money and bank test bankchap22.docx
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moneyandbanktestbankchap22
TheEconomicsofMoney,Banking,andFinancialMarkets,9e(Mishkin)
Chapter22AggregateDemandandSupplyAnalysis
22.1AggregateDemand
1)Theaggregatedemandcurveisthetotalquantityofaneconomy's
A)intermediategoodsdemandedatallpricelevels.
B)intermediategoodsdemandedataparticularpricelevel.
C)finalgoodsandservicesdemandedataparticularpricelevel.
D)finalgoodsandservicesdemandedatdifferentpricelevels.
Answer:
D
QuesStatus:
PreviousEdition
2)Thetotalquantityofaneconomy'sfinalgoodsandservicesdemandedatdifferentpricelevelsis
A)theaggregatesupplycurve.
B)theaggregatedemandcurve.
C)thePhillipscurve.
D)theaggregateexpenditurefunction.
Answer:
B
QuesStatus:
PreviousEdition
3)Theaggregatedemandcurveslopesdownwardbecauseadecreaseinthepricelevelmeans________intherealmoneysupplyandthereforea________levelofrealspending.
A)anincrease;higher
B)anincrease;lower
C)adecrease;lower
D)adecrease;higher
Answer:
A
QuesStatus:
PreviousEdition
4)Thequantitytheoryofmoneyisderivedfrom
A)theconceptofvelocity.
B)theKeynesianmonetarytransmissionmechanism.
C)theequationofexchange.
D)themoneysupply.
Answer:
C
QuesStatus:
PreviousEdition
5)Asapproachedthroughthequantitytheoryofmoney,aggregatedemandisderivedfrom
A)theequationofexchange.
B)itsthreecomponentparts:
consumerexpenditure,investmentspending,andgovernmentspending.
C)itsfourcomponentparts:
consumerexpenditure,investmentspending,governmentspending,andnetexports.
D)thespendingmultiplier.
Answer:
A
QuesStatus:
PreviousEdition
6)Accordingtothequantitytheoryofmoney,anincreaseinthemoneysupply________aggregate________,everythingelseheldconstant.
A)increases;demand
B)decreases;demand
C)decreases;supply
D)increases;supply
Answer:
A
QuesStatus:
Revised
7)Accordingtothequantitytheoryofmoney,adecreaseinthemoneysupply,________aggregate________,everythingelseheldconstant.
A)increases;demand
B)decreases;demand
C)decreases;supply
D)increases;supply
Answer:
B
QuesStatus:
Revised
8)Onewaytoderiveaggregatedemandisbylookingatitsfourcomponentparts,whichare:
A)consumerexpenditures,plannedinvestmentspending,governmentspending,andnetexports.
B)consumerexpenditures,actualinvestmentspending,governmentspending,andnetexports.
C)consumerexpenditures,plannedinvestmentspending,governmentspending,andgrossexports.
D)consumerexpenditures,plannedinvestmentspending,governmentspending,andtaxes.
Answer:
A
QuesStatus:
PreviousEdition
9)Byanalyzingaggregatedemandthroughitscomponentparts,wecanconcludethat,everythingelseheldconstant,adeclineinthepricelevelcauses
A)adeclineintherealmoneysupply,anincreaseininterestrates,adeclineininvestmentspending,andadeclineinaggregateoutputdemand.
B)adeclineintherealmoneysupply,adeclineininterestrates,anincreaseininvestmentspending,andanincreaseinaggregateoutputdemand.
C)anincreaseintherealmoneysupply,adeclineininterestrates,anincreaseininvestmentspending,andanincreaseinaggregateoutputdemand.
D)anincreaseintherealmoneysupply,anincreaseininterestrates,adeclineininvestmentspending,andadeclineinaggregateoutputdemand.
Answer:
C
QuesStatus:
PreviousEdition
10)Bylookingataggregatedemandviaitscomponentparts,wecanconcludethattheaggregatedemandcurveisdownwardslopingbecause
A)alowerpricelevel,holdingthenominalquantityofmoneyconstant,leadstoalargerquantityofmoneyinrealterms,causestheinterestratetofall,andstimulatesplannedinvestmentspending.
B)alowerpricelevel,holdingthenominalquantityofmoneyconstant,leadstoalargerquantityofmoneyinnominalterms,causestheinterestratetorise,andstimulatesplannedinvestmentspending.
C)ahigherpricelevel,holdingthenominalquantityofmoneyconstant,leadstoalargerquantityofmoneyinrealterms,causestheinterestratetofall,andstimulatesplannedinvestmentspending.
D)ahigherpricelevel,holdingthenominalquantityofmoneyconstant,leadstoasmallerquantityofmoneyinrealterms,causestheinterestratetofall,andstimulatesplannedinvestmentspending.
Answer:
A
QuesStatus:
PreviousEdition
11)Bylookingataggregatedemandthroughitscomponentparts,wecanconcludethata________pricelevel________therealquantityofmoney,________higherspending.
A)lower;expands;encouraging
B)higher;contracts;encouraging
C)lower;contracts;discouraging
D)higher;expands;encouraging
Answer:
A
QuesStatus:
PreviousEdition
12)Byanalyzingaggregatedemandviaitscomponentparts,wecanconcludethatchangesinthemoneysupply
A)havenoeffectonaggregatedemand.
B)affectaggregatedemandintheoppositedirectionofthechangeingovernmentspending.
C)affectaggregatedemandinthesamedirectionasthechangeingovernmentspending.
D)affectthequantityofaggregateoutputdemand.
Answer:
C
QuesStatus:
PreviousEdition
13)Everythingelseheldconstant,anincreaseingovernmentspending________aggregate________.
A)increases;demand
B)decreases;demand
C)decreases;supply
D)increases;supply
Answer:
A
QuesStatus:
Revised
14)Everythingelseheldconstant,adecreaseingovernmentspending________aggregate________.
A)increases;demand
B)decreases;demand
C)decreases;supply
D)increases;supply
Answer:
B
QuesStatus:
PreviousEdition
15)Everythingelseheldconstant,adecreaseinnettaxes________aggregate________.
A)increases;demand
B)decreases;demand
C)decreases;supply
D)increases;supply
Answer:
A
QuesStatus:
Revised
16)Everythingelseheldconstant,anincreaseinnettaxes________aggregate________.
A)increases;demand
B)decreases;demand
C)decreases;supply
D)increases;supply
Answer:
B
QuesStatus:
Revised
17)Everythingelseheldconstant,abalancedbudgetincreaseingovernmentspending(thatis,anincreaseingovernmentspendingthatismatchedbyanidenticalincreaseinnettaxes)will
A)increaseaggregatedemand,butnotbyasmuchasifjustgovernmentspendingincreases.
B)increaseaggregatedemandbymorethanifjustgovernmentspendingincreases.
C)notaffectaggregatedemand.
D)decreaseaggregatedemand.
Answer:
A
QuesStatus:
Revised
18)Everythingelseheldconstant,anincreaseinnetexports________aggregate________.
A)increases;demand
B)decreases;demand
C)decreases;supply
D)increases;supply
Answer:
A
QuesStatus:
Revised
19)Everythingelseheldconstant,adecreaseinnetexports________aggregate________.
A)increases;demand
B)decreases;demand
C)decreases;supply
D)increases;supply
Answer:
B
QuesStatus:
Revised
20)Everythingelseheldconstant,anincreaseinplannedinvestmentexpenditure________aggregate________.
A)increases;demand
B)decreases;demand
C)decreases;supply
D)increases;supply
Answer:
A
QuesStatus:
PreviousEdition
21)Everythingelseheldconstant,adecreaseinplannedinvestmentexpenditure________aggregate________.
A)increases;demand
B)decreases;demand
C)decreases;supply
D)increases;supply
Answer:
B
QuesStatus:
PreviousEdition
22)Everythingelseheldconstant,aggregatedemandincreaseswhen
A)taxesarecut.
B)governmentspendingisreduced.
C)animalspiritsdecrease.
D)themoneysupplyisreduced.
Answer:
A
QuesStatus:
PreviousEdition
23)Everythingelseheldconstant,aggregatedemandincreaseswhen
A)netexportsdecrease.
B)taxesincrease.
C)plannedinvestmentspendingincreases.
D)themoneysupplydecreases.
Answer:
C
QuesStatus:
PreviousEdition
24)Everythingelseheldconstant,whichofthefollowingdoesnotcauseaggregatedemandtoincrease?
A)Anincreaseinnetexports
B)Anincreaseingovernmentspending
C)Anincreaseintaxes
D)Anincreaseinconsumeroptimism
Answer:
C
QuesStatus:
PreviousEdition
25)Explainthroughthecomponentpartsofaggregatedemandwhytheaggregatedemandcurveslopesdownwithrespecttothepricelevel.Besuretodiscusstwochannelsthroughwhichchangesinpricesaffectdemand.
Answer:
Afallinthepricelevelincreasestherealvalueofafixednominalmoneysupply.Thisincreaseintherealmoneysupplylowersinterestrates.Lowerratesincreaseinvestment,therebyincreasingaggregatedemand.Lowerinterestratesalsocausedepreciationofthedomesticcurrency,increasingnetexportsandaggregatedemand.
QuesStatus:
PreviousEdition
22.2AggregateSupply
1)Theaggregatesupplycurveisthetotalquantityof
A)rawmaterialsofferedforsaleatdifferentprices.
B)finalgoodsandservicesofferedforsaleatthecurrentpricelevel.
C)finalgoodsandservicesofferedforsaleatdifferentpricelevels.
D)intermediateandfinalgoodsandserviceofferedforsaleatdifferentpricelevels.
Answer:
C
QuesStatus:
PreviousEdition
2)Theaggregatesupplycurveshowstherelationshipbetween
A)thelevelofinputsandaggregateoutput.
B)thepricelevelandthelevelofinputs.
C)thewagerateandthelevelofemployment.
D)thepricelevelandthelevelofaggregateoutputsupplied.
Answer:
D
QuesStatus:
PreviousEdition
3)Thelong-runrateofunemploymenttowhichaneconomyalwaysgravitatesisthe
A)normalrateofunemployment.
B)naturalrateofunemployment.
C)neutralrateofunemployment.
D)inflationaryrateofunemployment.
Answer:
B
QuesStatus:
PreviousEdition
4)Thelong-runaggregatesupplycurveis
A)averticallinethroughthenon-inflationaryrateofoutput.
B)averticallinet
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