ECON 2030 FINAL EXAM LSU
ROUSSEL
The president of which of the following Federal Reserve Banks is a
voting member on the FOMC.... - ANSWERS-1) Chicago
2) Dallas
3) Atlanta
4) San Francisco
*5) New York*
The benefit of a strengthening US dollar in the world foreign
exchange market is _______ in the US. - ANSWERS-1) higher
economic growth rates
*2) lower inflaiton rates*
The federal Reserve system was created by an act of congress in
_________ - ANSWERS-1913
In March 2016, the unemployment rate in the US was _____ it was in
February - ANSWERS-*1) .1 percentage point high than*
2) the same as
3) 1 percentage point lower than
4) .1 percentage points lower than
5) 1 percentage point higher than
,When a country allows trade and becomes an exporter of a good,
everything else held constant, domestic producers of the good the
country is exporting are ____ than they were in autarky. -
ANSWERS-A) worse off
*B) better off*
Suppose gum is an inferior good. Suppose further that national
income is increasing while, at the same time, labor costs in the
chewing gum industry decrease. In this situation, the demand for
chewing gum will _____. - ANSWERS-A) be ambiguous
*B) decrease*
C) increase
D) remain unchanged
Suppose gum is an inferior good. Suppose further that national
income is increasing while, at the same time, labor costs in the
chewing gum industry decrease. In the situation above, the
equilibrium quantity of chewing gum transacted will ______. -
ANSWERS-A) increase
B) decrease
C) remain unchanged
*D) be ambiguous*
Suppose gum is an inferior good. Suppose further that national
income is increasing while, at the same time, labor costs in the
, chewing gum industry decrease. In this situation, the equilibrium
price of chewing gum will ____. - ANSWERS-A) be ambiguous
B) remain unchanged
*C) decrease*
D) increase
If a 5% decrease in price results in a ____ than 5% _____ in quantity
supplied, it can be concluded that supply is price elastic. -
ANSWERS-A) greater; increase
B) less; decrease
*C) greater; decrease*
D) less; increase
Suppose that milk benefits from a successful advertising campaign.
This will cause the demand for milk to ____ and become more price
____. - ANSWERS-A) decrease; inelastic
*B) increase; inelastic*
C) decrease; elastic
D) increase; elastic
"Now, as oil prices have skidded to $30 a barrel, new drilling has
dried up in North Dakota, and the flood of wealth and workers is
ebbing" is an example of a statement about a _______ issue. -
ANSWERS-*A) microeconomics*
B) macroeconomics
ROUSSEL
The president of which of the following Federal Reserve Banks is a
voting member on the FOMC.... - ANSWERS-1) Chicago
2) Dallas
3) Atlanta
4) San Francisco
*5) New York*
The benefit of a strengthening US dollar in the world foreign
exchange market is _______ in the US. - ANSWERS-1) higher
economic growth rates
*2) lower inflaiton rates*
The federal Reserve system was created by an act of congress in
_________ - ANSWERS-1913
In March 2016, the unemployment rate in the US was _____ it was in
February - ANSWERS-*1) .1 percentage point high than*
2) the same as
3) 1 percentage point lower than
4) .1 percentage points lower than
5) 1 percentage point higher than
,When a country allows trade and becomes an exporter of a good,
everything else held constant, domestic producers of the good the
country is exporting are ____ than they were in autarky. -
ANSWERS-A) worse off
*B) better off*
Suppose gum is an inferior good. Suppose further that national
income is increasing while, at the same time, labor costs in the
chewing gum industry decrease. In this situation, the demand for
chewing gum will _____. - ANSWERS-A) be ambiguous
*B) decrease*
C) increase
D) remain unchanged
Suppose gum is an inferior good. Suppose further that national
income is increasing while, at the same time, labor costs in the
chewing gum industry decrease. In the situation above, the
equilibrium quantity of chewing gum transacted will ______. -
ANSWERS-A) increase
B) decrease
C) remain unchanged
*D) be ambiguous*
Suppose gum is an inferior good. Suppose further that national
income is increasing while, at the same time, labor costs in the
, chewing gum industry decrease. In this situation, the equilibrium
price of chewing gum will ____. - ANSWERS-A) be ambiguous
B) remain unchanged
*C) decrease*
D) increase
If a 5% decrease in price results in a ____ than 5% _____ in quantity
supplied, it can be concluded that supply is price elastic. -
ANSWERS-A) greater; increase
B) less; decrease
*C) greater; decrease*
D) less; increase
Suppose that milk benefits from a successful advertising campaign.
This will cause the demand for milk to ____ and become more price
____. - ANSWERS-A) decrease; inelastic
*B) increase; inelastic*
C) decrease; elastic
D) increase; elastic
"Now, as oil prices have skidded to $30 a barrel, new drilling has
dried up in North Dakota, and the flood of wealth and workers is
ebbing" is an example of a statement about a _______ issue. -
ANSWERS-*A) microeconomics*
B) macroeconomics
