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Homework answers / question archive / Strayer University - ECON 120 Sophia Macroeconomics Milestone 4(1) 1)Which statement below regarding the stagflation of the late 1970s/early 1980s is true?     The Phillips curve represented the state of the economy at the time

Strayer University - ECON 120 Sophia Macroeconomics Milestone 4(1) 1)Which statement below regarding the stagflation of the late 1970s/early 1980s is true?     The Phillips curve represented the state of the economy at the time

Economics

Strayer University - ECON 120

Sophia Macroeconomics

Milestone 4(1)

1)Which statement below regarding the stagflation of the late 1970s/early 1980s is true?

 

 

The Phillips curve represented the state of the economy at the time.

 

 

Expansionary fiscal policies succeeded in lowering the unemployment rate.

 

 

Expansionary fiscal policy led to double digit inflation.

 

 

Disruptions in the oil supply caused the LRAS curve to move to the left.

 

2

Which of the following would be true of policies taken during times of BOTH high and low unemployment?

 

 

Reducing the money supply will reduce inflation.

 

 

The multiplier effect will magnify the influence of policies.

 

 

Increasing government spending will stimulate the economy.

 

 

Cutting taxes will cause an increase in GDP.

 

3

When there is a decrease in the poverty rate, which of the following would also decrease?

 

 

Literacy rate

 

 

Standard of living

 

 

Life expectancy

 

 

Population growth

 

4

Which statement below about GDP and GNP is true?

 

 

GNP is used as a measure for quality of life variations between countries.

 

 

Foreign investment can benefit GDP.

 

 

GNP measures the amount of goods and services produced only within a country's borders.

 

 

GDP is always a good measure of the economic well-being of a country.

 

5

Select the equation below that corresponds to income that can be consumed, saved or paid as taxes.

 

 

Y=C+I+G+X

 

 

Y=C+S+T+M

 

 

X=M

 

 

X<M

 

6

Some economists support the use of trade barriers when unemployment is high because of which of the following?

 

 

Domestic businesses have an incentive to produce efficiently.

 

 

Comparative advantage no longer applies.

 

 

Trade barriers serve special interests.

 

 

Trade barriers have a positive effect on an international level.

 

7

Which of the following describes one of the unexpected benefits of China's economic policies?

 

 

The Chinese central bank printed extra currency to exchange with the United States.

 

 

U.S. exports to China increased.

 

 

The GDP of the United States increased, and the GDP of China decreased.

 

 

The standard of living in the United States increased.

 

8

Which of the following is NOT a sustainable source of growth?

 

 

Increase in population, leading to more people available in the work force

 

 

Factors that shift the LRAS curve to the right

 

 

Invention of new forms of technology

 

 

Factors that shift the SRAS curve but not the LRAS curve

 

9

Which of the following is a clear example of sustainable economic growth?

 

 

A lumber company invents a new machine that can harvest trees even faster than before.

 

 

A machine is developed that can harvest fruits and vegetables at double the speed.

 

 

Hydroponic technology makes it possible to grow more fruits and vegetables on a smaller piece of land.

 

 

An energy company develops new drilling technology that makes it possible to access petroleum even deeper than what is currently possible.

 

10

Which of the statements below regarding global poverty is FALSE?

 

 

Life expectancy, birth and death rates also provide a sense of the poverty level in a country.

 

 

Developed countries have a higher level of poverty than developing countries.

 

 

GDP does not accurately portray a country's standard of living.

 

 

The increasing global population has also increased poverty.

 

11

Which of the following is a socially responsible activity that could include corporate/employee matching contributions?

 

 

Supply chain

 

 

Environmental management

 

 

Philanthropy

 

 

Corporate governance

 

12

A firm produces goods at a cost of $50 each. The production process creates $25 of pollution for every good made.

 

Which of the following terms corresponds to the statement above?

 

 

Economic justice

 

 

Positive externality

 

 

Marginal social cost

 

 

Marginal social benefit

 

13

Which of the following reflects price changes for goods in various stages of production, from raw to intermediate and final goods?

 

 

Consumer confidence

 

 

PPI

 

 

Nonfarm payroll

 

 

CPI

 

14

Which of the following are we NOT able to tell about a country's economic health by looking at labor force participation rates by gender?

 

 

Level of gender equality

 

 

Measure of income inequality

 

 

Access and availability of jobs

 

 

Standard of living

 

15

 

 

Which of the following statements about the graph shown here is FALSE?

 

 

If China trades rice for corn with the U.S., it will be the only country to benefit from the trade.

 

 

China has the absolute advantage in growing rice.

 

 

The United States has the comparative advantage in growing corn.

 

 

The United States can obtain rice at a lower opportunity cost if it trades corn with China than if it tried to grow rice.

16

If the US dollar strengthens relative to the euro, which of the following statements will be true?

 

 

Demand for U.S. goods will stay the same.

 

 

European demand for U.S. goods will decrease.

 

 

Demand for U.S. products will increase.

 

 

Consumers everywhere will find American products inexpensive.

 

17

Which statement below describes the effect of expansionary policy on the economy?

 

 

AD shifts to the left.

 

 

It decreases consumer willingness to purchase.

 

 

If AD increases past full employment, prices will rise and return us to equilibrium.

 

 

It decreases the money supply.

 

 

18

Determine which statement below regarding economic indicators is FALSE.

 

 

Retail sales measure the current outlook for the economy.

 

 

CPI measures inflation from the perspective of a consumer.

 

 

Consumer confidence can be volatile and inconsistent over time.

 

 

Building permits are an example of leading indicators.

 

19

GDP is useful in evaluating which of the following?

 

 

Increases in domestic consumption

 

 

An economy of a country producing a significant amount abroad

 

 

The production of firms that are owned by domestic nationals but located overseas

 

 

The quality of life or the well-being of a population

 

20

Which of the following is one of the benefits of women being employed in occupations that pay a living wage?

 

 

Higher resource availability to children

 

 

A higher birth rate

 

 

A higher level of income inequality

 

 

A higher amount of home responsibilities

 

 

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