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Past Exam for ECON 2005 - Principles of Economics at Virginia Tech (VT)

Exam Information

Material Type:Exam 4
Professor:Staff
Class:ECON 2005 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:Fall 2001
Keywords:
  • Protectionism
  • Either...or
  • Decrease Increase
  • The Economy
  • Price Level
  • Infant Industry
  • Absolute Advantage
  • Recognition
  • Opportunity
  • Following Statements
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Sample Document Text

1. A(n) _________ in aggregate demand when the economy is operating at low levels of output is likely to result in a(n) _________ in output with little or no _________ in the overall price level. a. decrease, increase, decrease b. increase, decrease, decrease c. increase, increase, decrease d. increase, decrease, decrease e. increase, increase, increase 2. _________ represents the level of aggregate output that an economy can sustain in the long run without inflation. a. GNP b. Potential GDP c. Nominal GDP d. Real GDP e. GDP minus the change in business inventories 3. Refer to Figure 14.5. A decrease in the reserve requirement ratio by the Fed a. moves aggregate output from B to point A on AD . b. moves aggregate output from A to point B on AD . c. shifts the aggregate demand curve from AD to ADT. d. shifts the aggregate demand curve from AD to AD . e. does not affect the aggregate demand curve. 4. Refer to Figure 14.5. Which ...

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