Essay about Eco 372 Week 4 Quiz

1307 Words May 23rd, 2013 6 Pages
1. Would Henry Hazlitt more likely: A

a. Say we are already suffering the long-run consequences of the policies of the remote or recent past. b. Advocate public or collective ownership and administration of the means of production and distribution of goods. c. Argue for more governmental stimulus to help the economy.

2. Would Henry Hazlitt more likely say: B a. That government should fund public works to maintain full employment. b. The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups. c. From each according to his ability, to each
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$5. b. $50. c. $95. d. $950.

18. Suppose a bank has $10,000 in deposits and $8,000 in loans. It has loaned out all it can. It has a reserve ratio of C a. 2 percent. b. 12.5 percent. c. 20 percent. d. 80 percent.

19. When the National Bureau of Economic Research (NBER) says that a recession is over, what are they saying? B a. Prosperity has returned. b. Economic activity is no longer declining. c. The economy has returned to normal. d. Prices have begun to rise again.

20. Which of the following statistics is usually regarded as the best single measure of a society’s economic well-being? C a. the unemployment rate b. the inflation rate c. gross domestic product d. the trade deficit

21. GDP is defined as C
a. the market value of all goods and services produced within a country in a given period of time.
b. the market value of all goods and services produced by the citizens of a country, regardless of where they are living in a given period of time.
c. the market value of all final goods and services produced within a country in a given period of time.
d. the market value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.

22. (15 points total, 3 points each) Choose True or False for each of the following: a. If the price of an apple is twice the

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