(1) Which of the following is an example of what growth economics calls institutions? a. private technology b. mountains c. well-regulated markets. d. television programming e. incentives
Economics
(1) Which of the following is an example of what growth economics calls institutions?
a. private technology
b. mountains
c. well-regulated markets.
d. television programming
e. incentives
(2) What function of money is highlighted when I write a check to a school to pay for my child’s tuition cost
this semester?
a. fiat money
b. medium of exchange
c. unit of account
d. store of value
e. commodity money
(3). The deficit measures ____________ over a year, while the debt measures ___________ at a point in time:
a. The accumulated stock of government spending; the accumulated stock of borrowing
b. The flow of new borrowing; the accumulated stock of borrowing
c. The flow of government spending; the flow of new borrowing
d. The accumulated stock of borrowing; the flow of new borrowing
e. The flow of government spending; the accumulated stock of government spending
(4). The minimum wage is often offered as a possible way to address the income gap. There is, however, a
possibility that a minimum wage strategy could backfire. Which statement below best summarizes the
positive and negative aspects of raising the minimum wage?
a. Increases some workers’ incomes but leads to other workers likely being replaced with
technology
b. Encourages more workers to take jobs but causes resentment among low-wage workers
currently employed
c. Increases the demand for labor but causes some workers to work less as their incomes grow
d. Does not affect labor markets unless it were below the equilibrium wage but would not
increase employment unless it were above the equilibrium wage
e. Lowers the direct cost of labor to employers, while increasing the cost to taxpayers
(5). The $2.2T Coronavirus Aid, Relief and Economic Security (CARES) Act & the $1.9T American Rescue Plan Act
(ARPA) are examples of what type of
a. contractionary
b. strategic industrial policy.
c. trade relief policy
d. expansionary fiscal policy.
e. expansionary monetary policy.
(6) Central banks can use monetary policy to:
a. turn prices from inflexible to flexible.
b. force private banks to lend out reserves.
c. make it less expensive for people and businesses to borrow.
d. mint new currency.
e. rewrite the government budget
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The $2.2T Coronavirus Aid, Relief and Economic Security (CARES) Act & the $1.9T American Rescue Plan Act
(ARPA) are examples of what type of
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