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Liberty University ECON 214 Exam 4

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Liberty University ECON 214 Exam 4

·         Question 1

2 out of 2 points

The two types of monetary policy are:

 

 

·         Question 2

2 out of 2 points

An agreement by one country to limit the volume of exports to another country is known as a(n):

 

 

·         Question 3

2 out of 2 points

The following table shows the number of U.S. dollars required to buy one Mexican peso and the number of U.S. dollars required to buy one Japanese yen between January 1, 2013, and April 1, 2013. Use this table to answer the questions that follow:



On March 1, 2013, the price of a jar of pickles was 135 Mexican pesos at a supermarket in Juarez, Mexico. Based on the exchange rates quoted in the table, the price of the jar of pickles was approximately _____________ U.S. dollars.

 

 

·         Question 4

2 out of 2 points

According to the theory of monetary neutrality, in the long run:

 

 

·         Question 5

2 out of 2 points

When a foreign supplier sells a good below the price it charges in its home country, this is called:

 

 

·         Question 6

2 out of 2 points

The following table shows the number of U.S. dollars required to buy one British pound between September 3, 2012, and April 1, 2013. Use this table to answer the questions that follow:



On November 1, 2012, the price of a skateboard at JJ’s Beach Shop was 120 U.S. dollars in La Jolla, California. On April 1, 2013, the price of a skateboard was 130 U.S. dollars. Using the exchange rates in the table, between November 1, 2012, and April 1, 2013, the price of a skateboard at JJ’s Beach Shop increased by approximately ___________ in terms of U.S. dollars and ____________ in terms of British pounds. (Round the British pound price two decimal points and the percentage changes to the first decimal point.)

 

 

·         Question 7

0 out of 2 points

Currency ___________ occurs when a currency increases in value relative to other currencies.

 

 

·         Question 8

2 out of 2 points

Which of the following explains why resource prices are often the slowest prices to adjust?

 

 

·         Question 9

2 out of 2 points

One argument for trade restriction focuses on new industries. It can be summarized in the following manner:

 

 

·         Question 10

2 out of 2 points

Use the following scenario to answer the questions that follow:
Amy can produce either 5,000 pounds of cheese or 20 houses per year. Jim can produce either 5,000 pounds of cheese or 10 houses per year.


Amy’s opportunity cost of producing one pound of cheese is _____________ house(s).

 

 

·         Question 11

2 out of 2 points

Citizens can consume the largest quantities of goods and services in which of the following situations?

 

 

·         Question 12

2 out of 2 points

The following table shows the number of U.S. dollars required to buy one euro between September 3, 2012, and April 1, 2013. Use this table to answer the questions that follow:



Between February 1, 2013, and April 1, 2013, the U.S. dollar ___________ against the euro, and the euro ____________ against the U.S. dollar.

 

 

·         Question 13

2 out of 2 points

If the Bank of Japan (the Japanese central bank) were to take steps to devalue the yen in foreign currency markets, ____________, which would cause Japanese real gross domestic product (GDP) to increase in the short run.

 

 

·         Question 14

2 out of 2 points

As the prices of goods and services decrease, the value of money:

 

 

·         Question 15

2 out of 2 points

The arrows in Figures A–D represent possible movements of the exchange rate (euros per U.S. dollar) and the quantity of U.S. dollars buyers are willing and able to buy. Use these figures to answer the questions that follow:



A deprecation of the euro against the U.S. dollar is represented by Figure ___________, and a depreciation of the U.S. dollar against the euro is represented by Figure _____________.

 

 

·         Question 16

2 out of 2 points

The Federal Reserve’s response to the Great Recession was an attempt to:

 

 

·         Question 17

2 out of 2 points

_______________________ would be hurt by unexpected inflation.

 

 

·         Question 18

2 out of 2 points

Use the following scenario to answer the questions that follow:
RayRay and Andrew produce baseballs and golf balls. RayRay can produce six baseballs per hour or four golf balls per hour. Andrew can produce three baseballs per hour or one golf ball per hour.


Based on the scenario, which of the following is true?

 

 

·         Question 19

2 out of 2 points

The trade-restriction view assumes that free trade is __________ and should be _____________.

 

 

·         Question 20

2 out of 2 points

One of the reasons given for the imposition of a protectionist policy such as a tariff is to:

 

 

·         Question 21

2 out of 2 points

A cost-of-living adjustment clause:

 

 

·         Question 22

2 out of 2 points

The combination of high unemployment rates and high inflation is called:

 

 

·         Question 23

2 out of 2 points

The euro is an unusual currency because:

 

 

·         Question 24

2 out of 2 points

If inflation is expected:

 

 

·         Question 25

0 out of 2 points

Use the following scenario to answer the questions that follow:
Karl and Pete produce cars and trucks. Karl can produce 10 cars per hour or 5 trucks per hour. Pete can produce 12 cars per hour or 4 trucks per hour.


Based on the scenario, which of the following is true?

 

 

·         Question 26

2 out of 2 points

Assuming the theory of purchasing power parity holds, if the exchange rate between the United States and Japan is $0.011 per yen (¥), then how much does a $400 Microsoft Xbox cost in Japanese yen?

 

 

·         Question 27

2 out of 2 points

Adaptive expectations theory:

 

 

·         Question 28

2 out of 2 points

Assuming the theory of purchasing power parity holds, if the exchange rate between the United States and Europe is $1.33 per euro, then how much does a €35 bottle of French champagne cost in U.S. dollars?

 

 

·         Question 29

2 out of 2 points

When inflation is expected, the real effect on the economy is:

 

 

·         Question 30

2 out of 2 points

Use the following scenario to answer the questions that follow:
Esther and Albert produce hamburgers and hot dogs. Esther can produce six hamburgers per hour or four hot dogs per hour. Albert can produce three hamburgers per hour or one hot dog per hour.


Based on the scenario, Esther’s opportunity cost of one hamburger is:

 

 

·         Question 31

2 out of 2 points

The strategic use of monetary policy to counteract macroeconomic expansions and contractions is known as:

 

 

·         Question 32

0 out of 2 points

According to adaptive expectations theory, if the last three years of inflation were 3%, 3%, and 2%, respectively, one would expect inflation the following year to be:

 

 

·         Question 33

2 out of 2 points

Stagflation is:

 

 

·         Question 34

2 out of 2 points

Use the following scenario to answer the questions that follow:
Esther and Albert produce hamburgers and hot dogs. Esther can produce six hamburgers per hour or four hot dogs per hour. Albert can produce three hamburgers per hour or one hot dog per hour.


Based on the scenario, Albert’s opportunity cost of one hot dog is:

 

 

·         Question 35

2 out of 2 points

The traditional short-run Phillips curve implies that:

 

 

·         Question 36

0 out of 2 points

Suppose a Chinese citizen buys a box of Nestlé Kit Kat candy bars from America and Nestlé uses the currency to purchase Chinese-manufactured televisions. How will this transaction enter into the U.S. balance of payments?

 

 

·         Question 37

2 out of 2 points

_______________________ would be hurt by unexpected inflation.

 

 

·         Question 38

2 out of 2 points

Which of the following explains expansionary monetary policy in the long run?

 

 

·         Question 39

2 out of 2 points

______________ occurs when a national government or central bank intentionally adjusts its money supply to affect the exchange rate of its currency.

 

 

·         Question 40

2 out of 2 points

Use the following scenario to answer the questions that follow:
Karl and Pete produce cars and trucks. Karl can produce 10 cars per hour or 5 trucks per hour. Pete can produce 12 cars per hour or 4 trucks per hour.


Based on the scenario, which of the following is true?

 

 

 

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