Introduction to Economics 2 Ara 1. Deneme Sınavı
Toplam 20 Soru1.Soru
In an economy with marginal propensities to save and to import are 0.30 and 0.20, respectively, what is the net effect of 250-lira increase in government expenditures and taxes on income?
125
|
175
|
250
|
375 |
500 |
Since government expenditure increase is totally financed by tax increase, there will be an increase in income that equals expenditure increase considering the balanced budget multiplier concept.
2.Soru
When calculating GDP, which of the following is not included?
Investment expenditures of the government
|
Consumption expenditures of the government
|
Investment expenditures of firms
|
Interest payments in the economy |
Net export revenue obtained from abroad |
The transactions which are completely financial are not included into GDP. This kind of financial transactions consist of transfer payments of public and private sectors, as well as buying/ selling transactions of securities.
3.Soru
Which of the followings are not among the issues defined by macroeconomics?
unemployment
|
inflation
|
consumer behavior
|
economic stagnation |
balance of payment |
If you remember, microeconomics analyses how a market for a single good operates and how individual decision makers(households and businesses) behave. Macroeconomics as a science primarily defines hundreds of concepts such as unemployment, inflation, economic stagnation, balance of payments and monetary policy among others.
4.Soru
……………are the factors that cause autonomous components of aggregate expenditures to reduce.
Which word below best completes the definition above?
Leakages
|
Taxes
|
Expenditures
|
Injections |
Exports |
Leakages are the factors that cause autonomous components of aggregate expenditures to reduce.
5.Soru
What is the name of the situation at which increasing saving reduces the consumption expenditures and, consequently, the income?
Fisher Effect
|
Gibson Paradox
|
Pigou Effect
|
Saving Paradox |
Consumption Paradox |
When the households decide to increase their savings without a change in income level, interesting contradiction called as saving paradox will arise. Planning to increase savings also means planning less consumption at the same time. As a result of the decrease in consumption, aggregate expenditure, i.e., aggregate demand, will decrease. In this case, the decrease in aggregate expenditures leads to an increase in stocks. This increase in stocks will lead to production level of firms and income level to decrease.
6.Soru
Which of the following is the primary automatic stabilizer?
Production surplus
|
Public sector revenues
|
Inflationary gap
|
Inflationary pressure |
Income tax |
The primary automatic stabilizer is the income tax. Of the income taxes, automatic stabilizer characteristic is more clear and also significant in progressive income tax. Taxes collected over income are in the center of a tax system. When production (i.e., income) increases in an economy, total income tax revenue of the government increases as well and vice versa. In progressive income tax system, tax rate that a person has to pay increases with the income of that person obtains.
7.Soru
Which of the following is true for mercantilism?
Individuals are important
|
Wealth consists of foreign exchange
|
It is a socialist view
|
Import should be higher than export |
It is a very recent concept |
In mercantilism, the basic idea is the wealth of society. But according to the socialist view, all production factors must belong to the governments and as a rule, all economic activities performed by the government constitute the basis. In Keynes’ studies, it is argued that fiscal policy tools must be used efficiently to end a recession. Accordingly, issues such as unemployment and inflation may be affected by taxation and spending policies, and serious slowdowns in economic activities and depressions may be prevented. Keynesian view charges the government to direct the economic life by fiscal policy. But in present time, with the effect of developments such as accelerating globalization and financialization, government shortens some of its functions while enlarging the scope of some of its tasks.
8.Soru
If the marginal propensities to save and import are 0.40 and 0.10, respectively, what is the value of tax multiplier?
-1.5
|
-1
|
0
|
1 |
1.5 |
9.Soru
Based on the aggregate expenditure function in the chart, at an income level of 600 liras, what is the relationship among planned expenditures, income and stocks?
Since planned aggregate expenditures are greater than income, stocks decrease
|
Since planned aggregate expenditures are greater than income, stocks increase
|
Since planned aggregate expenditures are less than income, stocks decrease
|
Since planned aggregate expenditures are less than income, stocks increase |
Since planned aggregate expenditures are equal to income, stocks do not change |
Aggregate expenditures are higher than GDP in the income levels when AE function is above the 45° line. In this case, the GDP will change towards the equilibrium level and when the equilibrium point is reached, the change will end. Unexpected (unplanned) stock change values are negative in income levels below 1,000 TL in the figure. These negative values represent the decrease in stocks. Production will increase to replace this decline in stocks. Thus, GDP will change in the direction of increase.
10.Soru
Which of the followings states that each supply creates its own demand?
Economic Equilibrium
|
Classical Model
|
Say’s Law
|
Keynesian Model |
Saving Paradox |
Say’s Law states that each supply creates its own demand.
11.Soru
Which of the following is defined as the portion of consumption expenditures that is independent of income?
Marginal propensity
|
Consumption expenditures
|
Average propensity
|
Consumption function
|
Autonomous consumption |
Even if the income level is zero, consumption expenditures are positive. This shows that there is a part of the consumption expenditures that is not related to income. This part of the consumption expenditure, which is independent of income, is called autonomous consumption.
12.Soru
Which one shows the economic performance of a country accurately?
Unemployment rate
|
Export income
|
National income
|
Monetary payment |
Metal stock |
Today, national income figures obtained as a result of national income accounting system of a country is the basic measurement tool. While the economic approach named mercantilism was used in 17th and 18th centuries, many people believed that the best way to measure the economic performance of a country was the precious metal stock that country had.
13.Soru
What should be the direction of fiscal policy when deflationary gap in the economy is wanted to be eliminated by using aggregate expenditure function?
Neutral
|
Contractionary
|
Expansionary
|
Equitable |
Fiscal policy cannot be used |
The situation in which an economy operates with insufficient expenditure level is called as having a deflationary gap. In order to reach the full employment output level, in other words, to close the deflationary gap by eliminating spending gap in the economy, it is required to shift aggregate expenditure function upward. For the government to shift aggregate expenditure function upward there are three ways: decrease taxes, increase public expenditures and make the investments to be more profitable. Arranging fiscal policy to increase aggregate expenditures is called as expansionary fiscal policy.
14.Soru
The amount of goods and services that are desired to be produced in the economy is called ________.
national supply
|
flexible supply
|
interest supply
|
accumulative supply |
aggregate supply |
Aggregate supply refers to the amount of goods and services that are desired to be produced in the economy.
15.Soru
Which of the following is defined as the factors that cause autonomous components of aggregate expenditures to reduce?
Exports
|
Demands
|
Savings
|
Injections |
Leakages |
Leakages are used to denote reductions in autonomous components of aggregate expenditures. It is possible to mention three types of leakages from the income-expenditure flow: savings, taxes and imports for an open economy. In other words, leakages are the factors that cause autonomous components of aggregate expenditures to reduce.
16.Soru
Which of the following represents the sum of the income generated by the production factors?
Gross domestic product
|
Gross national product
|
National income
|
Net domestic product |
Personal income |
The total of wage, interest, profit and rent earnings obtained as a result of joining the production activities is the total of revenues obtained. The total of revenues obtained by production factors in a country is called the national income.
17.Soru
What refers to the ratio of change in import to change in income?
Average propensity to save |
Marginal propensity to consume |
Average propensity to consume |
Marginal propensity to save |
Marginal propensity to import |
Marginal propensity to import is the ratio of change in import to change in income.
18.Soru
What happens when the economy reaches an equilibrium below its full employment level of GDP, occurs?
the inflationary gap
|
leakages
|
aggregate expenditure
|
the deflationary gap |
equilibrium in economy |
When the economy reaches an equilibrium below its full employment level of GDP, the deflationary gap occurs.
19.Soru
What refers to the part of the expenditure that exceeds the income?
Autonomous consumption |
Negative saving |
Saving function |
Marginal propensity to consume |
Marginal propensity to save |
Negative saving is the part of the expenditure that exceeds the income.
20.Soru
What is the level of income at which planned aggregate expenditures are equal to GDP?
Zero level of aggregate expenditures
|
The lowest level of GDP
|
The highest level of GDP
|
Average level of GDP
|
Equilibrium level of GDP |
Aggregate demand represents the level of expenditure that economic units are planning to make at various income levels. Therefore, the determination of equilibrium income and expenditure level for an economy is the period of determining the level of income and expenditure, which is equal to what is planned and realized.
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