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ECON 312 Final Exam

A solved final exam for ECON 312 covering key microeconomic and macroeconomic concepts.

Samuel Clark
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ECON 312 Final ExamQuestion1.1. (TCO 5)An increase in aggregate demand is most likely to be caused by a decrease in (Points : 4)the wealth of consumers.consumer and business confidence.expected returns on investment.the tax rates onhousehold income.Question 2. 2. (TCO 5) The long-run aggregate supply curve is (Points : 4)upward-sloping and becomes steeper at output levels above the full-employment output.upward-sloping and becomes flatter at output levels above the full-employment output.horizontal.vertical.Question 3. 3. (TCO 5) Which would most likely increase aggregate supply? (Points : 4)An increase in the prices of imported productsAn increase in productivityA decrease in business subsidiesA decrease in personal taxesQuestion 4. 4. (TCO 5) Disinflation refers to a situation where (Points : 4)price level falls, but the rate of inflation does not.Price level rises, but the rate of inflation does not.the rate of inflation falls, but the price level does not.the rate of inflation rises, but the price level does not.Question 5. 5. (TCO 6) If a family’s MPC is .7, it means that the family is (Points : 4)operating at the break-even point.spending seven-tenths of any additional income.necessarily dissaving.spending 70 percent of its disposable income.Question 6. 6. (TCO 7) Which definition(s) of the money supply include(s) only items which aredirectly and immediately usable as a medium of exchange? (Points : 4)M1M2Neither M1 nor M2M1 and M2Question 7. 7. (TCO 7) Which of the following “backs” the value of money in the United States?(Points : 4)Gold stored in the Federal Reserve Bank of New YorkAcceptability of it as a medium of exchangeWillingness of foreign government to hold U.S. dollarsSize of the budget surplus in the U.S. government

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Document Details

University
Embry-Riddle Aeronautical University
Course
ECON 312
Subject
Economics

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