Market Demand Curve and Macro Intervention
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Market Demand Curve and Macro Intervention
Which of the following is not a goal of macro intervention?
Economic growth.
Price stability.
Full employment.
Market power.
The distinction between public goods and private goods is based on:Who produces the goods.
The link between payment and consumption.
How much the goods cost.
Government regulation.
Patents and copyrights contribute to market power for a firm.FALSE
TRUE
In a market economy, producers will produce the goods and services that:Consumers demand.
Are least expensive to produce.
The government finds most beneficial.
Consumers need the most.
If you play your music too loud and your neighbor cannot study, this is an example of a negative externality.FALSE
TRUE
Even if society is producing a combination of goods and services on the production possibilities curve, it may not be producing the optimal mix of output.TRUE
FALSE
Macro instability refers to the underproduction of public goods.TRUE
FALSE
A distinguishing characteristic about public goods is that they can be jointly consumed.FALSE
TRUE
Figure 9.2In Figure 9.2, the market demand curve is above the social demand curve because:
There are internal costs associated with cigarette smoking.
The external costs of cigarette smoking are being passed on to those who do not smoke.
Positive externalities are being passed on to those who do not smoke.
There are free riders associated with cigarette smoking
Figure 9.2Based on Figure 9.2:
All the costs associated with cigarette smoking are paid by those who smoke.
There are external costs associated with cigarette smoking.
Social costs and private costs for cigarette smoking are equal.
Cigarette smoking results in equity issues.
The free-rider dilemma is associated with:
Externalities.
Private goods.
Public goods.
Market power.
Which of the following is not an example of market failure?Government intervention.
Market power.
Public goods.
Externalities.
The problem with public goods is that those who do not pay receive:None of the good.
More of the good than those who pay.
Some of the good but less than those who pay.
The same amount of the good as those who pay.
Figure 9.3In Figure 9.3, if the rate of output is 320 units:
Social costs exceed private costs.
External costs equal private costs.
Social costs equal private costs.
Private costs exceed social costs.
Externalities are always harmful to third parties.
FALSE
TRUE
Which of the following is an example of the price effect during a period of inflation?You own municipal bonds that pay a low interest rate while the price level is rising.
Your income increases, but not as rapidly as the price level does.
You own a house, and its value rises more rapidly than the price level does.
You buy a lot of gasoline, and the price of gasoline rises more rapidly than the price level does.
Which of the following is characteristic of a downturn in the business cycle?
Lower unemployment rates
A decrease in real output
A decrease in population
An increase in population
Suppose that at the start of this year you got a salary increase of 10 percent from your employer. The prices of the goods and services you typically purchase increase 10 percent during the year. At the end of the year you have experienced on balance:
Higher real income but lower nominal income.
No change in real income.
Higher real income and higher nominal income.
No change in nominal income.
Immediately following the years 1929-1933, the U.S. economy:
Resumed growing at the long-term trend for real GDP of 6 percent.
Grew dramatically and steadily over a 20-year period with a record long growth period.
Experienced World War II, which resulted in rapid growth and rapid deflation.
Suffered sporadic decreases in the growth rate of GDP, which led to lower GDP per capita.
When there is no deflation or inflation in an economy:
Full employment is achieved.
Relative prices remain unchanged.
Average prices remain unchanged.
Prices of all goods change by the same percentage.
Alternating periods of growth and contraction in real GDP define:
The business cycle.
Macro equilibrium.
Capitalism.
Inflation.
The Great Depression in the United States:
Caused real GDP to fall dramatically between 1929 and 1933.
Was marked by hyperinflation.
Was ended by World War I.
Ended with a higher real GDP per capita than when it began.
Which of the following is likely if an economy is in a recession or headed for one?
An increase in consumer confidence
An increase in the rate of inflation
An increase in the rate of output
An increase in unemployment
Market Demand Curve and Macro Intervention
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The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
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Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
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40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
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Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
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75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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