中级宏观经济题库.pdfVIP

Spring 2009 ECON 3312 Quiz # 1 1. The most volatile component of real GDP is: a. Investment. b. Government spending. c. Consumption. d. Wages and salaries. e. None of the above 2. Mercantilism: a. Preceded classicalism. b. Viewed money as wealth and a spur to real economic activity. c. Believed state action was necessary to ensure that markets operated efficiently. d. All of the above. e. None of the above. 3. In the classical model, firms maximize _______ by setting the ______ equal to the real wage. a. Output, MU. b. Profits, production function. c. Profits, MPL. d. Utility, MPL. e. None of the above. 4. In the determination of labor supply: a. Workers maximize the real wage. b. Firms minimize the real wage. c. Firms maximize profits. d. Workers maximize utility. e. None of the above. 5. Assume that the classical labor market can be represented by the following equations: Aggregate Production Function: Y = 20 + 5N Labor Demand: Nd = 5 - 4(W/P) Labor Supply: Ns = 4 + (W/P) What is equilibrium W/P, N, and Y? a. W/P = 0.20, N = 4.20, and Y = 41.00. b. W/P = 1.00, N = 1.00, and Y = 25.00. c. W/P = 0.50, N = 3.00, and Y = 35.00. d. Cannot be determined from information given. 6. The starting point for the classical theory of money is: a. Says Law. b. The equation of exchange/quantity theory. c. The loanable funds market. d. All of the above. e. None of the above. 7. The specie-flow mechanism implies that: a. Bullionism is a sound economic policy. b. Mercantil