ECO 203 Week 2 Quiz | Assignment Help | Ashford University
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- 15 Oct 2020
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ECO 203 Week 2 Quiz | Assignment Help | Ashford University
Week 2 - Quiz
Question 1
When will the AS curve
be vertical?
o
when output and price level rise
together
o
when the economy is operating at
capacity
o
when aggregate demand is absent
o
when the aggregate demand curve shifts
to the left
Question 2
Business cycle
theorists, who were 19th-century economists, were chiefly concerned with
__________.
o
conditions of over employment
o
recurring high unemployment
o
fluctuations in the money supply
o
the changing levels of stock prices
Question 3
Adding additional
workers or workers with more skills (human capital) will typically shift
__________.
o
the AD curve to the left
o
the AD curve to the right
o
the AS curve to the left
o
the AS curve to the right
Question 4
During inflationary
times, Harry, who is a home owner, would be in the best financial position if
he __________.
o
owes a lot on his mortgage
o
is disabled and living on Social
Security
o
owns a lot of government bonds
o
is retired and living on a fixed income
Question 5
Which form of
unemployment will probably last the shortest for a given worker?
o
full unemployment
o
structural unemployment
o
frictional unemployment
o
cyclical unemployment
Question 6
What is most likely to
occur during the expansionary phase of the business cycle?
o
Real income will increase, the price
level will increase, and the unemployment rate will increase.
o
Real income will increase, the price
level will decrease, and the unemployment rate will decrease.
o
Real income will increase, the price
level will increase, and the unemployment rate will decrease.
o
Real income will decrease, the price
level will increase, and the unemployment rate will increase.
Question 7
Concerning the currency
exchange rate, a higher price for the dollar will __________.
o
make foreign goods cheaper and U.S.
goods more expensive
o
make foreign goods more expensive and
U.S. goods cheaper
o
reduce U.S. imports
o
increase U.S. exports
Question 8
__________ is the total
market value of all final products produced within a nation during a given
time.
o
Gross national product
o
Gross domestic product
o
Net national product
o
National income
Question 9
Which of the following
formulas is accurate?
o
net national product (NNP) –
depreciation = gross national product (GNP)
o
gross national product (GNP) –
depreciation = net national product (NNP)
o
net national product (NNP) +
depreciation = gross domestic product (GDP)
o
gross domestic product (GDP) +
depreciation = net national product (NNP)
Question 10
By definition, nominal
GDP is __________.
o
uncorrected for inflation You Answered
o
corrected for inflation
o
real GDP minus interest payments
o
always smaller than real GDP
USA 
India