Economics Quiz-GBA 398

Which one of the following statements is false? – MC = TC divided by Q

Suppose we observe the following two simultaneous events in the market for beef. First, there is a decrease in the demand for beef due to changes in consumer tastes. And second, there is a reduction in supply due to cattle farmers selling their land to real estate developers. We know with certainty that these two simultaneous events will cause which of the following?  – A decrease in the equilibrium quantity and an indeterminate change in the equilibrium price

If the price of Pepsi increases, then there will be __________ of Pepsi. – an increase in the quantity supplied

The Fed engages in open-market operations and sells government securities. The result is: – higher interest rates

A federal deficit of $300 billion means that: – the government is spending $300 billion a year more than it is collecting in taxes

The rate of unemployment is calculated as the number of: – unemployed divided by the number of people in the civilian labor force.

Which of the following situations best demonstrates the law of demand? – Moviegoers react to an increase in the price of a theater ticket by seeing fewer movies per year.

Using trade restrictions to protect special interests such as the U.S. auto industry: – raises the prices that U.S. consumers must pay for autos.

A rightward shift of long-run aggregate supply due to technology advances without any change in aggregate demand: – results in a lower price level

The part of the Federal Reserve System that determines monetary policy actions is the: – Federal Open Market Committee

 

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