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ECN 211: Macroeconomic Principles (2024 Fall C)

Principles of Accounting II

Business Law

Introduction to Statistics

Strategic and Enterprenural Thinking

1. Economic models

Suppose an economist theorizes that the price level in the economy is directly related to the money supply, or the amount of money in circulation in the economy. The economist proposes the following relationship:

P = A \times M

•	$P = Price Level$
•	$M = Money Supply$
•	$A = A composite of other factors, including real GDP, that change very slowly over time.$

What method could an economist use to gather empirical data in order to test the proposed relationship between money and the price level?

Economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy.

An economist would look for data on past changes in the money supply and note the resulting changes in the price level.

An economist would persuade the Federal Reserve to change the money supply to various levels, and observe the resulting changes in the price level.

Unlike researchers in the hard sciences, economists cannot study complex relationships using data.

b) An economist would look for data on past changes in the money supply and note the resulting changes in the price level.What method could an economist use to gather empirical data in order to test the proposed relationship between money and the price level?Economists do not usually develop theoret...

Posted by Cleveland on August 29, 2024

Suppose two economists are arguing about policies that deal with unemployment. One economist says, "The government could lower unemployment by one percentage point if it would just increase government spending by 50 billion dollars." The other economist responds, "That's ridiculous. If the government spent an additional 50 billion dollars, it would reduce unemployment by only one-tenth of 1 percent, and that effect would only be temporary!" These economists ________.

a. disagree because they have different scientific judgments

b. disagree because they have different values

c. really don't disagree at all. It just looks that way

d. do none of the answer choices

a. disagree because they have different scientific judgments...

Posted by Cleveland on August 29, 2024

Suppose two economists are arguing about policies that deal with unemployment. One economist says, "The government should fight unemployment because it is the greatest social evil." The other economist responds, "That's ridiculous. Inflation is the greatest social evil." These economists ________.

a. disagree because they have different scientific judgments

b. disagree because they have different values

c. really don't disagree at all. It just looks that way

d. do none of the answer choices

b. disagree because they have different values...

Posted by Cleveland on August 29, 2024

Positive statements are ________.

a. microeconomic

b. macroeconomic

c. statements of prescription that involve value judgments

d. statements of description that can be tested

d. statements of description that can be tested...

Posted by Cleveland on August 29, 2024

In making which of the following statements is an economist acting more like a scientist?

a. The rate of inflation should be reduced because it robs the elderly of their savings.

b. The state should increase subsidies to universities because the future of our country depends on education.

c. The unemployment rate should be reduced because unemployment robs individuals of their dignity.

d. A reduction in unemployment benefits will reduce the unemployment rate.

d. A reduction in unemployment benefits will reduce the unemployment rate....

Posted by Cleveland on August 29, 2024

Which of the following statements is normative?

a. Large government deficits cause an economy to grow more slowly.

b. The unemployment rate should be lower.

c. People work harder if the wage is higher.

d. Printing too much money causes inflation

b) The unemployment rate should be lower...

Posted by Cleveland on August 29, 2024

Which of the following statements about microeconomics and macroeconomics is not true?

a. The study of very large industries is a topic within macroeconomics.

b. Microeconomics and macroeconomics cannot be entirely separated.

c. Macroeconomics is concerned with economy-wide phenomena.

d. Microeconomics is a building block for macroeconomics.

a. The study of very large industries is a topic within macroeconomics...

Posted by Cleveland on August 29, 2024

Which of the following issues is related to microeconomics?

a. The impact of oil prices on auto production

b. The impact of the deficit on saving

c. The impact of the quantity of money on inflation

d. The impact of technology on economic growth

a) The impact of oil prices on auto production...

Posted by Cleveland on August 29, 2024

Use the Exhibit image to answer the question.

As we move from point A to point D, ________.

a. the opportunity cost of eggs in terms of bacon is constant

b. the opportunity cost of eggs in terms of bacon falls

c. the opportunity cost of eggs in terms of bacon rises

d. the economy becomes more efficient

e. the economy becomes less efficient

b. the opportunity cost of eggs in terms of bacon rises...

Posted by Cleveland on August 29, 2024

Use the Exhibit image to answer the question.

Point F represents ________.

a. a combination of production that can be reached if we reduce the production of eggs by 20 units

b. a combination of production that is inefficient because there are unemployed resources

c. a combination of production that can be reached if there is a sufficient advance in technology

d. none of the answer choices

a combination of production that can be reached if there is a sufficient advance in technology...

Posted by Cleveland on August 29, 2024

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1. Economic models

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