If the number of sellers in the market increases, the

Supply in that market will increase.

Supply in that market will decrease.

Demand in that market will increase.

Demand in that market will decrease.

If the price of chicken falls, then in the market for beef:

The demand curve for beef shifts leftward.

The demand curve for beef shifts rightward.

There is a movement downward along the demand curve for beef.

There is a movement upward along the demand curve for beef.

If the public increases its preference for holding currency rather than deposits, the money supply

Falls. The larger the reserve ratio is, the less the money supply falls.

Falls. The larger the reserve ratio is, the more the money supply falls.

Rises. The larger the reserve ratio is, the less the money supply rises.

Rises. The larger the reserve ratio is, the more the money supply rises.

If velocity increases while the money supply remains unchanged, then

The effect on P × Y is ambiguous.

In a competitive market, the price of a product

And the quantity produced are determined by both buyers and sellers

Is determined by buyers, and quantity is determined by sellers

Is determined by sellers, and quantity is determined by buyers

In a market economy, supply and demand are important because they

Play a critical role in the allocation of scarce resources

Can predict the impact on the economy of various events

Determine how much of each good gets produced

In a market economy, supply and demand determine

Both the quantity of each good produced and the price at which it is sold

The quantity of each good produced but not the price at which it is sold

The price at which each good is sold but not the quantity produced

Neither the quantity produced nor the price

In a money-market graph with the value of money on the vertical axis, an increase in the money supply shifts the supply curve to the

Right, raising the price level.

Right, lowering the price level.

Left, lowering the price level.

In a real-life economy, GDP is used to

measure the total value of all goods and services produced within a country's borders.

calculate the trade balance of a country.

determine the standard of living of a country.

assess the total income of a country's residents.

In competitive markets, sellers

Cannot control prices because other sellers offer similar products

Usually charge the highest possible price

Can influence the price by producing more

Must set prices that buyers agree to

In economics, the cost of something is:

The dollar amount of obtaining it.

Often impossible to quantify, even in principle.

Always measured in units of time given up to get it.

In recent years, the Federal Open Market Committee has concentrated on targeting

The number of Treasury securities issued by the federal government.

In the calculation of GDP, why are illegal goods not included in the final value?

They are produced without government approval

They are not consumed by the public

They do not generate income for the country

They are considered intermediate goods

In the case of France, a country with a diverse population working across various industries globally, utilizing GNP as an economic indicator would emphasize

the total income earned by French residents worldwide.

the impact of international trade agreements.

the importance of domestic consumption patterns.

government investments in infrastructure.

In the context of GDP calculation, why are self-sufficient goods not typically included in the final value?

They are produced for personal use and not for market sale

They do not contribute to economic growth

They are used as intermediate goods in production

They are considered illegal goods

In the context of measuring economic activity, GNP differs from GDP in that it specifically considers

income earned by residents abroad.

In the simple circular-flow diagram,

All of the answers are correct.

Households buy all the goods and services that firms produce.

Households own the factors of production.

Land, labor, and capital flow from households to firms.

Individuals can lower the inflation tax by

Increasing their income tax deductions.

Inflation is defined as

An increase in the overall level of prices in the economy.

A period of rising productivity in the economy.

A period of rising income in the economy.

An increase in the overall level of output in the economy.

Inflation is measured by the

Percentage change in the consumer price index.

Change in the consumer price index.

Percentage change in the price of a specific commodity.

Change in the price of a specific commodity.

Phần 4 Introduction to Economics

Authored by Lam (Nilliam)

Financial Education

University

Used 1+ times

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50 questions

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MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the current real GDP growth rate is 5% and the unemployment rate is 4%, based on Okun’s Law, what should the unemployment rate be if the real GDP growth rate increases to 7%?

0.04

0.06

0.08

0.03

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the demand curve for BTS’ albums shifts rightward and the supply curve of BTS’ albums shifts rightward, the equilibrium

Price of BTS’ albums definitely decreases.

Price of BTS’ albums definitely increases.

Quantity of BTS’ albums definitely decreases.

Quantity of BTS’ albums definitely increases.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the demand for a good falls when income falls, the good is called a

Luxury good

Inferior good

Normal good

Necessity

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the demand for green tea increases as income increases, green tea is a:

Inferior good.

Normal good.

Complementary good.

Substitute good.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the Fed expands the money supply, then 1/P

Rises, so the value of money falls.

Rises, so the value of money rises.

Falls, so the value of money rises.

Falls, so the value of money falls.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the government reports that GDP in the third quarter was $14 trillion at an annual rate, the amount of income and expenditure during quarter three was:

$14 trillion

$4 trillion

$3.5 trillion

$56 trillion

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the market price of coffee is $20.00 per pound but the government will not allow coffee growers to charge more than $15.00 per pound of coffee, which of the following will happen?

There will be a shortage of coffee.

Demand must eventually decrease so that the market will come into equilibrium at a price of $17.50.

There will be a surplus of coffee.

Supply must eventually increase so that the market will come into equilibrium at a price of $17.50.

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Phần 4 Introduction to Economics

If the current real GDP growth rate is 5% and the unemployment rate is 4%, based on Okun’s Law, what should the unemployment rate be if the real GDP growth rate increases to 7%?

If the demand curve for BTS’ albums shifts rightward and the supply curve of BTS’ albums shifts rightward, the equilibrium

If the demand for a good falls when income falls, the good is called a

If the demand for green tea increases as income increases, green tea is a:

If the Fed expands the money supply, then 1/P

If the government reports that GDP in the third quarter was $14 trillion at an annual rate, the amount of income and expenditure during quarter three was:

If the market price of coffee is $20.00 per pound but the government will not allow coffee growers to charge more than $15.00 per pound of coffee, which of the following will happen?

If the number of people employed is 150,000 and the labor force is 170,000, the unemployment rate is

If the number of people employed is 250,000, the labor force is 370,000 and EAR is 65%, the percentage of people who are in working age is about:

If the number of sellers in the market increases, the

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