ECO 2013 Final Exam Review

ECO 2013 Final Exam Review

University

52 Qs

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ECO 2013 Final Exam Review

ECO 2013 Final Exam Review

Assessment

Quiz

Business

University

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Created by

Jay Guerrero

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52 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Discretionary fiscal policy is:

natural changes in real gross domestic product

natural changes in taxes and gov't spending made by previous congresses

deliberate changes in taxes and gov't spending implemented by Congress

deliberate changes in real gross domestic product

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fiscal policy refers to deliberate changes in government spending and taxes to:

promote economic instability, full employment, and price level instability

promote economic growth, full natural employment, and price inflexibility

promote political and social intervention in economics

promote economic growth, full employment, and price level stability

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expansionary fiscal policy is so named because it is designed to expand what?

government expenditures

investment

tax revenues

real output

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Contractionary fiscal policy shifts the aggregate demand curve in what direction?

upward

downward

rightward

leftward

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expansionary fiscal policy shifts the aggregate demand curve in what direction?

upward

downward

rightward

leftward

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Refer to the diagram, in which Qf is the full employment output. Contractionary fiscal policy would be most appropriate if this economy's present aggregate demand curve were at:

AD0

AD1

AD2

AD3

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

With built-in stability, what does an increase in domestic income mean?

a reduction in a budget deficit/production of a budget surplus

a reduction of a budget surplus/production of a budget deficit

an increase in government expenditures and tax revenues

a decrease in government expenditures and tax revenues

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