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Question 1

Last Bank of Hope

If the reserve requirement is 10 percent, this bank

Options :

A : is holding excess reserves of $1,000

B : is in a position to make a new loan of $1,500.

C : has total reserves of $10,000.

D : has fewer reserves than required.

E : has too many loans.

Answer: B

Question 2

Ms. Johnson explains that she teaches, simply because she loves it – it is what she was meant to do.
According to Maslow, Ms. Johnson appears to teach as a result of

Options :

A : the need for security

B : the need for belongingness

C : the need for self-esteem

D : the need for self-actualization

E : the need for aesthetics

Answer: D

Question 3

Because of a recession in Japan, net exports from the United States decrease by $10 billion. If the MPC is
0.75, how much less spending will occur in the U.S. economy in the second “round” of spending?

Options :

A : $17.5 billion

B : $10 billion

C : $7.5 billion

D : $5.0 billion

E : $1 billion

Answer: C

Question 4

Angelo is a wholesale meatball distributor. He sells his meatballs to all the finest Italian restaurants in town.
Nobody can make meatballs like Angelo. As a result, his is the only business in town that sells meatballs to
restaurants. Assuming that Angelo is maximizing his profit, which of the following statements is true?

Options :

A : Meatball prices will exceed marginal cost.

B : Meatball prices will equal marginal cost.

C : Meatball prices will be less than marginal cost

D : Meatball prices have nothing to do with marginal cost

E : Meatball prices will be a function of supply and demand and will therefore oscillate around marginal costs.

Answer: A

Question 5

The subject of the following cartoon is

Options :

A : Jackson’s lavish entertaining in the White House

B : Jackson’s appeal to the “common man”

C : the damage Jackson was doing to the nation by his policies

D : Jackson’s misleading of the American people into thinking he was doing good when he was doing evil

E : Jackson’s use of the spoils system to reward supporters

Answer: A