[["Question: Which of the following is true of a typical contraction of the business cycle?\nChoices:\nA. Consumption is falling but household wealth is rising.\nB. Consumption is increasing.\nC. Private investment is rising.\nD. Employment and inflation are low.\nAnswer:", " Consumption is falling but household wealth is rising."], ["Question: Which of the following is true of a typical contraction of the business cycle?\nChoices:\nA. Consumption is falling but household wealth is rising.\nB. Consumption is increasing.\nC. Private investment is rising.\nD. Employment and inflation are low.\nAnswer:", " Consumption is increasing."], ["Question: Which of the following is true of a typical contraction of the business cycle?\nChoices:\nA. Consumption is falling but household wealth is rising.\nB. Consumption is increasing.\nC. Private investment is rising.\nD. Employment and inflation are low.\nAnswer:", " Private investment is rising."], ["Question: Which of the following is true of a typical contraction of the business cycle?\nChoices:\nA. Consumption is falling but household wealth is rising.\nB. Consumption is increasing.\nC. Private investment is rising.\nD. Employment and inflation are low.\nAnswer:", " Employment and inflation are low."], ["Question: The short-run Phillips curve depicts the ____ relationship between ____ and ____.\nChoices:\nA. positive price level interest rate\nB. negative interest rate private investment\nC. negative the inflation rate the unemployment rate\nD. positive price level real GDP\nAnswer:", " positive price level interest rate"], ["Question: The short-run Phillips curve depicts the ____ relationship between ____ and ____.\nChoices:\nA. positive price level interest rate\nB. negative interest rate private investment\nC. negative the inflation rate the unemployment rate\nD. positive price level real GDP\nAnswer:", " negative interest rate private investment"], ["Question: The short-run Phillips curve depicts the ____ relationship between ____ and ____.\nChoices:\nA. positive price level interest rate\nB. negative interest rate private investment\nC. negative the inflation rate the unemployment rate\nD. positive price level real GDP\nAnswer:", " negative the inflation rate the unemployment rate"], ["Question: The short-run Phillips curve depicts the ____ relationship between ____ and ____.\nChoices:\nA. positive price level interest rate\nB. negative interest rate private investment\nC. negative the inflation rate the unemployment rate\nD. positive price level real GDP\nAnswer:", " positive price level real GDP"], ["Question: If firms that make a particular product expect its price will be lower in the future\nChoices:\nA. this will cause the supply of the product to increase right now.\nB. this will cause the supply of the product to decrease right now.\nC. this will have no effect on the amount of the product supplied right now.\nD. this will have no effect on the supply of the product now or later.\nAnswer:", " this will cause the supply of the product to increase right now."], ["Question: If firms that make a particular product expect its price will be lower in the future\nChoices:\nA. this will cause the supply of the product to increase right now.\nB. this will cause the supply of the product to decrease right now.\nC. this will have no effect on the amount of the product supplied right now.\nD. this will have no effect on the supply of the product now or later.\nAnswer:", " this will cause the supply of the product to decrease right now."], ["Question: If firms that make a particular product expect its price will be lower in the future\nChoices:\nA. this will cause the supply of the product to increase right now.\nB. this will cause the supply of the product to decrease right now.\nC. this will have no effect on the amount of the product supplied right now.\nD. this will have no effect on the supply of the product now or later.\nAnswer:", " this will have no effect on the amount of the product supplied right now."], ["Question: If firms that make a particular product expect its price will be lower in the future\nChoices:\nA. this will cause the supply of the product to increase right now.\nB. this will cause the supply of the product to decrease right now.\nC. this will have no effect on the amount of the product supplied right now.\nD. this will have no effect on the supply of the product now or later.\nAnswer:", " this will have no effect on the supply of the product now or later."], ["Question: Which of the following is a predictable consequence of import quotas?\nChoices:\nA. Increased competition and lower consumer prices\nB. Increased government tax revenue from imported goods\nC. Rising net exports and a rightward shift in aggregate supply\nD. Higher consumer prices and a misallocation of resources away from efficient producers\nAnswer:", " Increased competition and lower consumer prices"], ["Question: Which of the following is a predictable consequence of import quotas?\nChoices:\nA. Increased competition and lower consumer prices\nB. Increased government tax revenue from imported goods\nC. Rising net exports and a rightward shift in aggregate supply\nD. Higher consumer prices and a misallocation of resources away from efficient producers\nAnswer:", " Increased government tax revenue from imported goods"], ["Question: Which of the following is a predictable consequence of import quotas?\nChoices:\nA. Increased competition and lower consumer prices\nB. Increased government tax revenue from imported goods\nC. Rising net exports and a rightward shift in aggregate supply\nD. Higher consumer prices and a misallocation of resources away from efficient producers\nAnswer:", " Rising net exports and a rightward shift in aggregate supply"], ["Question: Which of the following is a predictable consequence of import quotas?\nChoices:\nA. Increased competition and lower consumer prices\nB. Increased government tax revenue from imported goods\nC. Rising net exports and a rightward shift in aggregate supply\nD. Higher consumer prices and a misallocation of resources away from efficient producers\nAnswer:", " Higher consumer prices and a misallocation of resources away from efficient producers"], ["Question: The domestic purchasing power of a currency\nChoices:\nA. varies directly with the cost of living\nB. is inversely related to the savings rate\nC. is inversely related to the price level\nD. varies directly with economic growth\nAnswer:", " varies directly with the cost of living"], ["Question: The domestic purchasing power of a currency\nChoices:\nA. varies directly with the cost of living\nB. is inversely related to the savings rate\nC. is inversely related to the price level\nD. varies directly with economic growth\nAnswer:", " is inversely related to the savings rate"], ["Question: The domestic purchasing power of a currency\nChoices:\nA. varies directly with the cost of living\nB. is inversely related to the savings rate\nC. is inversely related to the price level\nD. varies directly with economic growth\nAnswer:", " is inversely related to the price level"], ["Question: The domestic purchasing power of a currency\nChoices:\nA. varies directly with the cost of living\nB. is inversely related to the savings rate\nC. is inversely related to the price level\nD. varies directly with economic growth\nAnswer:", " varies directly with economic growth"], ["Question: Rising prices are a problem because\nChoices:\nA. money in household savings accounts can now buy fewer goods and services.\nB. household incomes generally do not rise with prices.\nC. the economy could run out of money.\nD. borrowers have to repay loans with more dollars.\nAnswer:", " money in household savings accounts can now buy fewer goods and services."], ["Question: Rising prices are a problem because\nChoices:\nA. money in household savings accounts can now buy fewer goods and services.\nB. household incomes generally do not rise with prices.\nC. the economy could run out of money.\nD. borrowers have to repay loans with more dollars.\nAnswer:", " household incomes generally do not rise with prices."], ["Question: Rising prices are a problem because\nChoices:\nA. money in household savings accounts can now buy fewer goods and services.\nB. household incomes generally do not rise with prices.\nC. the economy could run out of money.\nD. borrowers have to repay loans with more dollars.\nAnswer:", " the economy could run out of money."], ["Question: Rising prices are a problem because\nChoices:\nA. money in household savings accounts can now buy fewer goods and services.\nB. household incomes generally do not rise with prices.\nC. the economy could run out of money.\nD. borrowers have to repay loans with more dollars.\nAnswer:", " borrowers have to repay loans with more dollars."], ["Question: A difference between M1 and M2 is that\nChoices:\nA. M1 is a first mortgage and M2 is a second mortgage\nB. M2 is M1 plus assets that are more liquid\nC. M2 includes savings deposits\nD. M1 is larger than M2\nAnswer:", " M1 is a first mortgage and M2 is a second mortgage"], ["Question: A difference between M1 and M2 is that\nChoices:\nA. M1 is a first mortgage and M2 is a second mortgage\nB. M2 is M1 plus assets that are more liquid\nC. M2 includes savings deposits\nD. M1 is larger than M2\nAnswer:", " M2 is M1 plus assets that are more liquid"], ["Question: A difference between M1 and M2 is that\nChoices:\nA. M1 is a first mortgage and M2 is a second mortgage\nB. M2 is M1 plus assets that are more liquid\nC. M2 includes savings deposits\nD. M1 is larger than M2\nAnswer:", " M2 includes savings deposits"], ["Question: A difference between M1 and M2 is that\nChoices:\nA. M1 is a first mortgage and M2 is a second mortgage\nB. M2 is M1 plus assets that are more liquid\nC. M2 includes savings deposits\nD. M1 is larger than M2\nAnswer:", " M1 is larger than M2"], ["Question: Which of the following is an example of expansionary monetary policy for the Federal Reserve?\nChoices:\nA. Increasing the discount rate\nB. Increasing the reserve ratio\nC. Buying Treasury securities from commercial banks\nD. Lowering income taxes\nAnswer:", " Increasing the discount rate"], ["Question: Which of the following is an example of expansionary monetary policy for the Federal Reserve?\nChoices:\nA. Increasing the discount rate\nB. Increasing the reserve ratio\nC. Buying Treasury securities from commercial banks\nD. Lowering income taxes\nAnswer:", " Increasing the reserve ratio"], ["Question: Which of the following is an example of expansionary monetary policy for the Federal Reserve?\nChoices:\nA. Increasing the discount rate\nB. Increasing the reserve ratio\nC. Buying Treasury securities from commercial banks\nD. Lowering income taxes\nAnswer:", " Buying Treasury securities from commercial banks"], ["Question: Which of the following is an example of expansionary monetary policy for the Federal Reserve?\nChoices:\nA. Increasing the discount rate\nB. Increasing the reserve ratio\nC. Buying Treasury securities from commercial banks\nD. Lowering income taxes\nAnswer:", " Lowering income taxes"], ["Question: A nation that must consistently borrow to cover annual budget deficits risks\nChoices:\nA. a depreciation of the nation's currency as foreigners increase investment in the nation.\nB. a decline in net exports as the nation's goods become more expensive to foreign consumers.\nC. lower interest rates that discourage foreign investment in the nation.\nD. an appreciation of the nation's currency as foreigners decrease investment in the nation.\nAnswer:", " a depreciation of the nation's currency as foreigners increase investment in the nation."], ["Question: A nation that must consistently borrow to cover annual budget deficits risks\nChoices:\nA. a depreciation of the nation's currency as foreigners increase investment in the nation.\nB. a decline in net exports as the nation's goods become more expensive to foreign consumers.\nC. lower interest rates that discourage foreign investment in the nation.\nD. an appreciation of the nation's currency as foreigners decrease investment in the nation.\nAnswer:", " a decline in net exports as the nation's goods become more expensive to foreign consumers."], ["Question: A nation that must consistently borrow to cover annual budget deficits risks\nChoices:\nA. a depreciation of the nation's currency as foreigners increase investment in the nation.\nB. a decline in net exports as the nation's goods become more expensive to foreign consumers.\nC. lower interest rates that discourage foreign investment in the nation.\nD. an appreciation of the nation's currency as foreigners decrease investment in the nation.\nAnswer:", " lower interest rates that discourage foreign investment in the nation."], ["Question: A nation that must consistently borrow to cover annual budget deficits risks\nChoices:\nA. a depreciation of the nation's currency as foreigners increase investment in the nation.\nB. a decline in net exports as the nation's goods become more expensive to foreign consumers.\nC. lower interest rates that discourage foreign investment in the nation.\nD. an appreciation of the nation's currency as foreigners decrease investment in the nation.\nAnswer:", " an appreciation of the nation's currency as foreigners decrease investment in the nation."], ["Question: When the value of the U.S. dollar appreciates relative to other currencies which of the following is the most likely to occur?\nChoices:\nA. Imports into the United States will decrease.\nB. Exports from the United States will increase.\nC. U.S. residents will take more vacations in foreign countries.\nD. More foreign visitors will travel to the United States.\nAnswer:", " Imports into the United States will decrease."], ["Question: When the value of the U.S. dollar appreciates relative to other currencies which of the following is the most likely to occur?\nChoices:\nA. Imports into the United States will decrease.\nB. Exports from the United States will increase.\nC. U.S. residents will take more vacations in foreign countries.\nD. More foreign visitors will travel to the United States.\nAnswer:", " Exports from the United States will increase."], ["Question: When the value of the U.S. dollar appreciates relative to other currencies which of the following is the most likely to occur?\nChoices:\nA. Imports into the United States will decrease.\nB. Exports from the United States will increase.\nC. U.S. residents will take more vacations in foreign countries.\nD. More foreign visitors will travel to the United States.\nAnswer:", " U.S. residents will take more vacations in foreign countries."], ["Question: When the value of the U.S. dollar appreciates relative to other currencies which of the following is the most likely to occur?\nChoices:\nA. Imports into the United States will decrease.\nB. Exports from the United States will increase.\nC. U.S. residents will take more vacations in foreign countries.\nD. More foreign visitors will travel to the United States.\nAnswer:", " More foreign visitors will travel to the United States."]]