
  •      average propensity to save.

 

 

Unintended changes in inventories

Multiple Choice

  •      cause the economy to move away from the equilibrium GDP.
  •      are treated as components of consumption.
  •      bring actual investment and saving into equality only at the equilibrium level of GDP.
  •      bring actual investment and saving into equality at all levels of GDP.

 

 

 

The simple multiplier 1/MPS

Multiple Choice

  •      understates the actual multiplier because it includes leakages in domestic spending from the purchase of imports or the paying of taxes.
  •      understates the actual multiplier because it excludes leakages in domestic spending from the purchase of imports or the paying of taxes.
  •      overstates the actual multiplier because it includes leakages in domestic spending from the purchase of imports or the paying of taxes.
  •      overstates the actual multiplier because it excludes leakages in domestic spending from the purchase of imports or the paying of taxes.

 

 

 

 

Amount of Real Output Demanded       Price Level (Index Value)      Amount of Real Output Supplied

$200       300  $500

300  250  450

400  200  400

500  150  300

600  100  200

 

The table gives aggregate demand and supply schedules for a hypothetical economy. If the price level is 250 and producers supply $450 of real output,

Multiple Choice

  •      a shortage of real output of $150 will occur.
  •      a shortage of real output of $100 will occur.
  •      a surplus of real output of $150 will occur.
  •      neither a shortage nor a surplus of real output will occur.

 

 

 

Refer to the given diagram, which shows consumption schedules for economies A and B. We can say that the

Multiple Choice

  •      MPC is greater in B than in A.
  •      APC at any given income level is greater in B than in A.
  •      MPS is smaller in B than in A.
  •      MPC is greater in A than in B.

 

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