ch17.docx
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ch17.docx
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ch17
Chapter17
MoneyGrowthandInflation
MULTIPLECHOICE
1.Inflationcanbemeasuredbythe
a.changeintheconsumerpriceindex.
b.percentagechangeintheconsumerpriceindex.
c.percentagechangeinthepriceofaspecificcommodity.
d.changeinthepriceofaspecificcommodity.
ANSWER:
b.percentagechangeintheconsumerpriceindex.
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2.Overthelast60yearstheaverageannualU.S.inflationratewasabout
a.2percent.
b.3percent.
c.5percent.
d.7percent.
ANSWER:
c.5percent.
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3.Overthelast60yearstheaverageannualU.S.inflationratewasabout
a.3percentimplyingthatpriceshaveincreased12-fold.
b.5percentimplyingthatpriceshaveincreased12-fold
c.3percentimplyingthatpriceshaveincreased18-fold.
d.5percentimplyingthatpricesincreasedabout18-fold.
ANSWER:
d.5percentimplyingthatpricesincreasedabout18-fold.
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4.Whenpricesarefalling,economistssaythatthereis
a.disinflation.
b.deflation.
c.acontraction.
d.aninvertedinflation.
ANSWER:
b.deflation.
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5.WhichofthefollowingstatementsaboutU.S.inflationisfalse?
a.LowinflationwasviewedasatriumphofPresidentCarter'seconomicpolicy.
b.Therewerelongperiodsinthenineteenthcenturyduringwhichpricesfell.
c.TheU.S.publichasviewedinflationofeven7percentasamajoreconomicproblem.
d.TheU.S.inflationratehasvariedovertime,butinternationaldatashowsevenmorevariation.
ANSWER:
a.LowinflationwasviewedasatriumphofPresidentCarter'seconomicpolicy.
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6.WhichofthefollowingconcerningthehistoryofU.S.inflationisfalse?
a.Pricesroseatanaverageannualrateofabout5percentoverthelast60years.
b.Therewasaboutan18-foldincreaseinthepriceleveloverthelast60years.
c.Inflationinthe1970swasbelowtheaverageoverthelast60years.
d.TheUnitedStateshasexperiencedperiodsofdeflation.
ANSWER:
c.Inflationinthe1970swasbelowtheaverageoverthelast60years.
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7.Therewashyperinflation
a.during1880–1896intheUnitedStates.
b.inpost–WorldWarIGermany.
c.duringthe1970sintheUnitedStates.
d.Alloftheabovearecorrect.
ANSWER:
b.inpost–WorldWarIGermany.
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8.Whichofthefollowingeventsinpost–WorldWarIGermanylikelycontributedtotheriseofNazismandWorldWarII?
a.deflationthatproveddetrimentaltofarmers
b.anaversiontoinflationbypolicymakersthatkeptwagesstagnant
c.anunexpecteddropininflationthathurtborrowers
d.anextraordinarilyhighrateofinflation
ANSWER:
d.anextraordinarilyhighrateofinflation
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9.Theclassicaltheoryofinflation
a.isalsoknownasthequantitytheoryofmoney.
b.wasdevelopedbysomeoftheearliesteconomicthinkers.
c.isusedbymostmoderneconomiststoexplainthelong-rundeterminantsoftheinflationrate.
d.Alloftheabovearecorrect.
ANSWER:
d.Alloftheabovearecorrect.
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10.Thequantitytheoryofmoney
a.isafairlyrecentadditiontoeconomictheory.
b.canexplainbothmoderateandhyperinflations.
c.arguesthatinflationiscausedbytoolittlemoneyintheeconomy.
d.Alloftheabovearecorrect.
ANSWER:
b.canexplainbothmoderateandhyperinflations.
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11.Economistsallagreethat
a.neitherhighinflationnormoderateinflationisverycostly.
b.bothhighandmoderateinflationarequitecostly.
c.highinflationiscostly,butdisagreeaboutthecostsofmoderateinflation.
d.moderateinflationisascostlyashighinflation.
ANSWER:
c.highinflationiscostly,butdisagreeaboutthecostsofmoderateinflation.
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12.Whenthepricelevelfalls,thenumberofdollarsneededtobuyarepresentativebasketofgoods
a.increases,sothevalueofmoneyrises.
b.increases,sothevalueofmoneyfalls.
c.decreases,sothevalueofmoneyrises.
d.decreases,sothevalueofmoneyfalls.
ANSWER:
c.decreases,sothevalueofmoneyrises.
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13.Whenthevalueofmoneyrises,thenumberofdollarsneededtobuyarepresentativebasketofgoods
a.increases,andsothepricelevelrises.
b.increases,andsothepricelevelfalls.
c.decreases,andsothepricelevelrises.
d.decreases,andsothepricelevelfalls.
ANSWER:
d.decreases,andsothepricelevelfalls.
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14.Whenthenumberofdollarsneededtobuyarepresentativebasketofgoodsfalls,thevalueofmoney
a.rises,andsothepricelevelrises.
b.rises,andsothepricelevelfalls.
c.falls,andsothepricelevelrises.
d.falls,andsothepricelevelfalls.
ANSWER:
b.rises,andsothepricelevelfalls.
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15.Thesupplycurveofmoneyisverticalbecausethequantityofmoneysuppliedincreases
a.whenthevalueofmoneyincreases.
b.whenthevalueofmoneydecreases.
c.onlyifpeopledesiretoholdmoremoney.
d.onlyifthecentralbankincreasesthemoneysupply.
ANSWER:
d.onlyifthecentralbankincreasesthemoneysupply.
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16.Thesupplyofmoneyisdeterminedby
a.thepricelevel.
b.theTreasuryandCongressionalBudgetOffice.
c.theFederalReserveSystem.
d.thedemandformoney.
ANSWER:
c.theFederalReserveSystem.
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17.Thesupplyofmoneyincreaseswhen
a.thevalueofmoneyincreases.
b.theinterestrateincreases.
c.theFedmakesopen-marketpurchases.
d.Noneoftheaboveiscorrect.
ANSWER:
c.theFedmakesopen-marketpurchases.
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18.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,anincreaseinthepricelevelcausesa
a.shifttotherightofthemoneydemandcurve.
b.shifttotheleftofthemoneydemandcurve.
c.movementtotheleftalongthemoneydemandcurve.
d.movementtotherightalongthemoneydemandcurve.
ANSWER:
d.movementtotherightalongthemoneydemandcurve.
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19.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,asthepricelevelincreasesthequantityofmoney
a.demandedincreases.
b.demandeddecreases.
c.suppliedincreases.
d.supplieddecreases.
ANSWER:
a.demandedincreases.
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20.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,asthepricelevelincreases,thevalueofmoney
a.increases,sothequantityofmoneydemandedincreases.
b.increases,sothequantityofmoneydemandeddecreases.
c.decreases,sothequantityofmoneydemandeddecreases.
d.decreases,sothequantityofmoneydemandedincreases.
ANSWER:
d.decreases,sothequantityofmoneydemandedincreases.
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21.Asthepriceleveldecreases,thevalueofmoney
a.increases,sopeoplewanttoholdmoreofit.
b.increases,sopeoplewanttoholdlessofit.
c.decreases,sopeoplewanttoholdmoreofit.
d.decreases,sopeoplewanttoholdlessofit.
ANSWER:
b.increases,sopeoplewanttoholdlessofit.
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MDIFFICULTY:
2SECTION:
17.1
22.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,themoneydemandcurveslopes
a.upwardbecauseathigherpricespeoplewanttoholdmoremoney.
b.downwardbecauseathigherpricespeoplewanttoholdmoremoney.
c.downwardbecauseathigherpricepeoplewanttoholdlessmoney.
d.upward,becauseathigherpricespeoplewanttoholdlessmoney.
ANSWER:
b.downwardbecauseathigherpricespeoplewanttoholdmoremoney.
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MDIFFICULTY:
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23.Whichofthefollowingiscorrect?
a.IftheFedpurchasesbondsintheopenmarket,thenthemoneysupplyshiftsright.Achangeinthepriceleveldoesnotshiftmoneysupply.
b.IftheFedsellsbondsintheopenmarket,thenmoneysupplyshiftsright.Achangeinthepriceleveldoesnotshiftmoneysupply.
c.IftheFedpurchasesbonds,thenthemoneysupplyshiftsright.Anincreaseinthepricelevelshiftsmoneysupplyright.
d.IftheFedpurchasesbonds,thenthemoneysupplyshiftsright.Adecreaseinthepricelevelshiftsmoneysupplyright.
ANSWER:
a.IftheFedpurchasesbondsintheopenmarket,thenthemoneysupplyshiftsright.Achangeinthepriceleveldoesnotshiftmoneysupply.
TYPE:
MDIFFICULTY:
1SECTION:
17.1
24.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,anincreaseinthemoneysupplyshiftsthemoneysupplycurvetothe
a.right,loweringthepricelevel.
b.right,raisingthepricelevel.
c.left,raisingthepricelevel.
d.left,loweringthepricelevel.
ANSWER:
b.right,raisingthepricelevel.
TYPE:
MDIFFICULTY:
1SECTION:
17.1
25.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,anincreaseinthemoneysupply
a.increasesthepricelevelandthevalueofmoney.
b.increasesthepricelevelanddecreasesthevalueofmoney.
c.decreasesthepricelevelandincreasesthevalueofmoney.
d.decreasesthepricelevelandthevalueofmoney.
ANSWER:
b.increasesthepricelevelanddecreasesthevalueofmoney.
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26.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,anincreaseinthemoneysupplycausestheequilibriumvalueofmoney
a.andequilibriumquantityofmoneytoincrease.
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