Test Bank For Macroeconomics International 5th Edition by Stephen D. Williamson

Test Bank For Macroeconomics International 5th Edition by Stephen D. Williamson

Chapter 1 Introduction 

1) In 2011, the per-capita GDP in the United States, in 2005 dollars, was about

A) $17,500.

B) $27,500.

C) $43,000.

D) $47,500.

Answer: C

Question Status: Revised

2) Which of the following topics is NOT a primary concern of macroeconomists?

A) fluctuations in the level of economic activity

B) differences in standards of living across countries

C) relative wages of skilled and unskilled workers

D) unemployment

Answer: C

Question Status: Previous Edition

3) Which of the following questions is of most interest for MACROECONOMISTS?

A) Why is there inflation?

B) Why does the steel industry want tariffs?

C) What is the appropriate stance of antitrust policy?

D) Why do foreigners immigrate to the United States?

Answer: A

Question Status: Previous Edition

4) Primarily, macroeconomists use microeconomic principles to study

A) business cycles and trends in the stock market.

B) long-run economic growth and antitrust policies.

C) trends in the stock market and long-term economic growth.

D) long-run economic growth and business cycles.

Answer: D

Question Status: Previous Edition

5) Which is a question of interest in this book?

A) What causes illegal immigration?

B) What mechanism could force people to pollute less?

C) What causes economic fluctuations?

D) What is the effect of penalties on crime?

Answer: C

Question Status: New

6) Which is a question of interest in this book?

A) What causes growth in the long term?

B) How should a labor contract be structured?

C) How should a government be elected?

D) What is the impact of government provided health care?

Answer: A

Question Status: New

7) Which is a question of interest in this book?

A) Where is the stock market heading?

B) What is the optimal inflation rate?

C) How are stock options priced?

D) What are commodity futures?

Answer: B

Question Status: New

8) The two most important American business cycle events of the twentieth century were

A) the Great Depression and stagflation.

B) World War II and the Great Depression.

C) the productivity slowdown and the Great Depression.

D) government budget deficits and World War II.

Answer: B

Question Status: Previous Edition

9) Over the course of the twentieth century, the typical American

A) remained equally as rich.

B) became twice as rich.

C) became five times as rich

D) became eight times as rich.

Answer: D

Question Status: Previous Edition

10) Which of the following assertions is false?

A) The Great Depression was a typical business cycle.

B) Very rapid growth occurred during World War II.

C) Real GDP per capita dipped about 30% during the Great Depression.

D) On average, the U.S. economy grows at a rate of 2.1%.

Answer: A

Question Status: Previous Edition