. .Document Preview:Exam FourAttempt 1 Top of Form Question 1 Marks: 1 In the short run, which of the following determines the level of real GDP? Choose one answer. ? a. prices ? ? b. stock prices ? ? c. wages ? ? d. aggregate demand ? Question 2 Marks: 1 Active economic policies are more likely to destabilize the economy if: Choose one answer. ? a. Says law prevails. ? ? b. the wage-price spiral is downward sloping. ? ? c. policy lags are short. ? ? d. the wage-price adjustment is quick enough. ? Question 3 Marks: 1 Net international investment position refers to: Choose one answer. ? a. foreign holdings of domestic assets minus domestic holdings of foreign assets. ? ? b. domestic holdings of foreign assets minus the purchase of foreign goods and services by ? ? c. domestic holdings of foreign assets minus foreign holdings of domestic assets. ? ? d. foreign holdings of domestic assets minus the purchase of domestic goods and services by ? Question 4 Marks: 1 The rate at which nations will exchange goods and service is known as the: Choose one answer. ? a. transfer rate. ? ? b. exchange rate. ? ? c. terms of exchange. ? ? d. terms of trade. ? Question 5 Marks: 1 The shoeleather cost of inflation refers to: Choose one answer. ? a. the fact that inflation leads to an increase in the price of all goods, including shoe leather. ? ? b. the fall in real income associated with inflation. ? ? c. the fall in purchasing power associated with inflation. ? ? d. costs that arise from trying to reduce holdings of cash. ? Question 6 Marks: 1 One effect of removing capital gains tax is that: Choose one answer. ? a. it promotes social equality. ? ? b. it makes the income tax system more progressive. ? ? c. it promotes a flat tax system. ? ? d. it promotes social inequality ? Question 7 Marks: 1 The Aggregate Demand Curve shows the relationship between prices and the Choose one answer. ? a. level of nominal Attachments: ex2301ma-4.rtf
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