Eco 300, Spring 2003: Quizzes 5 through 9 (March 20 - May 8)

Eco 300 / Quiz #5 / Thurs., March 20, 2003 
1. What factor is cited as the reason why stock prices shot up on Monday?
2. Name a factor, other than "war jitters," that is causing economists to forecast slow growth for the first half of 2003.
3. Flexible wages are real wages that adjust quickly to eliminate any ____________________.
4. In the flexible-price model of the economy, real GDP equals ____________________ GDP.
5. The ___________________ product of labor is the extra output produced by the last worker.

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Eco 300 / Quiz #6 / Thurs., April 3, 2003
1. In the flexible-price model we're learning, consumption depends on baseline consumption, the marginal propensity to consume, and disposable _______________.
2. In the flexible-price model we're learning, the variable that adjusts to maintain equilibrium between savings and investment is the ________________________.
[three words]
3. In the flexible-price model we're learning, the ___________________ depends in part on the interest-rate differential between the home country and other countries.
4. Fed Governors Ben Bernanke and Donald Kohn are on opposite sides on the issue of _____________ targets.
5. The issue of "dynamic" scoring relates to the effects of ___________ on government revenues.
[two words]

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Eco 300 / Quiz #7 / Thurs., April 10, 2003
1. Why does the labor market appear to be weaker than the unemployment rate would indicate?
2. What is the "riddle" that the U.S. must solve before it can rebuild the Iraqi economy?
3. The tripling of oil prices in 1973-74 was an example of an adverse ____________ shock.
4. In the flow-of-funds market, the "price" variable on the vertical axis is the real _______________________.
[2 words]
5. In the model we've been using, total savings include household savings, government savings, and ________________________________.
[2, 3, or 4 words]

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Eco 300 / Quiz #8 / Thurs., April 24, 2003 
1. The growth of the ___________________ consumer price index over the past 12 months was less than the growth of the regular CPI.
2. Who does Pres. Bush say he wants to appoint to a fifth term? _______________________
3. ___________________ prices fail to adjust instantly to shifts in supply or demand.
4. If aggregate demand is less than potential output, the difference is _____________________________________________.
[2 or 3 words]
5. _________________ cycles are fluctuations in economic growth.

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Eco 300, Quiz #9 / Thurs., May 8, 2003

1. C + Iplanned + G + NX = aggregate _____________
2. The long-run aggregate _____________ curve is vertical at Y*.
3. Excess capacity in the manufacturing sector indicates deficient aggregate _____________.
4. Rapid productivity growth in manufacturing indicates growth of aggregate _____________.
5. The Fed suggested this week that it is concerned about the danger of ________________.