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Mid Term Revision


Revision ~ Mid-term Set 1 1) Which of the following is NOT a topic studied in Macroeconomics? A) gross domestic product B) the unemployment rate C) the price of IBM computers D) the inflation

rate 2) Which of the following is a topic studied in Macroeconomics? A) gross domestic product B) the wage of auto workers C) the price of IBM computers D) the amount of pizza produced 3) Which of the following is a topic studied in Macroeconomics? A) the functioning of individual industries B) aggregate behavior of households and industries C) the behavior of individual households D) the decision-making behavior of individual business firms 4) An increase in the overall price level is known as ________. A) deflation. B) recession. C) inflation. D) stagflation 5) Aggregate behavior is _________. A) the behavior of each household and firm. B) the behavior of each individual. C) the behavior of all households and firms, and government together. D) none of the above. 6) Inflation is a(n) _________. A) decrease in the overall price level. B) decrease in the overall level of economic activity. C) increase in the overall price level. D) increase in the overall level of economic activity. 7) Deflation occurs when _________. A) the average price level declines. B) economic activity declines. C) the economic growth rate declines. D) the unemployment rate declines. 8) A period of very rapid increase in the overall price level is known as _________. A) stagnation. B) hyperinflation.
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C) stagflation. D) depression. 9) The trend of the economy is ________. A) the long run growth path of the economy. B) the long run inflation rate. C) the long run unemployment rate. D) the short run production capacity of an economy. 10) The term business cycle refers to the ________. A) short-term ups and downs in the price level. B) long-term trends in the price level. C) short-term ups and downs in the level of economic activity. D) long-term trends in the level of economic activity. 11) A period during which aggregate output rises is known as a(n) __________. A) recession. B) inflation. C) hyperinflation. D) expansion 12) In a business cycle, a peak represents the end of ________ and a trough represents the end of ________. A) an expansion; a recession B) a depression; an expansion C) a trough; a peak D) a recession; an expansion 13) In a business cycle, a peak represents the end of _________. A) an expansion. B) a depression. C) trough. D) a recession 14) In a business cycle, a trough represents the end of __________. A) an expansion. B) an inflation. C) a peak D) a recession. 15) A prolonged and deep recession is called _________. A) a business cycle. B) a depression. C) a stagflation. D) hyperinflation. 16) Between a trough and a peak, the economy goes through a(n) _________. A) recession.
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B) bust. C) expansion. D) hyperinflation. 17) Between a peak and a trough, the economy goes through a(n) __________. A) expansion. B) inflation. C) recession. D) boom. 18) Macroeconomics is concerned with inflation or deflation, output growth and unemployment. TRUE OR FALSE 19) Macroeconomics is concerned with the market price and equilibrium quantity of each good or service. TRUE OR FALSE 20) Hyperinflation and stagflation are two different names which refer to identical economic conditions. TRUE OR FALSE 21) If the central bank decreases the money supply, it is conducting ___________. A) monetary policy. B) supply-side policy. C) fiscal policy. D) incomes policy. 22) If Congress increases government spending, it is using ___________. A) monetary policy. B) supply-side policy. C) fiscal policy. D) incomes policy. 23) The government implements fiscal policy when it changes __________. A) spending and/or interest rate. B) money supply and/or taxes. C) taxes and/or spending. D) taxes and/or interest rate. 24) The government wants to encourage consumer spending through cutting income taxes. This is an example of ___________. A) an incomes policy. B) a fiscal policy. C) a supply-side policy. D) a monetary policy. 25) The ________ can change the quantity of money in the economy. A) Treasury Department B) Federal Reserve
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C) Congress D) Office of the Comptroller of the Currency 26) The Federal Reserve affecting the supply of money is known as _________. A) fiscal policy. B) monetary policy. C) growth policy. D) supply side policy. 27) Rapid increases in the price level during periods of recession & high unemployment are known as _________. A) stagflation. B) stagnation. C) depression. D) inflation. 28) Stagflation occurs when the economy's inflation rate is high and __________. A) employment is high. B) the unemployment rate is high. C) the unemployment rate is low. D) the rate of change in economic activities is positive. 29) The single largest expenditure component in US GDP is ___________. A) government spending. B) investment. C) consumption. D) net export 30) During periods of expansion, the economy usually has _____________ A) High levels of unemployment and output. B) Decreases in the total quantity of goods and services produced. C) Sharp troughs. D) Falling levels of unemployment and increases in employment 31) Which of the following is the relationship between the price level and the quantity of real output demanded? A) Direct (positive) B) Indirect C) Circuitous D) Inverse 32) A sudden increase in the price of oil causes a ________ inflation and ________ economic output. A) Demand-pull; lower B) Cost-push; higher C
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C) Demand-pull; higher D) Cost-push; lower

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Set 2 1) Which of the following is considered a liability to a commercial bank? A) time deposits, US dollars & coins B) reserves C) the bank's loans D) the bank's buildings and equipment 2) The central bank of the United States is known as the _________. A) Federal Reserve System. B) Federal Deposit Insurance Corporation. C) Department of the Treasury. D) Federal Savings and Loan Insurance Corporation. 3) A loan made by a bank is considered ________ of that bank. A) a liability B) capital C) net worth D) an asset 4) A checking deposit in a bank is considered ________ of that bank. A) an asset B) a liability C) net worth D) capital 5) Narnia National Bank has $750 million in deposits. The required reserve ratio is 30%. Narnia National Bank must keep ________ in required reserves. A) $125 million B) $150 million C) $225 million 6) Neon Bank has $300 million in deposits. The required reserve ratio is 25%. Neon Bank must keep ________ in required reserves. A) $275 million B) $145 million C) $75 million D) $120 million 7) The Intracoastal Bank has $5 million in deposits and $500,000 in required reserves. If the required reserve ratio is 5%, excess reserves are equal to ________. A) $125,000. B) $500,000. C) zero. D) $250,000.

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8) The Bank of Arugula has $9,000,000 in deposits and $900,000 in required reserves. If the required reserve ratio is 10%, excess reserves are equal to _________. A) $90,000. B) $180,000. C) Zero. 9) The required reserve ratio is 50%. The money multiplier is _________. A) 2.5. B) 10. C) 5. D) 2. 10) If the money multiplier is 8, the required reserve ratio is _________. A) 8%. B) 16%. C) 12.5%. D) 20%. 11) The Federal Reserve System consists of ________ Federal Reserve Banks. A) 8 B) 10 C) 12 D) 14 12) Which of the following activities is one of the responsibilities of the Federal Reserve? A) issuing new bonds to finance the federal budget deficit B) loaning money to other countries that are friendly to the United States C) assisting banks that are in a difficult financial position D) auditing the various agencies and departments of the federal government 13) Among the members of the Federal Open Market Committee __________. A) is the Secretary of the Treasury. B) is the Comptroller of the Currency. C) are the seven members of the Board of Governors of the Fed. D) is the Chair of the Senate Banking Committee.

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14) The President of the NY Federal Reserve Bank is always a member of the Federal Open Market committee. TRUE OR FALSE 15) The Fed acts as a lender of last resort for the banking system. TRUE OR FALSE 16) Which of the following instruments is NOT used by the Federal Reserve to change the money supply? A) the discount rate B) the required reserve ratio C) the federal tax code D) open market operations 17) The Federal Open Market Committee (FOMC) directs the Open Market Desk to ___________. A) determine the required reserve ratio. B) determine the discount rate. C) buy or sell government securities. (Treasury Bond) D) determine the federal funds rate. 18) Which of the following is NOT a tool available to the Fed to change the supply of money? A) open market operations B) the required reserve ratio C) the money multiplier D) the discount rate 19) The discount rate is __________. A) the interest rate commercial banks charge each other for borrowing funds. B) the interest rate commercial banks charge their new customers. C) the interest rate the Fed charges commercial banks for borrowing funds. D) the interest rate commercial banks charge their most creditworthy customers. 20) If the Fed sells government securities, then there is ___________. A) an increase in the supply of money. B) a decrease in the supply of money. C) a decrease in the discount rate. D) an increase in the required reserve ratio. 21) When the Fed raises the required reserve ratio, the banks' excess reserves will initially ________ and the money supply ________. A) remains constant; decreases B) decrease; decreases C) increase; remain constant

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22) An open-market purchase of securities by the Fed results in ________ in commercial banks’ reserves and ________ in the supply of money. A) an increase; a decrease B) a decrease; a decrease C) an increase; an increase D) a decrease; an increase 23) A decrease in the required reserve ratio __________ A) will increase the money supply. B) will decrease the money supply. C) will not change the money supply. D) will decrease the discount rate. 24) Assume that all commercial banks are loaned up. Total deposits in the banking system are $200 million. The required reserve ratio is increased. The money supply will ____________. A) decrease. B) increase. C) not change because there was no change in deposits. D) not change because the required reserve ratio has no impact on money supply. 25) The interest rate banks pay to borrow money from the Fed is the __________. A) federal funds rate. B) discount rate. C) prime lending rate. 26) Which of the following represents an action by the Federal Reserve that is designed to increase the money supply? A) a decrease in the required reserve ratio B) an increase in the discount rate C) a decrease in federal tax rates D) selling government securities in the open market 27) Which of the following represents an action by the Federal Reserve that is designed to increase the money supply? A) buying government securities in the open market B) an increase in the required reserve ratio C) a decrease in federal spending D) an increase in the discount rate 28) The Federal Open Market Committee (FOMC) directs the Open Market Desk to _____________. A) determine the required reserve ratio. B) determine the discount rate. C) buy or sell government securities. D) determine the federal funds rate. 29) Which of the following is NOT a tool available to the Fed to change the supply of
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money? A) open market operations B) the required reserve ratio C) the money multiplier D) the discount rate

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