Question: ______________________ chose high-voltage heavy metal as the style of music they wanted to play and even named themselves after electricity currents.
Correct Answer: AC/DC
Question: ______________________ was a singer/songwriter who typically accompanied herself with a folk-styled acoustic guitar or mountain dulcimer.
Correct Answer: Joni Mitchell
Question: The lead guitarist of ______________________ used classical techniques on the guitar to create sounds that were new to rock guitar.
Correct Answer: Van Halen
Question: ______________________ was named after a medieval torture and execution device.
Correct Answer: Iron Maiden
Question: ______________________ chose high-voltage heavy metal as the style of music they wanted to play and even named themselves after electricity currents.
Correct Answer: AC/DC
Question: ______________________ was a singer/songwriter who typically accompanied herself with a folk-styled acoustic guitar or mountain dulcimer.
Correct Answer: Joni Mitchell
Question: The lead guitarist of ______________________ used classical techniques on the guitar to create sounds that were new to rock guitar.
Correct Answer: Van Halen
Question: ______________________ was named after a medieval torture and execution device.
Correct Answer: Iron Maiden
Question: Match the following bands to the correct genre.
Correct Answer: The Doors – Psychedelic Rock Lynyrd Skynyrd – Southern Rock Poison – Glam Rock Metallica – Speed Metal Creedence Clearwater Revival – Country Rock
Question: Suppose that the overall price level increased between 2018 and 2019. During this time, technology improved, the education level of the labor force increased, the average personal savings increased and investment spending increased. What must be true?
Answer Options: Between 2018 and 2019, the AD curve shifted farther to the right than the AS curve. Between 2018 and 2019, the AD curve shifted farther to the left than the AS curve. Between 2018 and 2019, the AS curve shifted farther to the right than the AD curve. Between 2018 and 2019, the AD curve and the AS curve shifted by the same amount, returning the economy to full employment. Correct Answer: Between 2018 and 2019, the AD curve shifted farther to the right than the AS curve.
Question: Which of the following is true regarding different types of inflation?
Answer Options: Cost-push inflation is accompanied by higher unemployment. Cost-push inflation is accompanied by lower unemployment. Demand-pull inflation is accompanied by higher unemployment. Deflation is always accompanied by lower unemployment. Correct Answer: Cost-push inflation is accompanied by higher unemployment.
Question: In the model of aggregate demand and aggregate supply, aggregate quantity demanded is measured as:
Answer Options: Real GDP Nominal GDP The total quantity of goods and services bought and sold in an economy Correct Answer: Real GDP
Question: One of the reasons that Aggregate Demand shows an inverse relationship between prices and the market value of output is the “wealth effect”. Which of the following is the best description of the wealth effect?
Answer Options: There is a positive relationship between the overall price level and the wealth of consumers and investors. There is an inverse relationship between the overall price level and the wealth of consumers and investors. Higher interest rates increase the value of savings. Higher prices may cause people to save less money, causing interest rates to rise, which may decrease the amount of investment and consumption in an economy. Correct Answer: There is an inverse relationship between the overall price level and the wealth of consumers and investors.
Question: A decrease in the overall price level (deflation) will cause the aggregate demand curve to shift to the right.
Answer Options: True False Correct Answer: False
Question: Assuming that some nominal prices are set for lengthy periods (e.g., prices displayed on menus or catalogs), which of the following is an accurate description of why the short-run aggregate supply curve (SRAS) might shift to the right?
Answer Options: If inflation is higher than expected, consumers gain higher than expected economic surplus from purchases, which increases sales and creates an incentive for higher production. If inflation is lower than expected, consumers gain higher than expected economic surplus from purchases, which increases sales and creates an incentive for higher production. If inflation is higher than expected, consumers gain lower than expected economic surplus from purchases, which decreases sales and creates a disincentive for higher production. If inflation is lower than expected, consumers gain lower than expected economic surplus from purchases, which decreases sales and creates a disincentive for higher production. Correct Answer: If inflation is lower than expected, consumers gain higher than expected economic surplus from purchases, which increases sales and creates an incentive for higher production.
Question: Which of the following is the best explanation for the shape of the long-run aggregate supply curve (LRAS)?
Answer Options: The long-run aggregate supply curve is upward-sloping because of sticky wages and sticky prices. The long-run aggregate supply curve is upward-sloping because of the real interest rate effect and the international substitution effect. The long-run aggregate supply curve is vertical because the short-run aggregate supply curve will eventually shift in response to demand-induced changes in the overall price level. The long-run aggregate supply curve is vertical because the quantity of real output produced in an economy cannot change over time. Correct Answer: The long-run aggregate supply curve is vertical because the quantity of real output produced in an economy cannot change over time.
Question: Which of the following are considered money? (choose all that are correct)
Answer Options: Paper and coin currency Demand deposits Credit cards Stocks and bonds Gold and silver Real estate Correct Answer: Paper and coin currency Demand deposits
Question: Which of the following goals is the Federal Reserve mandated to achieve? (choose all that are correct)
Answer Options: Stable prices Positive economic growth Maximum (full) employment A balance of trade surplus A balanced federal budget A strong value for the US dollar on international currency markets Correct Answer: Stable prices Maximum (full) employment