Forums - General Discussion - Any Economy Majors... (help with assignment)

So I did this assignment once. I get two tries to get the best grade that I can, first attempt was a 75%. No ideas which ones I got right and wrong. Any help would be legal and appreciated. Or you can tell me to do my own homework... any response is better than none

You are planning to study eight hours this week for your economics final and are considering studying a ninth hour. You should:

 

-Compare the benefits of one more hour of study with the cost of one less hour of sleep

-Compare the benefits of one more hour of study with the cost of one less hour of studying calc

-Compare the benefits of one more hour of study with the cost of one les hour of work

-Make your decision based on the next best alternative use of your time compared to the benefit of one more hour of study

 

Increase in total output realized when individuals specialize in particular tasks and trade are known as:

 

-The gains from trade

-The profits obtained from sales of a good or service

-the multiplier effect

-an excess supply

 

Suppose there are a series of large forest fires, which affect the lumber industry while, at the same time, consumers prefer less wooden furniture. The wooden furniture market would experience:

 

-An increase in price and an increase in quantity

-An increase in quantity and an indeterminate change in price

-A decrease in quantity and an indeterminate change in price

-An increase in price and an indeterminate change in quantity

 

When technology improves and a nation’s economy grows

 

-its production possibility frontier shifts outward

-its production possibility frontier shifts inward

-it is necessarily produces at an inefficient point inside its production possibility frontier

-it has moved to a more consumer-oriented position on its production possibility frontier

 

GDP is the total dollar value of all

 

-intermediate goods and service produced in the economy in a given period

-final goods and services produced by US citizens

-final goods and services produced in the economy in a given period

-government production in a given period

 

If the aggregate price level increased by 15% and your nominal wage rose from $10 to $11 then your real wage…

 

-increased

-decreased

-remained constant

-cannot be determined without more information

 

Those who are interested in assessing the relative standard of living of different countries over a given period are most likely to look at:

 

-percentage change in GDP

-population

-GDP

-Per capita GDP

 

A recession could result from

 

-An increase in aggregate demand

-a decrease in aggregate demand

-an increase in short-run aggregate supply

-an increase in long-run aggregate supply

 

To be counted as unemployed by the Bureau of Labor Statistics, one…

 

-Must be actively looking for a job and working less than 2 hours per week

-must be out of work and actively looking for a job

-must be out of work but not necessarily actively looking for a job

-be actively looking for a job and have at least a high-school diploma or its equivalent

 

Worsened consumer confidence would:

 

-Shift the aggregate demand curve leftward

-Shift the aggregate demand curve rightward

-move the economy down along the aggregate demand curve

-move the economy up along the aggregate demand curve

 

A recession can be defined as:

 

-When aggregate output rises relative to its long-term trend

-when economic output is less than its potential

-when aggregate prices are falling

-when unemployment is below the natural rate of unemployment

 

In which of the following cases would the aggregate supply curve shift to the right?

 

-American consumers suddenly acquire a greater taste for Japanese products, ceteris paribus

-The stock markets totters on the brink of panic as people attempt to sell a record – breaking volume of securities for whatever they will bring

-The value of the dollar plummeted on international currency markets, causing foreigners to buy more American goods.

-Productivity in many US industries increases because of technological advances

 

An increase in the money supply that leads to a decrease in the interest rates is likely to result in:

 

-A decrease in consumption spending

-a decrease in investment spending

-an increase in investment spending

-an increase in government spending

 

Because of diminishing returns, an economy can continue to increase real GDP per hour worked only if:

 

-There continues to be decreases in capital per hour worked

-there is technological change

-there are decreases in human capital

-the per-worker production function shifts downward

 

The key factors influencing productivity in the long-run are everything EXCEPT:

 

-the enforcement of property rights

-fixed prices and interest rates

-political stability

-increases in technology and human capital per worker

 

An automatic stabilizer that works when the economy contracts is:

 

-a rise in tax receipts

-a fall in government purchases

-a discretionary decrease in government purchases

-a rise in government transfers as more people receive unemployment insurance benefits

 

If government spending increases and taxes decrease, then:

 

-The governments implicit liabilities will increase

-the government will expect a fall in economic output

-the public debt will increase

-the public debt will decrease

 

The primary tools that the federal reserve system can use to increase the money supply and stimulate the economy are:

 

-reserve requirements, margin regulations, and open market operations

-open market operations, margin regulations, and moral suasion

-reserve requirements, open market operations, and lending directly to banks

-lending directly to banks, open-market operations, and deposit insurance

 

If real interest rates rise while nominal interest rates fall, then expected inflation has:

 

-Risen

-Fallen

-Stayed the same

-decreased and then offset by an equal increase

 

If the exchange rate changes from 100 yen per dollar to 120 yen per dollar,

 

-The dollar depreciated

-The dollar has appreciated

-the yen has appreciated

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-None of the above

 



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I'll freely admit that a lot of these may depend on specific terminology used in your class; it can vary quite a bit from university to university. With that said, here's what appear to be the common sense answers to someone who graduated a year and a half ago with an economics major.

#1: -Make your decision based on the next best alternative use of your time compared to the benefit of one more hour of study

#2: -Gains from trade

#3: -A decrease in quantity and an indeterminate change in price

#4: -its production possibility frontier shifts outward

#5: -final goods and services produced in the economy in a given period

#6: -decreased

#7: -Per capita GDP (in my experience, there's an emphasis on this being Real GDP, aka GDP adjusted for inflation, and not simply nominal GDP, but this may not have been a focus of your class)

#8: -a decrease in aggregate demand

#9: -must be out of work and actively looking for a job

#10: -Shift the aggregate demand curve leftward

#11: -when economic output is less than its potential (I'm not really a fan of any of the answers here. A recession is technically defined as two or more consecutive quarters of negative GDP growth, so...the second answer makes the most sense, but doesn't seem correct. The first and fourth answers are definitely wrong)

#12: -Productivity in many US industries increases because of technological advances

#13: -a decrease in investment spending

#14: -Not as certain here. Technological change would be my instinctive answer, but I'm not confident in this one.

#15: -fixed prices and interest rates. Again, not as certain; I suspect this will be a list specifically designed by your professor or the textbook from the course. Off the top of my head, I do not believe that whether prices and interest rates are fixed should affect long run productivity.

#16: -a rise in government transfers as more people receive unemployment insurance benefits

#17: -the public debt will increase

#18: -reserve requirements, open market operations, and lending directly to banks. I believe. I'm quite confident reserve requirements and open market operations are on there, but the third tool I've heard most consistently is the discount rate, which is the rate at which the central bank (in the US's case, the federal reserve) loans money to other banks. I will admit I have no idea what margin regulations are, so if that means something similar to the discount rate, probably go with that.

#19: -Not certain, I'm not particularly familiar with the workings behind determining expected inflation.

#20: -The dollar has appreciated



Economics grad here - my answers are below.

roadkillers said:

So I did this assignment once. I get two tries to get the best grade that I can, first attempt was a 75%. No ideas which ones I got right and wrong. Any help would be legal and appreciated. Or you can tell me to do my own homework... any response is better than none

You are planning to study eight hours this week for your economics final and are considering studying a ninth hour. You should:

-Make your decision based on the next best alternative use of your time compared to the benefit of one more hour of study

 

Increase in total output realized when individuals specialize in particular tasks and trade are known as:

-The gains from trade

 

Suppose there are a series of large forest fires, which affect the lumber industry while, at the same time, consumers prefer less wooden furniture. The wooden furniture market would experience:

-A decrease in quantity and an indeterminate change in price


When technology improves and a nation’s economy grows

-its production possibility frontier shifts outward

 

GDP is the total dollar value of all

-final goods and services produced in the economy in a given period

 

 

If the aggregate price level increased by 15% and your nominal wage rose from $10 to $11 then your real wage…

-decreased

 

 

Those who are interested in assessing the relative standard of living of different countries over a given period are most likely to look at:

-Per capita GDP (not the ideal answer, but the best out of the choices provided.

 

A recession could result from

-a decrease in aggregate demand

 

 

To be counted as unemployed by the Bureau of Labor Statistics, one…

-must be out of work and actively looking for a job

 

 

Worsened consumer confidence would:

-Shift the aggregate demand curve leftward

 

A recession can be defined as:

-when economic output is less than its potential

 

In which of the following cases would the aggregate supply curve shift to the right?

-Productivity in many US industries increases because of technological advances

 

An increase in the money supply that leads to a decrease in the interest rates is likely to result in:

-an increase in investment spending

 

 

Because of diminishing returns, an economy can continue to increase real GDP per hour worked only if:

-there is technological change

 

The key factors influencing productivity in the long-run are everything EXCEPT:

-fixed prices and interest rates

 

 

An automatic stabilizer that works when the economy contracts is:

-a rise in government transfers as more people receive unemployment insurance benefits

 

If government spending increases and taxes decrease, then:

-the public debt will increase

 

 

The primary tools that the federal reserve system can use to increase the money supply and stimulate the economy are:

-reserve requirements, open market operations, and lending directly to banks

 

 

If real interest rates rise while nominal interest rates fall, then expected inflation has:

-Fallen

 

If the exchange rate changes from 100 yen per dollar to 120 yen per dollar,

-The dollar has appreciated

 

 

Answers in bold.

Last edited by Miguel_Zorro - on 05 December 2017