Practice Quiz

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61. What do Keynesians think the government should do during a recession?
  1. Increase spending.
  2. Cut spending.
  3. Decrease taxes.
  4. Keep inflation high.
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62. Which famous economist is not correctly paired with his seminal work?
  1. Capital - Karl Marx
  2. The Return of Depression Era Economics - Milton Friedman
  3. The Wealth of Nations - Adam Smith
  4. The General Theory of Employment, Interest and Money - John Maynard Keynes
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63. Which of the following is true of countries that have high Gini indices?
  1. Most of the wealth is concentrated in a small segment of society.
  2. They have achieved a high degree of gender equality.
  3. They are on track to meet the UN Millennium Development Goals.
  4. They exhibit a high standard of living.
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64. Which of the following would not be included in the USA GDP?
  1. Government spending
  2. The salary of a non-US citizen working in the US
  3. Profit from a factory owned by a US citizen but operated in Brazil
  4. Money spent by an Italian company in the US
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65. At an all-you-can-eat buffet, a person devours his first plate of food, enjoys the second and can’t eat the third. How might an economist explain this?
  1. The food’s marginal utility was decreasing.
  2. The supply curve was increasing.
  3. The food’s marginal cost was increasing.
  4. The food’s total utility was decreasing.
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