PLEASE READ THIS SENTENCE FIRST:

This has limited time because it's an online homework, please only accept it if you can manage to do it 50 minutes. I'll put the deadline as 3 hours because this system won't allow me to go below that. I won't be needing 100% correct answers, just as fast as possible ( and I won't need the explanation, just the answers). Ignore all the question related to tables or graphs. Oh,  and i'll increase the price if i have to, here are the questions:

1. Which of the following is not an explanation for the revival in the growth of productivity starting in the mid-1990s?Answer

   Information and communication innovations are increasingly geared toward improving business processes and not consumer products.

   Faster computers have sped up data processing.

   Internet use has increased the efficiency of how firms buy and sell to each other and to consumers.

   Cell phones and wireless Internet access have increased worker flexibility.

2.5 points   

Question 2

1.   Which of the following countries had the highest GDP per capita in 2012?Answer

   Qatar

   United States

   Japan

   Norway

2.5 points   

Question 3

1.   The proponents of rational expectations and monetarism think that the Federal Reserve should adoptAnswer

   an inflation target.

   a monetary aggregate target.

   a constant monetary growth rule.

   an interest rate target.

2.5 points   

Question 4

1.   Given the fact that the productivity slowdown of the mid-1970s to the mid-1990s affected all industrial countries, which of the following explanations for the productivity slowdown in the United States is not likely to be correct?Answer

   A deterioration of the U.S. education system caused a decline in the quality of labor.

   high oil prices

   Services have become a larger fraction of GDP.

   stricter environmental regulations

2.5 points   

Question 5

1. Figure 11-1
   
   
   
   Refer to Figure 11-1. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy. If the United States decided to double its support of university research, this would cause a movement fromAnswer

   A to B.

   B to C.

   B to A.

   D to C.

2.5 points   

Question 6

1.   In the aggregate expenditure model, ________ has both an autonomous component and an induced component.Answer

   planned investment spending

   consumption spending

   government spending

   net export spending

2.5 points   

Question 7

1.   Some factors currently exist that inhibit the growth rate of the Chinese economy. One reason that General Motors has been unwilling to bring its latest technology for building electric and hybrid cars to China isAnswer

   the introduction of free-market reforms.

   the introduction of the relatively new resource of entrepreneurship.

   the lack of laws that predictably enforce property rights.

   the total lack of governmental intervention in the market place.

2.5 points   

Question 8

1.   John Maynard Keynes argued that if many households decide at the same time to increase saving and reduce spending,Answer

   this may benefit the economy in the short run, but not in the long run.

   the economy will benefit in the short run and benefit by an even greater amount in the long run.

   this will have a major negative impact on the economy in both the short run and in the long run.

   this may benefit the economy in the long run, but could be counterproductive in the short run.

2.5 points   

Question 9

1.   From 1983-2013, net exports for the United StatesAnswer

   grew and then declined.

   were negative.

   were positive.

   increased as exports rose above imports.

2.5 points   

Question 10

1.   Foreign investment can give a low-income countryAnswer

   access to funds for investment and access to technology.

   the means to slow down growth.

   a path to dependency and low growth.

   no hope to break the vicious cycle of poverty.

2.5 points   

Question 11

1.   The rapid growth of China's economy relative to the United States has benefitted U.S. consumers becauseAnswer

   competition from China has made jobs harder to find in the United States.

   U.S. consumers can purchase more lower-priced goods made in China.

   the United States has comparative advantage in more goods than China does.

   goods made in China are always of higher quality than goods made in the United States.

2.5 points   

Question 12

1.   All of the following are components of aggregate expenditure exceptAnswer

   consumption spending.

   net export spending.

   actual investment spending.

   government spending.

2.5 points   

Question 13

1.   ________ of unemployment during ________ make it easier for workers to ________ wages.Answer

   High levels; a recession; accept lower

   Low levels; an expansion; accept lower

   Low levels; a recession; negotiate higher

   High levels; an expansion; negotiate higher

2.5 points   

Question 14

1.   Higher personal income taxesAnswer

   increase aggregate demand.

   increase disposable income.

   decrease aggregate demand.

   both increase disposable income and decrease aggregate demand

2.5 points   

Question 15

1.   Consumption spending will ________ when disposable income ________.Answer

   increase; increases

   increase; decreases

   decrease; increases

   change unpredictably; decreases

2.5 points   

Question 16

1.   John Maynard Keynes argued that if many households decide at the same time to increase saving and reduce spending,Answer

   this will increase investment spending in the short run and expand the economy in the long run.

   the economy will benefit in the short run but the effect will not last into the long run.

   this will have a major negative impact on the economy in both the short run and in the long run.

   they may make themselves worse off by causing aggregate expenditure to fall, thereby pushing the economy into a recession.

2.5 points   

Question 17

1. Figure 13-2
   
   
   
   Refer to Figure 13-2. Ceteris paribus, an increase in the expected future price level would be represented by a movement fromAnswer

   SRAS1 to SRAS2.

   SRAS2 to SRAS1.

   point A to point B.

   point B to point A.

2.5 points   

Question 18

1.   The difference between GDP and disposable income isAnswer

   national income.

   actual investment spending.

   net taxes.

   unplanned investment spending.

2.5 points   

Question 19

1.   If planned aggregate expenditure is greater than total production,Answer

   actual inventories will equal planned inventories.

   firms will experience an unplanned decrease in inventories.

   GDP will decrease.

   the economy is in equilibrium.

2.5 points   

Question 20

1.   An example of assets that are included in ________ would be stocks, bonds, and savings accounts.Answer

   household wealth

   household income

   planned investment

   consumer purchases

2.5 points   

Question 21

1.   According to Joseph Schumpeter, the theory of creative destruction describes a process by whichAnswer

   some new products unleash a gale of destruction that drive other new products out of the market.

   new products unleash a gale of destruction that drives old products out of the market.

   new products are created by the destruction of capital.

   the creation of new products never involves the destruction of old products.

2.5 points   

Question 22

1.   An increase in the price level ________ real wealth, which causes consumption to ________.Answer

   lowers; increase

   lowers; decrease

   raises; increase

   raises; decrease

2.5 points   

Question 23

1.   If the marginal propensity to consume is 0.6, the marginal propensity to save isAnswer

   0.4.

   0.6.

   1.

   1.5.

2.5 points   

Question 24

1.   If inventories decline by more than analysts predict they will decline, this implies thatAnswer

   actual investment spending was greater than planned investment spending.

   actual investment spending was less than planned investment spending.

   actual investment spending was equal to than planned investment spending.

   there is no relationship between actual investment spending and planned investment spending.

2.5 points   

Question 25

1.   The U.S. economy has seen a faster increase in productivity since the mid-1990s as compared to the economies of many Western European countries. Which of the following explains this?Answer

   U.S. unions impose stricter work rules as compared to unions in Western European countries.

   U.S. government regulations impose stricter work rules as compared to government regulations in Western Europe.

   The United States has a higher rate of job mobility than do many Western European countries.

   U.S. workers can obtain unemployment insurance for a longer period of time as compared to workers in most Western European countries.

2.5 points   

Question 26

1. Figure 11-4
   
   
   Refer to Figure 11-4. The movement from A to B to C illustratesAnswer

   an improvement in technology.

   a decline in capital per worker.

   diminishing returns to capital.

   diminishing returns to labor.

2.5 points   

Question 27

1.   Aggregate expenditure includes spending onAnswer

   C + I + G.

   C + I + G - NX.

   C + I + G + NX.

   C + I + depreciation - NX.

2.5 points   

Question 28

1.   For how long does a patent give a firm the exclusive legal right to a product?Answer

   10 years

   17 years

   20 years

   50 years

2.5 points   

Question 29

1.   If firms find that consumers are purchasing less than expected, which of the following would you expect?Answer

   Aggregate expenditure will likely be greater than GDP.

   Aggregate expenditure will likely be less than GDP.

   The economy will adjust to macroeconomic equilibrium as inventories rise, and production and employment rise.

   The economy will adjust to macroeconomic equilibrium as inventories fall, and production and employment rise.

2.5 points   

Question 30

1.   The aggregate expenditure model focuses on the ________ relationship between real spending and ________.Answer

   short-run; real GDP

   short-run; inflation

   long-run; real GDP

   long-run; inflation

2.5 points   

Question 31

1.   The formula for aggregate expenditure isAnswer

   AE = C + I + G.

   AE = C + I + G - NX.

   AE = C + I + G + NX.

   AE = C + I + depreciation - NX.

2.5 points   

Question 32

1.   If the marginal propensity to save is 0.1, then a $10 million decrease in disposable income willAnswer

   increase consumption by $9 million.

   increase consumption by $1 million.

   decrease consumption by $9 million.

   decrease consumption by $1 million.

2.5 points   

Question 33

1.   Which of the following describes the Soviet Union's economy through most of the second half of the 20th century?Answer

   The Soviet economy grew rapidly in the later half of the 20th century.

   The Soviet economy increased capital per worker very slowly from 1950 through 1980.

   The Soviet economy grew slowly because of the slow rate of technological change.

   The Soviet economy grew because it added labor through immigration policy in the 1950s.

2.5 points   

Question 34

1.   In a small European country, it is estimated that changing the level of capital from $8 million to $10 million will increase real GDP from $2 million to $3 million. If the number of hours worked in the labor force does not change, what does this information tell you about the slope of the per-worker production function in this range?Answer

   The slope is -2.

   The slope is 1/2.

   The slope is 2.

   The slope is 4.

2.5 points   

Question 35

1.   Lack of investment in strong education and health care systemsAnswer

   causes a deterioration in human capital and a decline in labor productivity.

   causes a decline in physical capital and a decline in labor productivity.

   increases human capital and cause a decline in labor productivity.

   causes a deterioration in human capital and an increase in physical capital.

2.5 points   

Question 36

1.   All of the following policies are ways for a country to promote long-run economic growth exceptAnswer

   increasing vaccinations against infectious diseases.

   undergoing political reform to decrease corruption.

   enacting stronger laws to protect property rights.

   imposing stricter regulations to limit foreign direct investment.

2.5 points   

Question 37

1.   The process of an economy adjusting from a recession back to potential GDP in the long run without any government intervention is known asAnswer

   monetary policy.

   an automatic mechanism.

   "releasing sticky prices."

   fiscal policy.

2.5 points   

Question 38

1.   Stagflation occurs when inflation ________ and GDP ________.Answer

   rises; rises

   rises; falls

   falls; rises

   falls; falls

2.5 points   

Question 39

1.   A decrease in aggregate expenditure has what result on equilibrium GDP?Answer

   Equilibrium GDP rises.

   Equilibrium GDP is not affected by a decrease in aggregate expenditure.

   Equilibrium GDP falls.

   Equilibrium GDP may rise or fall depending on the size of the decrease in aggregate expenditure relative to the initial level of GDP.

2.5 points   

Question 40

1.   An unplanned increase in inventories results fromAnswer

   an increase in planned investment.

   a decrease in planned investment.

   actual investment that is greater than planned investment.

   actual investment that is less than planned investment.