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Chapter17
Macroeconomic and industry Analysis
1. A top down analysis of a firm starts with ____________.
D.the global economy
2. An example of a highly cyclical industry is ________.
A.the automobile industry
3. Demand-side economics is concerned with _______.
ernment spending and tax levels
B.monetary policy
C.fiscal policy
E.A, B, and C
4. The most widely used monetary tool is ___________.
C.open market operations
5. The "real", or inflation-adjusted, exchange rate, is
C.the purchasing power ratio.
6. The "normal" range of price-earnings ratios for the S&P 500 Index is
D.between 12 and 25
7. Monetary policy is determined by
C.the board of Governors of the Federal Reserve System.
8. A trough is ________.
B. a transition from a contraction in the business cycle to the start of an expansion
9. A peak is ________.
A. a transition from an expansion in the business cycle to the start of a contraction
10. If the economy is growing, firms with high operating leverage will experience __________.
A.higher increases in profits than firms with low operating leverage.
11. If the economy is shrinking, firms with high operating leverage will experience __________.
A.higher decreases in profits than firms with low operating leverage.
12. If the economy is growing, firms with low operating leverage will experience __________.
C.smaller increases in profits than firms with high operating leverage.
13. If the economy is shrinking, firms with low operating leverage will experience __________.
C.smaller decreases in profits than firms with high operating leverage.
14. Industrial production refers to _________.
C.the total manufacturing output in the economy.
15. GDP refers to _________.
D.the total production of goods and services in the economy
16. A rapidly growing GDP indicates a(n) ______ economy with ______ opportunity for a firm to increase sales.
D.expanding; ample
17. A declining GDP indicates a(n) ______ economy with ______ opportunity for
a firm to increase sales.
A.stagnant; little
18. The average duration of unemployment and changes in the consumer price index for services are _________.
gging economic indicators
19. A firm in an industry that is very sensitive to the business cycle will likely have a stock beta ___________.
A.greater than
20. If the economy were going into a recession, an attractive industry to invest in would be the ________ industry.
B.medical services
21. The stock price index and contracts and new orders for nondefense capital goods are
A.leading economic indicators.