ECO 302 Week 10 Quiz - Strayer



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Quiz Chapter 16

TRUE/FALSE

            1.         A model with sticky prices and nominal wages is a disequilibrium model.

                                   

            2.         Menu costs are the posted prices of a firm.

                                   

            3.         In the short run in a model with sticky prices, a monetary surprise affects labor demand and real output.

                                   

            4.         In the long run in a model with sticky prices, a monetary surprise affects labor demand and real output.

                                   

            5.         A new Keynesian model produces a countercyclical pattern of the average product of labor while in the data the average product of labor is weakly procyclical.

                                   

            6.         In the new Keynesian model, an increase in household consumption will increase output by more than the original increase in consumption.

                                   

            7.         In the new Keynesian model, a monetary expansion will decrease output in the short run.

                                   

            8.         In a model with imperfect competition, a firm will set its price equal to its nominal marginal cost.

                                   

            9.         In the Keynesian model with sticky nominal wages, the nominal wage rate is fixed above its market-clearing value.

                                   

            10.       In the Keynesian model with sticky nominal wages, a monetary expansion does not affect the real wage rate.

                                   

            11.       The Federal Funds rate is determined in the market for bonds issued by the U.S. Treasury.

                                   

MULTIPLE CHOICE

            1.         Menu costs are:
a.         the posted prices of a firm.     c.         are set by the government.
b.         the costs of changing prices.   d.         are the long run costs of the firm.


                                   

            2.         Sticky prices are:
a.         real prices that do not rapidly respond to changed circumstances.    c.         nominal prices that do not rapidly respond to changed circumstances.
b.         prices set by government.       d.         prices that can never be changed.


                                   

            3.         In the model of price setting, the demand for the firms product is:
a.         positively related to real income in the economy.       c.         negatively related to the real wage the firm pays.
b.         positively related to the firms price relative to the price level.           d.         all of the above.


                                   

            4.         In the model of price setting, the demand for the firms product is:
a.         negatively related to real income in the economy.      c.         negatively related to the real wage the firm pays.
b.         negatively to the firms price relative to the price level.          d.         all of the above.


                                   

            5.         A firm’s markup ratio is:
a.         its price relative to the price level.      c.         it price relative to its marginal costs.
b.         the price level relative to its marginal costs.   d.         its marginal cost relative to the price level.


                                   

            6.         In the model of price setting, the demand for the firm’s price is:
a.         positively related to the markup ratio.            c.         negatively related to the firm’s marginal product of labor.
b.         positively related to the nominal wage the firm pays.            d.         all of the above.


                                   

            7.         In the model of price setting, the demand for the firm’s price is:
a.         positively related to the markup ratio.            c.         positively related to the firm’s marginal product of labor.
b.         negatively related to the nominal wage the firm pays.           d.         all of the above.


                                   

            8.         In the model of price setting, the demand for the firm’s price is:
a.         negatively related to the markup ratio.           c.         positively related to the firm’s marginal product of labor.
b.         positively related to the nominal wage the firm pays.            d.         all of the above.



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