Fema Employment

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10.A recession is a period during which a.employment, production, and income decrease b.the price level is increasing c.inventories are falling dramatically d.the unemployment rate is falling while the price level is rising e.the government attempts to reduce a budget deficit by reducing taxes and increasing government spending 11.Long-term growth in production can be partially explained by a.improvements in the "rules of the game" that facilitate production and exchange b.the peaks and troughs of the business cycle (or economic fluctuations) c.trade surpluses that lead to accumulations of precious metals d.federal government budget deficits e.a gradual but consistent increase in the price level 12.Long-term growth in production can be partially explained by a.trade surpluses that lead to accumulations of precious metals b.a gradual but consistent increase in the price level c.general optimism about the future and the pioneering spirit of America d.improvements in technology e.federal government budget deficits 13.The aggregate demand curve slopes downward because households feel poorer after a decrease in the price level. a.True b.False 14.As the price level rises, individuals feel richer. Therefore, they will spend more. a.True b.False 15.Which of the following explains why the aggregate demand curve slopes downward? a.If the price level increases, we feel poorer and therefore buy less. b.If the price level increases, we feel richer and therefore buy more. c.If domestic prices increase, we substitute domestic goods for imported ones. d.If the price of a particular good increases, we substitute away from that good. e.A decrease in the price of a particular good is like an increase in income and therefore we buy more. 16.The aggregate supply curve indicates a.the quantity of aggregate output that producers are willing and able to supply at each possible price level b.the total quantity of a particular good that all producers are willing to supply at each possible price level c.the total quantity of a particular good that all producers are willing to supply at the equilibrium price level d.the quantity of aggregate output that producers are willing and able to supply at the equilibrium price level e.the quantity of aggregate output that producers are willing and able to supply at the equilibrium level of GDP 17According to Adam Smith's The Wealth of Nations, in order to get an economy out of a depression, the government should a.increase spending b.decrease spending c.reduce taxes d.increase taxes e.allow the economy to correct itself 18.On an aggregate demand and aggregate supply graph, the Great Depression can be pictured as a.a leftward shift of the aggregate supply curve b.a rightward shift of the aggregate supply curve c.a leftward shift of the aggregate demand curve d.an increase in the price level caused by a movement along the aggregate demand curve e.a decrease in the price level caused by a movement along the aggregate supply curve 19.The Wealth of Nations was written by a.John Maynard Keynes b.Adam Smith c.François Quesnay d.Henry Ford e.John D. Rockefeller 20.Adam Smith's "invisible hand" explains a.why people act in their own best interests b.why the government intervenes to overcome failures in private markets. c.how people, acting out of self-interest, unintentionally promote the general good d.how comparative advantage and specialization promote international trade e.how the creation of goods and services (supply) generates its own demand by creating employment and income 21.Keynes believed that the best method for ending the Great Depression was to reduce government spending and raise taxes, thereby reducing the federal budget deficit. a.True b.False 22.According to Keynes, "animal spirits" a.make investment spending unstable b.make consumption spending unstable c.make government spending inherently stable d.guide the economy back to equilibrium after a disruption e.create the federal government budget deficits that have become so common today 23.Which of the following best describes the Keynesian approach to economic policy? a.supply-side b.classical c.demand-side d.mercantilist e.laissez-faire 24.The Employment Act of 1946 a.guaranteed full employment b.obliged the federal government to hire as many people as it could to achieve full employment c.gave the federal government the power to levy an income tax d.imposed a responsibility on the federal government to foster full employment e.obligated the federal government to run budget surpluses to achieve full employment 25.Inflation is a.a rise in the value of money b.a decline in nominal income c.a sustained increase in the price level d.a general reduction in prices e.an economic problem only for the retired population 26.Who wrote The General Theory of Employment, Interest, and Money? a.Adam Smith b.Jean Baptiste Say c.François Quesnay d.John Maynard Keynes e.Alfred Marshall 27.Stagflation refers to a.a simultaneous reduction in output and the price level b.a simultaneous increase in output and the price level c.a decline in the price level accompanied by increases in real output and employment d.an increase in the price level accompanied by decreases in real output and employment e.a simultaneous increase in both the trade deficit and the budget deficit 28.Stagflation refers to a.a combination of rising unemployment and rising trade deficits b.a combination of high unemployment and rising prices c.high and rapidly increasing inflation d.extremely high unemployment e.a combination of rising trade deficits and rising federal government budget deficits 29.Which of the following does not contribute to an improved standard of living? a.increases in the amount and quality of available resources b.better technology c.lower prices for the necessities of life d.improvements in the “rules of the game” e.increases in the quality of labor 30.The rules of the game refer to a.any factor that facilitates production and exchange, such as tax laws and property rights b.a gradual but consistent change in the price level until a fair price is attained c.the set of election laws that ensure that all elections are fair d.the requirements placed on firms in earning a profit e.the requirements that households must supply labor to firms 31.Which is the resource whose quality is most often enhanced by technological change a.capital b.land c.labor d.entrepreneurship e.credit

Public Comments

1. 10 a 11 a 12 d 13 F 14 F 15 a d e 16 a 19 see 17 20 c 21 F 23 c 25 c 26 d 27 b 28 b 29 c 30 a 31 c Now go practice your makeup skills. you're gonna need them.
2. Curious, what book is that? I think their Aggregate Demand section is wrong.