Tuesday, 20 June 2017
WGU C200 TASK 2 – NEW 2017
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MANAGING ORGANIZATIONS & LEADING PEOPLE
Competency 3018.1.2: Theories of Leadership The graduate uses contemporary theories
of leadership to develop personal leadership skills based on a personal leadership philosophy.
Introduction:
For this task, you will conduct an evaluation of your personal leadership style. You will write a
610 page paper evaluating your own leadership practices using a scholarly leadership theory
that is different from the one you used in task 1. To help you refine your own leadership
skills, you will develop at least two SMART (specific, measurable, achievable, realistic, and
timely) goals as part of your evaluation.
Requirements:
A. Conduct a leadership evaluation of your own leadership by doing the following:
1. Provide a completed copy of the attached “Seven Habits Profile.”
Note: You will be required to attach a completed copy of the “Seven Habits Profile” to
the task submission. The attachment may be a scanned document or photo.
a. Reflect on the results of your Seven Habits Profile, including what those results
might indicate about your leadership style.
2. Evaluate your leadership practice by doing the following:
Note: As part of your evaluation, you will need to use one scholarly leadership theory
and three scholarly sources.
a. Evaluate three strengths of your leadership practice using a scholarly leadership
theory.
Note: You should use a leadership theory that is different from the leadership theory
you used in task 1.
b. Evaluate three weaknesses of your leadership practice using the same scholarly
leadership theory you used in part A2a.
c. Recommend three theorybased changes that you could make to maximize your
success in managing organizations and leading people in the future, using the same
scholarly leadership theory you used in part A2a.
Note: All theories must be supported.
d. Discuss two shortterm SMART goals that will help improve your leadership
practice.
Note: All the components of the SMART model must be met for each goal. This model
required objectives to be: (a) specific, (b) measurable, (c) achievable or attainable,
(d) realistic or relevant, and (e) timebound or timebased.
i. Discuss at least two specific actions you will take to reach each of the SMART
goals discussed in part A2d.
e. Include three scholarly sources that support your evaluation of your own leadership
practice.
Note: A scholarly source could be a reputable journal, a published book, any source
from a university faculty member or business leader. Also, any article or book in
the online WGU library.
B. When you use sources, include all intext citations and references in APA format.
Note: For definitions of terms commonly used in the rubric, see the Rubric Terms web link
included in the Evaluation Procedures section.
Note: When using sources to support ideas and elements in an assessment, the submission
MUST include APA formatted intext citations with a corresponding reference list for any direct
quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not
been quoted or paraphrased in the text of the assessment.
Note: No more than a combined total of 30% of a submission can be directly quoted or closely
paraphrased from outside sources, even if cited correctly. For tips on using APA style, please
refer to the APA Handout web link included in the APA Guidelines section.
Sunday, 18 June 2017
Test Bank for Macroeconomics 9th Edition by Mankiw
TO PURCHASIS THIS TEST BANK WITH ANSWERS CONTACT US AT
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Name: __________________________ Date: _____________
1. Macroeconomics does not try to answer the question of:
A) why do some countries experience rapid growth.
B) what is the rate of return on education.
C) why do some countries have high rates of inflation.
D) what causes recessions and depressions.
2. A typical trend during a recession is that:
A) the unemployment rate falls.
B) the popularity of the incumbent president rises.
C) incomes fall.
D) the inflation rate rises.
3. Macroeconomics is the study of the:
A) activities of individual units of the economy.
B) decision making by households and firms.
C) economy as a whole.
D) interaction of firms and households in the marketplace.
4. The study of the economy as a whole is called:
A) household economics.
B) business economics.
C) microeconomics.
D) macroeconomics.
5. Macroeconomists cannot conduct controlled experiments, such as testing various tax and expenditure policies, because:
A) it is against the law.
B) they tried it once and it did not work.
C) they must make use of the data history gives them.
D) economists already know the answers that would come out of the experiments.
6. The ability of macroeconomists to predict the future course of economic events:
A) is no better than the meteorologist’s ability to predict the next month’s weather.
B) is much better than the meteorologist’s ability to predict the next month’s weather.
C) has gotten worse over time.
D) is less precise than it was in the 1920s.
7. Which of the combinations listed is not a U.S. president and an important economic issue of his administration?
A) President Carter, inflation
B) President Reagan, budget deficits
C) President G.H.W. Bush, budget deficits
D) President Clinton, inflation
8. All of the following are types of macroeconomics data except the:
A) price of an IBM computer.
B) growth rate of real GDP.
C) inflation rate.
D) unemployment rate.
9. All of the following are important macroeconomic variables except:
A) real GDP.
B) the unemployment rate.
C) the marginal rate of substitution.
D) the inflation rate.
10. The total income of everyone in the economy adjusted for the level of base year prices is called:
A) a recession.
B) an inflation.
C) real GDP.
D) a business fluctuation.
11. A measure of how fast the general level of prices is rising is called the:
A) growth rate of real GDP.
B) inflation rate.
C) unemployment rate.
D) market-clearing rate.
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12. The inflation rate is a measure of how fast:
A) the total income of the economy is growing.
B) unemployment in the economy is increasing.
C) the general level of prices in the economy is rising.
D) the number of jobs in the economy is expanding.
13. Real GDP ______ over time and the growth rate of real GDP ______.
A) grows; fluctuates
B) is steady; is steady
C) grows; is steady
D) is steady; fluctuates
14. Two striking features of a graph of U.S. real GDP per capita over the twentieth century are the:
A) overall upward trend interrupted by a large downturn due to the economic depression in the 1930s.
B) nearly constant level with a large downturn in the 1930s.
C) downward trend in the first half of the century followed by the upward trend in the second half.
D) constant level in the first half of the century followed by the upward trend in the second half.
15. In the U.S. economy today, real GDP per person, compared with its level in 1900, is about:
A) 50 percent higher.
B) twice as high.
C) three times as high.
D) eight times as high.
16. Recessions are periods when real GDP:
A) increases slowly.
B) increases rapidly.
C) decreases mildly.
D) decreases severely.
17. Compared with a recession, real GDP during a depression:
A) increases more rapidly.
B) increases at approximately the same rate.
C) decreases at approximately the same rate.
D) decreases more severely.
18. A severe recession is called a(n):
A) depression.
B) deflation.
C) exogenous event.
D) market-clearing assumption.
19. The inflation rate in the United States averaged about:
A) nearly zero between 1900 and 1950.
B) nearly zero between 1950 and 2000.
C) 10 percent between 1900 and 1950.
D) 10 percent between 1950 and 2000.
20. Deflation occurs when:
A) real GDP decreases.
B) the unemployment rate decreases.
C) prices fall.
D) prices increase, but at a slower rate.
21. A period of falling prices is called:
A) deflation.
B) inflation.
C) a depression.
D) a recession.
22. A graph of the rate of inflation in the United States over the twentieth century shows:
A) an overall upward trend interrupted by a large downturn in the 1930s.
B) some periods of deflation in the first half of the century, but only positive rates of inflation in the second half of the
century.
C) a relatively steady, positive level throughout the century except for deflation in the 1930s.
D) a constant rate of inflation in the first half of the century followed by an upward trend in the second half.
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23. A graph of the U.S. unemployment rate over the twentieth century shows:
A) an overall upward trend in the unemployment rate interrupted by a large upturn in the 1930s.
B) an overall downward trend in the unemployment rate interrupted by a large upturn in the 1930s.
C) rates of unemployment always greater than zero with substantial variations from year to year.
D) alternating periods of positive and negative rates of unemployment.
24. During the period between 1900 and 2000, the unemployment rate in the United States was highest in the:
A) 1920s.
B) 1930s.
C) 1970s.
D) 1980s.
25. The unemployment rate:
A) was zero during the 1990s in the United States.
B) was zero on average between 1900 and 1950 in the United States.
C) has never been zero in the United States.
D) is usually zero when the economy is not in a recession or depression.
26. Exogenous variables are:
A) fixed at the moment they enter the model.
B) determined within the model.
C) the outputs of the model.
D) explained by the model.
27. Endogenous variables are:
A) fixed at the moment they enter the model.
B) determined within the model.
C) the inputs of the model.
D) from outside the model.
28. In an economic model:
A) exogenous variables and endogenous variables are both fixed when they enter the model.
B) endogenous variables and exogenous variables are both determined within the model.
C) endogenous variables affect exogenous variables.
D) exogenous variables affect endogenous variables.
29. Variables that a model tries to explain are called:
A) endogenous.
B) exogenous.
C) market clearing.
D) fixed.
30. Variables that a model takes as given are called:
A) endogenous.
B) exogenous.
C) market clearing.
D) macroeconomic.
31. Macroeconomic models are used to explain how ______ variables influence ______ variables.
A) endogenous; exogenous
B) exogenous; endogenous
C) microeconomic; macroeconomic
D) macroeconomic; microeconomic
32. Important characteristics of macroeconomic models include all of the following except:
A) simplifying assumptions.
B) functional relationships based on controlled experiments.
C) endogenous and exogenous variables.
D) implicit or explicit consistency with microeconomic foundations.
33. In a simple graphical model of the supply and demand for pizza with the price of pizza measured vertically and the quantity
of pizza measured horizontally:
A) the supply curve slopes upward and to the right.
B) the demand curve slopes upward and to the right.
C) the supply curve slopes downward and to the right.
D) at the equilibrium price, the supply of pizza exceeds the demand for pizza.
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34. In a simple model of the supply and demand for pizza, the endogenous variables are:
A) the price of pizza and the price of cheese.
B) aggregate income and the quantity of pizza sold.
C) aggregate income and the price of cheese.
D) the price of pizza and the quantity of pizza sold.
35. In a simple model of the supply and demand for pizza, when aggregate income increases, the price of pizza ______ and the
quantity purchased ______.
A) increases; decreases
B) increases; increases
C) decreases; increases
D) decreases; decreases
36. In a simple model of the supply and demand for pizza, when the price of cheese increases, the price of pizza ______ and the
quantity purchased ______.
A) increases; increases
B) decreases; increases
C) decreases; decreases
D) increases; decreases
37. Which statement below best illustrates the “art,” rather than the “science” of macroeconomics?
A) Macroeconomic data provides the motivation for new macroeconomic theory.
B) Macroeconomic relationships can be expressed using symbols and equations.
C) Macroeconomists must determine which simplifying assumptions clarify our thinking and which mislead us.
D) Graphs and charts can be used to illustrate the history of macroeconomic variables.
38. In the relationship expressed in functional form, Y = G(K, L), Y stands for real GDP, K stands for the amount of capital in the
economy, and L stands for the amount of labor in the economy. In this case G( ):
A) is the growth rate of real GDP when the amount of capital and labor in the economy is fixed.
B) indicates that the variables inside the parentheses are endogenous variables in the model.
C) is the symbol that stands for government input into the production process.
D) is the function telling how the variables in the parentheses determine real GDP.
39. Which of the following statements about economic models is true?
A) There is only one correct economic model.
B) All economic models are based on the same assumptions.
C) The purpose of economic models is to show how endogenous variables affect exogenous variables.
D) Economists use different models to address different economic phenomenon.
40. Macroeconomic models:
A) assume all wages and prices are sticky.
B) assume all wages and prices are flexible.
C) make different assumptions to explain different aspects of the macroeconomy.
D) focus primarily on the optimizing behavior of households and firms.
41. The assumption of continuous market clearing means that:
A) sellers can sell all that they want at the going price.
B) buyers can buy all that they want at the going price.
C) in any given month, buyers can buy all that they want and sellers can sell all that they want at the going price.
D) at any given instant, buyers can buy all that they want and sellers can sell all that they want at the going price.
42. All of the following statements about sticky prices are true except:
A) in the short run, some wages and prices are sticky.
B) the sticky-price model describes the equilibrium toward which the economy slowly gravitates.
C) for studying year-to-year fluctuations, most macroeconomists believe that price stickiness is a better assumption than is
price flexibility.
D) magazine publishers tend to change their newsstand prices only every three or four years.
43. The assumption of flexible prices is a more plausible assumption when applied to price changes that occur:
A) from minute to minute.
B) from year to year.
C) in the long run.
D) in the short run.
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44. An assumption of _______ is more plausible for studying the short-run behavior of the economy, while an assumption of
______ is more plausible for studying the long-run, equilibrium behavior of the economy.
A) deflation; inflation
B) inflation; deflation
C) flexible prices; sticky prices
D) sticky prices; flexible prices
45. When studying the short-run behavior of the economy, an assumption of ______ is more plausible, in contrast to studying the
long-run equilibrium behavior of an economy, when an assumption of ______ is more plausible.
A) inflation; unemployment
B) unemployment; inflation
C) flexible prices; sticky prices
D) sticky prices; flexible prices
46. Which of the following is the best example of a sticky price?
A) the price of a barrel of oil
B) the price of the U.S. dollar in terms of euros
C) the price of a share of stock
D) the price of a soda in a vending machine
47. Which of the following is the best example of a flexible price?
A) the price of a cup of coffee in a coffee shop
B) the price of gasoline at a service station
C) the price of a ticket at a movie theater
D) the price of a book in a bookstore
48. How does the distinction between flexible and sticky prices impact the study of macroeconomics?
A) The study of flexible prices is confined to microeconomics, while macroeconomics focuses on sticky prices.
B) Macroeconomists use flexible prices to explain inflation and sticky prices to explain unemployment.
C) Flexible prices are typically assumed in the study of the long run, while sticky prices are assumed in the study of the
short run.
D) Endogenous variables are measured using flexible prices, while exogenous variables are measured using sticky prices.
49. Macroeconomics is:
A) based on microeconomic foundations.
B) completely separate from microeconomics.
C) explicitly based on microeconomic behavior.
D) a subsidiary branch of microeconomics.
50. Macroeconomics is based on microeconomics for all of the following reasons except:
A) when we study the economy as a whole, we must consider the decisions of individual economic actors.
B) aggregate variables are simply the sum of variables describing many individual decisions.
C) macroeconomic decision makers, when they make their choices, are required to maximize utility functions.
D) to understand the determinants of aggregate investment, we must think about a firm’s deciding whether to build a new
factory.
51. Macroeconomists are like scientists because they both:
A) design data and conduct controlled experiments to test their theories.
B) rely on data analyzed from experiments they set up in a laboratory.
C) are unlimited in their use of controlled experiments.
D) collect data, develop hypotheses, and analyze the results.
52. Using a market-clearing model to analyze the demand for haircuts is ______ because the price of a haircut usually changes
______.
A) realistic; frequently
B) realistic; infrequently
C) unrealistic; frequently
D) unrealistic; infrequently
53. Assume that the equation for demand for bread at a small bakery is Qd
= 60 – 10Pb + 3Y, where Qd
is the quantity of bread
demanded in loaves and Y is the average income in the town in thousands of dollars.
Page 5
a. If the average income in the town is 10, state the equation for Qd
in terms of Pb.
b. Draw a graph of the demand curve with Qd
on the horizontal axis and Pb on the vertical axis.
Label the curve DD.
54. Assume that the equation for demand for bread at a small bakery is Qd
= 60 – 10Pb + 3Y, where Qd
is the quantity of bread
demanded in loaves, Pb is the price of bread in dollars per loaf, and Y is the average income in the town in thousands of
dollars. Assume also that the equation for supply of bread is Qs
= 30 + 20Pb – 30 Pf, where Qs
is the quantity supplied and Pf
is the price of flour in dollars per pound. Assume finally that markets clear, so that Qd
= Qs
.
55. The production function for an economy can be expressed as Y = F(K,L), where Y is real GDP, K is the quantity of capital in
the economy, and L is the quantity of labor in the economy.
56. The quantity of coffee demanded, QD, depends on the price of coffee, Pc, and the price of tea, PT. The quantity of coffee
supplied, QS, depends on the price of coffee, Pc, and the price of electricity, PE , according to the following equation:
57. What is the difference between recession and depression in an economy? Provide an example of depression from the real
world that has hit the global economy.
Use the following to answer question 58:
58. Refer to the following graph and identify the years for which Country A and Country B experienced recession.
59. Why do we call macroeconomics an imperfect science? Explain.
60. Are the terms “market clearing” and “equilibrium” one and the same? Explain.
61. Do you agree with the statement, “macroeconomics rests on the foundation of microeconomics”? Explain.
62. Give two examples of macroeconomic variables and microeconomic variables.
63. Refer the following table showing the quantity of toothpastes that are demanded at different prices. Identify the price (as
shown in the first column below in the table) that represents the market clearing.
64. What is the difference between sticky prices and flexible prices? Explain.
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b. What is/are the endogenous variable(s) in this model?
c. What is/are the exogenous variable(s) in this model?
b. If the average income in the town increases to 15, solve for the new equilibrium Q and Pb.
a.
QD = 17 – 2 Pc + 10 PT
QS = 2 + 3 Pc – 5 PE
a. If the price of tea is $1.00 and the price of electricity is $0.50, what is the equilibrium price
and quantity of coffee?
b. What is/are the endogenous variable(s) in this model?
Price
(US$/tube)
Quantity demanded
(thousands of tubes)
Quantity supplied
(thousands of tubes)
20 5 20
16 8 16
13 12 12
8 15 8
5 17 5
4 18 3
c. What is/are the exogenous variable(s) in this model?
If Y is 10 and Pf is $1, solve mathematically for equilibrium Q and Pb.
a. If F( ) = 100 + 3K + 9L, what is real GDP if the quantity of capital is 200 and the quantity of
labor is 500?
65. What is an exogenous variable? Illustrate with graphs the effect of a change in the exogenous variable on a demand and
supply relationship. Mark the x-axis and y-axis clearly.
66. Column A below lists the names of four U.S. presidents, while Column B lists four economic events that occurred during the
tenures of those U.S. presidents. Match each president to the economic event that occurred during his tenure.
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2. Ronald Regan b. inflation
3. Bill Clinton c. steep rise in mortgage defaults
4. Barrack Obama d. budget deficit
Column A Column B
1. Jimmy Carter a. budget surplus
Answer Key
1. B
2. C
3. C
4. D
5. C
6. A
7. D
8. A
9. C
10. C
11. B
12. C
13. A
14. A
15. D
16. C
17. D
18. A
19. A
20. C
21. A
22. B
23. C
24. B
25. C
26. A
27. B
28. D
29. A
30. B
31. B
32. B
33. A
34. D
35. B
36. D
37. C
38. D
39. D
40. C
41. D
42. B
43. C
44. D
45. D
46. D
47. B
48. C
49. A
50. C
51. D
52. D
53.
54.
55.
56.
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b.
a. Y = 100 + 3(200) + 9(500) = 5,200
b. Y
c. K,L
a. Qd
= 90 – 10Pb
a. The equilibrium price is $5.50 and the equilibrium quantity is 16.
b. Pc and Q
c. PT and PE
a. Q = 60 loaves, Pb = $3.00
b. Q = 70 loaves, Pb = $3.50
57. When there is a mild fall in the gross domestic product (GDP) of an economy over a period of time it leads to recession in the
economy. If the intensity of the fall in GDP is severe over a period of time, then it turns into a depression. Recession is cyclic
in nature; that is, it repeats itself over a period of time in an economy. A famous example of depression is that of the Great
Depression of the 1930s that occurred in the United States and affected the global economy. Even the financial crisis of 2008-
2009 in the United States was very much reminiscent of the Great Depression.
58. Country A experienced its recession during 2003 and its early recovery during 2004. Country B experienced its first recession
during 2002 and its early recovery in 2003. Country B experienced a second recession in 2007.
59. The study of macroeconomics depends mainly upon the historical data on different economies. Macroeconomists analyze
these data to explain changes occurring in different economic parameters (income, prices, unemployment, etc.) and formulate
policies. Additionally, macroeconomic studies cannot be conducted in controlled experiments, as in biology or chemistry, for
example. In this way, macroeconomists are similar to weather forecasters.
60. Yes, both terms represent the same notion: the balance between supply and demand. It is the balancing point at which
everything that is produced gets sold and fulfills the entire demand. Thus, if all other things remain constant, then there is no
tendency to change the quantity supplied and demanded at this point.
61. Macroeconomics involves studying the aggregate of economic variables related to individual decision making parameters,
which are microeconomic (think of individuals’ expenses, investments, etc.). That is to say, the total expenditure in an
economy is the aggregate (sum) of all the expenditures done by all consumers in that economy, or the total investment done
in an economy is the aggregate (sum) of all individual investments done by firms in that economy. This reflects that
macroeconomic study rests on the foundation of microeconomics.
62. The income of your father is a microeconomic variable, while the gross domestic product (GDP) of your country is a
macroeconomic variable. The money your father saves in the bank is a microeconomic variable, while the total money in all
banks and post offices of your country is a macroeconomic variable.
63. US$13 per toothpaste tube.
64. With flexible prices, instantaneous adjustment in changes between demand and supply brings market forces into equilibrium.
In contrast, sticky prices delay the adjustment process due to their adherence to predetermined levels (though such delays
are released over the long-run).
65. An exogenous variable is the variable which an economic model assumes to be given. For example, in the supply and demand
models below the income of consumers (Graph 1) and the cost of materials (Graph 2) are assumed to be given.
Now if there is an change in the income of consumers, this effects the market.
In Graph 1 (below), increase in income shifts the demand curve upward from D1 to D2,with increased quantity from Q1 to Q2,
and also increases the prices from P1 to P2.
In Graph 2 (below), the exogenous variable is the cost of materials. A rise in the cost of materials decreases the supply from
S1 to S2. Quantity falls from Q1 to Q2 and prices rise from P1 to P2.
66. 1(b), 2(d), 3(a), 4(c)
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1. Macroeconomics does not try to answer the question of:
A) why do some countries experience rapid growth.
B) what is the rate of return on education.
C) why do some countries have high rates of inflation.
D) what causes recessions and depressions.
2. A typical trend during a recession is that:
A) the unemployment rate falls.
B) the popularity of the incumbent president rises.
C) incomes fall.
D) the inflation rate rises.
3. Macroeconomics is the study of the:
A) activities of individual units of the economy.
B) decision making by households and firms.
C) economy as a whole.
D) interaction of firms and households in the marketplace.
4. The study of the economy as a whole is called:
A) household economics.
B) business economics.
C) microeconomics.
D) macroeconomics.
5. Macroeconomists cannot conduct controlled experiments, such as testing various tax and expenditure policies, because:
A) it is against the law.
B) they tried it once and it did not work.
C) they must make use of the data history gives them.
D) economists already know the answers that would come out of the experiments.
6. The ability of macroeconomists to predict the future course of economic events:
A) is no better than the meteorologist’s ability to predict the next month’s weather.
B) is much better than the meteorologist’s ability to predict the next month’s weather.
C) has gotten worse over time.
D) is less precise than it was in the 1920s.
7. Which of the combinations listed is not a U.S. president and an important economic issue of his administration?
A) President Carter, inflation
B) President Reagan, budget deficits
C) President G.H.W. Bush, budget deficits
D) President Clinton, inflation
8. All of the following are types of macroeconomics data except the:
A) price of an IBM computer.
B) growth rate of real GDP.
C) inflation rate.
D) unemployment rate.
9. All of the following are important macroeconomic variables except:
A) real GDP.
B) the unemployment rate.
C) the marginal rate of substitution.
D) the inflation rate.
10. The total income of everyone in the economy adjusted for the level of base year prices is called:
A) a recession.
B) an inflation.
C) real GDP.
D) a business fluctuation.
11. A measure of how fast the general level of prices is rising is called the:
A) growth rate of real GDP.
B) inflation rate.
C) unemployment rate.
D) market-clearing rate.
Page 1
12. The inflation rate is a measure of how fast:
A) the total income of the economy is growing.
B) unemployment in the economy is increasing.
C) the general level of prices in the economy is rising.
D) the number of jobs in the economy is expanding.
13. Real GDP ______ over time and the growth rate of real GDP ______.
A) grows; fluctuates
B) is steady; is steady
C) grows; is steady
D) is steady; fluctuates
14. Two striking features of a graph of U.S. real GDP per capita over the twentieth century are the:
A) overall upward trend interrupted by a large downturn due to the economic depression in the 1930s.
B) nearly constant level with a large downturn in the 1930s.
C) downward trend in the first half of the century followed by the upward trend in the second half.
D) constant level in the first half of the century followed by the upward trend in the second half.
15. In the U.S. economy today, real GDP per person, compared with its level in 1900, is about:
A) 50 percent higher.
B) twice as high.
C) three times as high.
D) eight times as high.
16. Recessions are periods when real GDP:
A) increases slowly.
B) increases rapidly.
C) decreases mildly.
D) decreases severely.
17. Compared with a recession, real GDP during a depression:
A) increases more rapidly.
B) increases at approximately the same rate.
C) decreases at approximately the same rate.
D) decreases more severely.
18. A severe recession is called a(n):
A) depression.
B) deflation.
C) exogenous event.
D) market-clearing assumption.
19. The inflation rate in the United States averaged about:
A) nearly zero between 1900 and 1950.
B) nearly zero between 1950 and 2000.
C) 10 percent between 1900 and 1950.
D) 10 percent between 1950 and 2000.
20. Deflation occurs when:
A) real GDP decreases.
B) the unemployment rate decreases.
C) prices fall.
D) prices increase, but at a slower rate.
21. A period of falling prices is called:
A) deflation.
B) inflation.
C) a depression.
D) a recession.
22. A graph of the rate of inflation in the United States over the twentieth century shows:
A) an overall upward trend interrupted by a large downturn in the 1930s.
B) some periods of deflation in the first half of the century, but only positive rates of inflation in the second half of the
century.
C) a relatively steady, positive level throughout the century except for deflation in the 1930s.
D) a constant rate of inflation in the first half of the century followed by an upward trend in the second half.
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23. A graph of the U.S. unemployment rate over the twentieth century shows:
A) an overall upward trend in the unemployment rate interrupted by a large upturn in the 1930s.
B) an overall downward trend in the unemployment rate interrupted by a large upturn in the 1930s.
C) rates of unemployment always greater than zero with substantial variations from year to year.
D) alternating periods of positive and negative rates of unemployment.
24. During the period between 1900 and 2000, the unemployment rate in the United States was highest in the:
A) 1920s.
B) 1930s.
C) 1970s.
D) 1980s.
25. The unemployment rate:
A) was zero during the 1990s in the United States.
B) was zero on average between 1900 and 1950 in the United States.
C) has never been zero in the United States.
D) is usually zero when the economy is not in a recession or depression.
26. Exogenous variables are:
A) fixed at the moment they enter the model.
B) determined within the model.
C) the outputs of the model.
D) explained by the model.
27. Endogenous variables are:
A) fixed at the moment they enter the model.
B) determined within the model.
C) the inputs of the model.
D) from outside the model.
28. In an economic model:
A) exogenous variables and endogenous variables are both fixed when they enter the model.
B) endogenous variables and exogenous variables are both determined within the model.
C) endogenous variables affect exogenous variables.
D) exogenous variables affect endogenous variables.
29. Variables that a model tries to explain are called:
A) endogenous.
B) exogenous.
C) market clearing.
D) fixed.
30. Variables that a model takes as given are called:
A) endogenous.
B) exogenous.
C) market clearing.
D) macroeconomic.
31. Macroeconomic models are used to explain how ______ variables influence ______ variables.
A) endogenous; exogenous
B) exogenous; endogenous
C) microeconomic; macroeconomic
D) macroeconomic; microeconomic
32. Important characteristics of macroeconomic models include all of the following except:
A) simplifying assumptions.
B) functional relationships based on controlled experiments.
C) endogenous and exogenous variables.
D) implicit or explicit consistency with microeconomic foundations.
33. In a simple graphical model of the supply and demand for pizza with the price of pizza measured vertically and the quantity
of pizza measured horizontally:
A) the supply curve slopes upward and to the right.
B) the demand curve slopes upward and to the right.
C) the supply curve slopes downward and to the right.
D) at the equilibrium price, the supply of pizza exceeds the demand for pizza.
Page 3
34. In a simple model of the supply and demand for pizza, the endogenous variables are:
A) the price of pizza and the price of cheese.
B) aggregate income and the quantity of pizza sold.
C) aggregate income and the price of cheese.
D) the price of pizza and the quantity of pizza sold.
35. In a simple model of the supply and demand for pizza, when aggregate income increases, the price of pizza ______ and the
quantity purchased ______.
A) increases; decreases
B) increases; increases
C) decreases; increases
D) decreases; decreases
36. In a simple model of the supply and demand for pizza, when the price of cheese increases, the price of pizza ______ and the
quantity purchased ______.
A) increases; increases
B) decreases; increases
C) decreases; decreases
D) increases; decreases
37. Which statement below best illustrates the “art,” rather than the “science” of macroeconomics?
A) Macroeconomic data provides the motivation for new macroeconomic theory.
B) Macroeconomic relationships can be expressed using symbols and equations.
C) Macroeconomists must determine which simplifying assumptions clarify our thinking and which mislead us.
D) Graphs and charts can be used to illustrate the history of macroeconomic variables.
38. In the relationship expressed in functional form, Y = G(K, L), Y stands for real GDP, K stands for the amount of capital in the
economy, and L stands for the amount of labor in the economy. In this case G( ):
A) is the growth rate of real GDP when the amount of capital and labor in the economy is fixed.
B) indicates that the variables inside the parentheses are endogenous variables in the model.
C) is the symbol that stands for government input into the production process.
D) is the function telling how the variables in the parentheses determine real GDP.
39. Which of the following statements about economic models is true?
A) There is only one correct economic model.
B) All economic models are based on the same assumptions.
C) The purpose of economic models is to show how endogenous variables affect exogenous variables.
D) Economists use different models to address different economic phenomenon.
40. Macroeconomic models:
A) assume all wages and prices are sticky.
B) assume all wages and prices are flexible.
C) make different assumptions to explain different aspects of the macroeconomy.
D) focus primarily on the optimizing behavior of households and firms.
41. The assumption of continuous market clearing means that:
A) sellers can sell all that they want at the going price.
B) buyers can buy all that they want at the going price.
C) in any given month, buyers can buy all that they want and sellers can sell all that they want at the going price.
D) at any given instant, buyers can buy all that they want and sellers can sell all that they want at the going price.
42. All of the following statements about sticky prices are true except:
A) in the short run, some wages and prices are sticky.
B) the sticky-price model describes the equilibrium toward which the economy slowly gravitates.
C) for studying year-to-year fluctuations, most macroeconomists believe that price stickiness is a better assumption than is
price flexibility.
D) magazine publishers tend to change their newsstand prices only every three or four years.
43. The assumption of flexible prices is a more plausible assumption when applied to price changes that occur:
A) from minute to minute.
B) from year to year.
C) in the long run.
D) in the short run.
Page 4
44. An assumption of _______ is more plausible for studying the short-run behavior of the economy, while an assumption of
______ is more plausible for studying the long-run, equilibrium behavior of the economy.
A) deflation; inflation
B) inflation; deflation
C) flexible prices; sticky prices
D) sticky prices; flexible prices
45. When studying the short-run behavior of the economy, an assumption of ______ is more plausible, in contrast to studying the
long-run equilibrium behavior of an economy, when an assumption of ______ is more plausible.
A) inflation; unemployment
B) unemployment; inflation
C) flexible prices; sticky prices
D) sticky prices; flexible prices
46. Which of the following is the best example of a sticky price?
A) the price of a barrel of oil
B) the price of the U.S. dollar in terms of euros
C) the price of a share of stock
D) the price of a soda in a vending machine
47. Which of the following is the best example of a flexible price?
A) the price of a cup of coffee in a coffee shop
B) the price of gasoline at a service station
C) the price of a ticket at a movie theater
D) the price of a book in a bookstore
48. How does the distinction between flexible and sticky prices impact the study of macroeconomics?
A) The study of flexible prices is confined to microeconomics, while macroeconomics focuses on sticky prices.
B) Macroeconomists use flexible prices to explain inflation and sticky prices to explain unemployment.
C) Flexible prices are typically assumed in the study of the long run, while sticky prices are assumed in the study of the
short run.
D) Endogenous variables are measured using flexible prices, while exogenous variables are measured using sticky prices.
49. Macroeconomics is:
A) based on microeconomic foundations.
B) completely separate from microeconomics.
C) explicitly based on microeconomic behavior.
D) a subsidiary branch of microeconomics.
50. Macroeconomics is based on microeconomics for all of the following reasons except:
A) when we study the economy as a whole, we must consider the decisions of individual economic actors.
B) aggregate variables are simply the sum of variables describing many individual decisions.
C) macroeconomic decision makers, when they make their choices, are required to maximize utility functions.
D) to understand the determinants of aggregate investment, we must think about a firm’s deciding whether to build a new
factory.
51. Macroeconomists are like scientists because they both:
A) design data and conduct controlled experiments to test their theories.
B) rely on data analyzed from experiments they set up in a laboratory.
C) are unlimited in their use of controlled experiments.
D) collect data, develop hypotheses, and analyze the results.
52. Using a market-clearing model to analyze the demand for haircuts is ______ because the price of a haircut usually changes
______.
A) realistic; frequently
B) realistic; infrequently
C) unrealistic; frequently
D) unrealistic; infrequently
53. Assume that the equation for demand for bread at a small bakery is Qd
= 60 – 10Pb + 3Y, where Qd
is the quantity of bread
demanded in loaves and Y is the average income in the town in thousands of dollars.
Page 5
a. If the average income in the town is 10, state the equation for Qd
in terms of Pb.
b. Draw a graph of the demand curve with Qd
on the horizontal axis and Pb on the vertical axis.
Label the curve DD.
54. Assume that the equation for demand for bread at a small bakery is Qd
= 60 – 10Pb + 3Y, where Qd
is the quantity of bread
demanded in loaves, Pb is the price of bread in dollars per loaf, and Y is the average income in the town in thousands of
dollars. Assume also that the equation for supply of bread is Qs
= 30 + 20Pb – 30 Pf, where Qs
is the quantity supplied and Pf
is the price of flour in dollars per pound. Assume finally that markets clear, so that Qd
= Qs
.
55. The production function for an economy can be expressed as Y = F(K,L), where Y is real GDP, K is the quantity of capital in
the economy, and L is the quantity of labor in the economy.
56. The quantity of coffee demanded, QD, depends on the price of coffee, Pc, and the price of tea, PT. The quantity of coffee
supplied, QS, depends on the price of coffee, Pc, and the price of electricity, PE , according to the following equation:
57. What is the difference between recession and depression in an economy? Provide an example of depression from the real
world that has hit the global economy.
Use the following to answer question 58:
58. Refer to the following graph and identify the years for which Country A and Country B experienced recession.
59. Why do we call macroeconomics an imperfect science? Explain.
60. Are the terms “market clearing” and “equilibrium” one and the same? Explain.
61. Do you agree with the statement, “macroeconomics rests on the foundation of microeconomics”? Explain.
62. Give two examples of macroeconomic variables and microeconomic variables.
63. Refer the following table showing the quantity of toothpastes that are demanded at different prices. Identify the price (as
shown in the first column below in the table) that represents the market clearing.
64. What is the difference between sticky prices and flexible prices? Explain.
Page 6
b. What is/are the endogenous variable(s) in this model?
c. What is/are the exogenous variable(s) in this model?
b. If the average income in the town increases to 15, solve for the new equilibrium Q and Pb.
a.
QD = 17 – 2 Pc + 10 PT
QS = 2 + 3 Pc – 5 PE
a. If the price of tea is $1.00 and the price of electricity is $0.50, what is the equilibrium price
and quantity of coffee?
b. What is/are the endogenous variable(s) in this model?
Price
(US$/tube)
Quantity demanded
(thousands of tubes)
Quantity supplied
(thousands of tubes)
20 5 20
16 8 16
13 12 12
8 15 8
5 17 5
4 18 3
c. What is/are the exogenous variable(s) in this model?
If Y is 10 and Pf is $1, solve mathematically for equilibrium Q and Pb.
a. If F( ) = 100 + 3K + 9L, what is real GDP if the quantity of capital is 200 and the quantity of
labor is 500?
65. What is an exogenous variable? Illustrate with graphs the effect of a change in the exogenous variable on a demand and
supply relationship. Mark the x-axis and y-axis clearly.
66. Column A below lists the names of four U.S. presidents, while Column B lists four economic events that occurred during the
tenures of those U.S. presidents. Match each president to the economic event that occurred during his tenure.
Page 7
2. Ronald Regan b. inflation
3. Bill Clinton c. steep rise in mortgage defaults
4. Barrack Obama d. budget deficit
Column A Column B
1. Jimmy Carter a. budget surplus
Answer Key
1. B
2. C
3. C
4. D
5. C
6. A
7. D
8. A
9. C
10. C
11. B
12. C
13. A
14. A
15. D
16. C
17. D
18. A
19. A
20. C
21. A
22. B
23. C
24. B
25. C
26. A
27. B
28. D
29. A
30. B
31. B
32. B
33. A
34. D
35. B
36. D
37. C
38. D
39. D
40. C
41. D
42. B
43. C
44. D
45. D
46. D
47. B
48. C
49. A
50. C
51. D
52. D
53.
54.
55.
56.
Page 8
b.
a. Y = 100 + 3(200) + 9(500) = 5,200
b. Y
c. K,L
a. Qd
= 90 – 10Pb
a. The equilibrium price is $5.50 and the equilibrium quantity is 16.
b. Pc and Q
c. PT and PE
a. Q = 60 loaves, Pb = $3.00
b. Q = 70 loaves, Pb = $3.50
57. When there is a mild fall in the gross domestic product (GDP) of an economy over a period of time it leads to recession in the
economy. If the intensity of the fall in GDP is severe over a period of time, then it turns into a depression. Recession is cyclic
in nature; that is, it repeats itself over a period of time in an economy. A famous example of depression is that of the Great
Depression of the 1930s that occurred in the United States and affected the global economy. Even the financial crisis of 2008-
2009 in the United States was very much reminiscent of the Great Depression.
58. Country A experienced its recession during 2003 and its early recovery during 2004. Country B experienced its first recession
during 2002 and its early recovery in 2003. Country B experienced a second recession in 2007.
59. The study of macroeconomics depends mainly upon the historical data on different economies. Macroeconomists analyze
these data to explain changes occurring in different economic parameters (income, prices, unemployment, etc.) and formulate
policies. Additionally, macroeconomic studies cannot be conducted in controlled experiments, as in biology or chemistry, for
example. In this way, macroeconomists are similar to weather forecasters.
60. Yes, both terms represent the same notion: the balance between supply and demand. It is the balancing point at which
everything that is produced gets sold and fulfills the entire demand. Thus, if all other things remain constant, then there is no
tendency to change the quantity supplied and demanded at this point.
61. Macroeconomics involves studying the aggregate of economic variables related to individual decision making parameters,
which are microeconomic (think of individuals’ expenses, investments, etc.). That is to say, the total expenditure in an
economy is the aggregate (sum) of all the expenditures done by all consumers in that economy, or the total investment done
in an economy is the aggregate (sum) of all individual investments done by firms in that economy. This reflects that
macroeconomic study rests on the foundation of microeconomics.
62. The income of your father is a microeconomic variable, while the gross domestic product (GDP) of your country is a
macroeconomic variable. The money your father saves in the bank is a microeconomic variable, while the total money in all
banks and post offices of your country is a macroeconomic variable.
63. US$13 per toothpaste tube.
64. With flexible prices, instantaneous adjustment in changes between demand and supply brings market forces into equilibrium.
In contrast, sticky prices delay the adjustment process due to their adherence to predetermined levels (though such delays
are released over the long-run).
65. An exogenous variable is the variable which an economic model assumes to be given. For example, in the supply and demand
models below the income of consumers (Graph 1) and the cost of materials (Graph 2) are assumed to be given.
Now if there is an change in the income of consumers, this effects the market.
In Graph 1 (below), increase in income shifts the demand curve upward from D1 to D2,with increased quantity from Q1 to Q2,
and also increases the prices from P1 to P2.
In Graph 2 (below), the exogenous variable is the cost of materials. A rise in the cost of materials decreases the supply from
S1 to S2. Quantity falls from Q1 to Q2 and prices rise from P1 to P2.
66. 1(b), 2(d), 3(a), 4(c)
Page 9
Monday, 15 May 2017
Chamberlain NR 451 All Discussions Questions – Latest 2017
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Sunday, 7 May 2017
DeVry ETHC 445 Week 6 Quiz Latest 2017
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Question 1. Question : Ethics of the deontological school would drive the commanding officer (CO) to make what decision? To seek the best welfare for his sailor To take risks of courage To calculate the best possible outcome To ask what virtues he seeks to honor To do his duty under rules and procedures
Question 2. Question : Which of the three primary schools of ethics is operating when the commanding officer (CO) decides for medical evacuation of the injured sailor in order to aid the most possible? Care based Ends based Virtue based Self-interest Conscience driven
Question 3. Question : If the CO’s conscience was bothering him while making a decision, reading up on what ethicist would have made him aware of his thinking and deciding? Ayn Rand St. Anselm St. Thomas Aquinas John Locke John Stuart Mill
Question 4. Question : What virtue is not shown if the CO shows unwillingness to contact the carrier air group commander about the welfare of his sailor because of fear? Procrastination Selfishness The virtue of courage Wisdom Moderation
Question 5. Question : The maxim “I uphold only the ethical view that all rational beings ought uphold” follows _____. Utilitarian ethics An Aristotelian moderation of virtue A strong application of care-based ethics Kant’s categorical imperative in the first formulation Care-based ethics
Question 6. Question : The CO’s practice of moderation in not taking excessive risks connects him with what concept of ethics? Aquinas’ concept of conscience James’ pragmatism Aquinas’ concept of natural ethics Mill’s utilitarianism Aristotle’s doctrine of the mean
Question 7. Question : To ask, “What is the best possible outcome for my whole ship” is to apply what kind of ethics? Social contract Utilitarianism Deontological ethics Being caught in a dilemma Ethics of the mean
Question 8. Question : To think, “What can this do for my reputation when I come up for selection as admiral,” is an example of what kind of ethics? Immanuel Kant’s categorical imperative. John Locke’s social contract. Ayn Rand’s objectivism. Augustine’s doctrine of sin. A social contract with the crew.
Question 9. Question : For the CO to consider what the crew as a whole would want for handling the situation involves what kind of ethics? Sphere of influence Utilitarian ethics Majority thinking The principle of equity Care-based ethics
Question 10. Question : A decision to ask the injured seaman what he wants to happen is what kind of ethics? Care-based ethics The prudent mariner approach Utilitarian ethics The ethics of self-interest The CO’s duty
DeVry ETHC 445 Week 3 Quiz Latest 2017
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1. Question
: Inductive reasoning falls into fallacy when which of the following happens? Hasty generalizations are made One tries to deduce a conclusion from false premises One has a large enough sample set of data on which to base inductions Data cannot support the claims made for the logical reasoning One tries to work out syllogisms
Question 2.
Question : A car salesman says this, in order to get you to buy a new car from him: “Buddy! You gotta buy this car. You’ve seen how you either need to drive one of these or take the bus!” This type of faulty logic is an example of _____. circumlocution the ad hominem argument hasty generalization fallacy the straw man fallacy appeal to emotions
Question 3
. Question : Do you have only a few select friends or a large circle of friends? What fallacy is operating here? Straw man Appeal to fear Ad hominem False dilemma Questionable statistics
Question 4.
Question : All those old people are cheap. They never give me a fair tip when I park their cars in the valet parking lot. What kind of fallacy is operating here? Straw man Appeal to fear Hasty generalization Questionable statistics Slippery slope
Question 5.
Question : Measuring our country’s health by measuring the consumption of petroleum is like measuring a person’s health my how much medical care he or she buys. What kind of fallacy is operating here? Hasty generalization Questionable statistics False analogy Invalid in form Confusing assumptions with facts
DeVry ETHC 445 Week 1 Quiz Latest 2017
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Question 1.
Question : Which of the below behaviors are inappropriate in a course? Posting a racist comment in the threads TYPING IN ALL CAPITAL LETTERS IN THE THREADS Typing posts that contain poor grammar, spelling, and no punctuation, requiring others to guess at the meaning Postings such as this: “Can you use spell-check or proofread, or are you just too stupid?” All of the above
Question 2.
Question : Ethics involves issues of right and wrong, and emotionally charged issues and ideas; thus, the best way to ensure that my comments are taken in the way I mean them is to _____. generalize ideas about the racial or ethnic groups which display them consider the impact they may have on those who are different than me sit quietly in the corner of the discussions and hope that others will not ask for my input assume that other students will value what I value assume that the instructor will value everything I say or imply
Question 3.
Question : Posting in the course’s threaded discussions is an essential element in our online, asynchronous classroom. Which of the following is not an example of value-adding posting? Bringing an item that has been researched on the Internet with a quote and website link Simply bringing an opinion statement to the discussion with a phrase like, “Well, I think . . .” (Unsupported opinion) Adding wisdom to a discussion from your personal background or expertise Asking for clarification of the meaning of another student’s post Writing a response to another student’s post by name
Question 4.
Question : Which of the following is the most appropriate response for a student to post to another student who has posted this: WHAT IS WRONG WITH ALL OF YOU? YOU ARE AS STUPID AS A BOX OF ROCKS! Answer the post very directly and with capital letters for effect. Send an e-mail to that student to correct him or her. Post an equally strong rebuttal. Complain offline to your Student Advisor. Ignore this and allow your instructor to handle it – either directly with the offender or through Student Services.
Question 5.
Question : Choose from the following choices the way in which collegiality is expressed in our course. A certain tolerance for anger and expressions of it in posts Ignoring the good wisdom that students with particular knowledge bring to the discussions Behaving carefully so as to not cause offense to other students or quickly take offense at others Accusing other students of their biases and preconceptions Stating strong opinions and expecting others to follow suit
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