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1、Name: _ Date: _1.Business cycles are:A)regular and predictable.B)irregular but predictable.C)regular but unpredictable.D)irregular and unpredictable.2.Short-run fluctuations in output and employment are called:A)sectoral shifts.B)the classical dichotomy.C)business cycles.D)productivity slowdowns.3.R
2、ecessions typically, but not always, include at least _ consecutive quarters of declining real GDP.A)twoB)fourC)sixD)eight4.Over the business cycle, investment spending _ consumption spending.A)is inversely correlated withB)is more volatile thanC)has about the same volatility asD)is less volatile th
3、an5.When GDP growth declines, investment spending typically _ and consumption spending typically _.A)increases; increasesB)increases; decreasesC)decreases; decreasesD)decreases; increases6.Okuns law is the _ relationship between real GDP and the _.A)negative; unemployment rateB)negative; inflation r
4、ateC)positive; unemployment rateD)positive; inflation rate7.The statistical relationship between changes in real GDP and changes in the unemployment rate is called:A)the Phillips curve.B)the Solow residual.C)the Fisher effect.D)Okuns law.8.The version of Okuns law studied in Chapter 10 assumes that
5、with no change in unemployment, real GDP normally grows by 3 percent over a year. If the unemployment rate rose by 2 percentage points over a year, Okuns law predicts that real GDP would:A)decrease by 1 percent.B)decrease by 2 percent.C)decrease by 3 percent.D)increase by 1 percent.9.The version of
6、Okuns law studied in Chapter 10 assumes that with no change in unemployment, real GDP normally grows by 3 percent over a year. If the unemployment rate fell by 1 percentage point over a year, Okuns law predicts that real GDP would:A)decrease by 1 percent.B)decrease by 2 percent.C)increase by 4 perce
7、nt.D)increase by 5 percent.10.Long-run growth in real GDP is determined primarily by _, while short-run movements in real GDP are associated with _.A)variations in labor-market utilization; technological progressB)technological progress; variations in labor-market utilizationC)money supply growth ra
8、tes; changes in velocityD)changes in velocity; money supply growth rates11.Leading economic indicators are:A)the most popular economic statistics.B)data that are used to construct the consumer price index and the unemployment rate.C)variables that tend to fluctuate in advance of the overall economy.
9、D)standardized statistics compiled by the National Bureau of Economic Research.12.A decline in the Index of Supplier Deliveries is typically an indicator of a future _ in economic production, and a narrowing of the interest rate spread between the 10-year Treasury note and 3-month Treasury bill is t
10、ypically an indicator of a future _ in economic production.A)increase; slowdownB)increase; increaseC)slowdown; increaseD)slowdown; slowdown13.The index of leading indicators compiled by the Conference Board includes 10 data series that are used to forecast economic activity about _ in advance.A)one
11、monthB)six to nine monthsC)one to two yearsD)five to ten years14.Measures of average workweeks and of supplier deliveries (vendor performance) are included in the index of leading indicators, because shorter workweeks tend to indicate _ future economic activity and slower deliveries tend to indicate
12、 _ future economic activity.A)stronger; strongerB)stronger; weakerC)weaker; strongerD)weaker; weaker15.Most economists believe that prices are:A)flexible in the short run but many are sticky in the long run.B)flexible in the long run but many are sticky in the short run.C)sticky in both the short an
13、d long runs.D)flexible in both the short and long runs.16.Most economists believe that the classical dichotomy:A)holds approximately in both the short run and the long run.B)holds approximately in the long run but not at all in the short run.C)holds approximately in the short run but not at all in t
14、he long run.D)does not hold even approximately in either the long run or the short run.17.A 5 percent reduction in the money supply will, according to most economists, reduce prices 5 percent:A)in both the short and long runs.B)in neither the short nor long run.C)in the short run but lead to unemployment in the long run.D)in the long run but lead to unemployment in the short run.18.Monetary neutrality, the irrelevance of the money supply in determining values of _ variables, is generally thought to be a property of the economy in the long run.A)realB)nomina
