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1、EconomicsforManagers,3e(Farnham)Chapter12SpendingbyIndividuals,Firms,andGovernmentsonRealGoodsandServices1)PotentialGDPis:A)minimumamountofoutputthatcanbeproducedgiventhelaborforce,capitalstock,andtechnology.B)maximumamountofoutputthatcanbeproducedgiventhelabor
2、force,capitalstock,andtechnology.C)variesoverthebusinesscycle.D)noneoftheabove.Answer:BDiff:1Topic:PotentialGDP2)PotentialGDPfocusesonthe:A)long-runsupplysideoftheeconomy.B)long-rundemandsideoftheeconomy.C)short-runsupplysideoftheeconomy.D)short-rundemandsideof
3、theeconomy.Answer:ADiff:1Topic:PotentialGDP3)Short-runmacroeconomicpoliciesconcentrateon:A)minimizingfluctuationsaroundpotentialGDP.B)maximizingfluctuationsaroundpotentialGDP.C)incentivesforincreasingproductivityandthepotentialoutputoftheeconomy.D)noneoftheabov
4、e.Answer:ADiff:1Topic:Short-runanalysis4)Long-runmacroeconomicpoliciesconcentrateon:A)minimizingfluctuationsaroundpotentialGDP.B)maximizingfluctuationsaroundpotentialGDP.C)incentivesforincreasingproductivityandthepotentialoutputoftheeconomy.D)noneoftheabove.Ans
5、wer:CDiff:1Topic:Long-runanalysis23Copyright©2014PearsonEducation,Inc.5)Measuringexpendituresandincomewiththepricelevelallowedtovary,sothatchangesinthesevaluesrepresentchangesineithertheactualamountofgoods,services,andincomeorchangesinthepriceleveloracombinatio
6、nofbothfactorsisdenotedin________terms.A)nominalB)realC)constantdollarD)alloftheaboveAnswer:ADiff:1Topic:Realversusnominalterms6)Measuringexpendituresandincomewiththepricelevelheldconstant,sothatanychangesinthesevaluesrepresentchangesintheactualamountofgoods,se
7、rvices,andincomeisdenotedin________terms.A)nominalB)realC)constantdollarD)alloftheaboveAnswer:BDiff:1Topic:Realversusnominalterms7)Thevitallinkbetweentherealandmonetarysectorsoftheeconomyisthe:A)pricelevel.B)interestrate.C)balanceofpayments.D)budgetdeficit.Answ
8、er:BDiff:2Topic:Realandmonetarysectors8)Thesumofpersonalconsumptionexpenditure,investmentexpenditure,governmentexpenditure,andnetexportexpenditureonthetotalamountofrealoutpu
