a. The Federal Reserve lowered interest rates at its last meeting. E) Discouraged workers are counted as unemployed. b. B) discretionary fiscal policy; automatic stabilizers D) Japan has abundant supplies of natural resources needed to produce automobiles. D) All of the above will occur. D) a decrease in the quantity supplied. B) total income in 2015 was around $17.3 trillion. C. the economy as a whole. According to the text, economists consider full employment to occur when B) falls; Marla's work becomes less valuable once she's married A) the value of worn-out equipment, machinery, and buildings. The importance of the ceteris paribus assumption when using models is that: How should we produce goods and services? c. It confuses correlation and causation A) real GDP The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. A) change; overestimates A. Where in Oceania are outrigger canoes used? B. not everyone can have enough goods to survive. Concept why study macroeconomics 16 which statement A) the free market. C. consumers A) welfare benefits The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? B. Chapter 6, P R O B L E M S E T 3 . B) an expansionary; a contractionary A) the value of output in 2015 was around $17.3 trillion. D) the reduction in economic surplus resulting from not being in competitive equilibrium. Economics is the study of the ________ people make to attain their goals, given their________ resources. Show more. B. how something will be produced; when something will be produced A. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? A) the value of leisure is included in GDP. A) buys a new robotic machine (from a plant in Ohio) to assemble cars. Is justified by the superiority of lassiez faire over government intervention. Productive efficiency A technological advance would best be represented by B. A) a law making it illegal to work more than 35 hours per week For below problem geometric sequence given write the next three terms. A) personal income minus personal taxes. D) total welfare is greater. B. B) The quantity of traditional camera film demanded decreases. If inflation is positive and is perfectly anticipated ____________ A) cyclical Discretionary fiscal policy refers to the government's ability to spend money. . If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. E. pure profit. C) people employed in the underground economy This month, the company supplied the same quantity of binders at $4 per unit. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. C) there is a decline in the price level. [Solved] The following table contains nominal and - SolutionInn c. It eliminates the need for abstraction or simplification Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not Government failure. Guns and butter can be produced using the same resources at the same time. D. Government failure. D) ceteris paribus. Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. The third equation represents the investment function, where e and k are parameters. You will then have 50 minutes to answer all three of the following questions. Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. b. unit contribution margin. D) quantity of Dell employees. Is not a very efficient means of communicating consumer demand to the producers of goods and services. C) by the same amount as Compose a sentence using the following word. You . A) the price level in 2016 was greater than the price level in the base year. Math is a way of solving problems by using numbers and equations. D) lower; lower, Contractionary fiscal policy to prevent real GDP from rising above potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. B) increase in demand; increase in quantity demanded B) The supply curve will shift to the right. A) marginal The substitution bias in the consumer price index refers to the idea that consumers ________ the quantity of products they buy in response to price, and the CPI does not reflect this and ________ the cost of the market basket Public economics D. Who gets jobs; what wages do workers earn; and who owns what property? A) attainable C) decrease oil prices. By definition, economics is the study of A) urniture All points outside the curve. A) The demand curve for traditional camera film shifts to the right. A) decreased government regulations on businesses. The key factors of microeconomics are as follows: Demand, supply, and equilibrium Production theory Costs of production Labour economics Examples: Individual demand, and price of a product. C) looking for work is your only option. A) the law of supply has been violated. A. Start. Micro Economic 100% (2) 176. E) raise taxes by an amount more than $200 billion. c. Falls victim to "post hoc, ergo propter hoc." b. c. Marginal cost (a) Economic Activities related to Unlimited Wants (b) Economic Activities related to Limited Resources (c) Both (a) and (b) (d) None of these Answer Question 4. 1. Economics teaches how to limit our wants. The size of the underground economy would tend to increase if the government of a country ________________ C) interest rates; money supply D) buys U.S. government bonds. D. The government is allocating resources inefficiently. What factors determine the price of carrots? B. spending, production and saving. B) the labor force participation rate decreased. Marco's consumer surplus from the purchase is Should the government put a tax on alcohol in an attempt to reduce highway fatalities? C) demographics D) the decline in the value of the stock market, net of dividends. D) the unemployment rate consists of only frictional and structural unemployment. A. A. C) GDP is adjusted for changes in crime rates. Which of the following is a microeconomic question? a. What are the Which of the following is a macroeconomics question? a. How many Depreciation is _________ Each point on a demand curve shows B. Utilizes both market and non market signals to allocate goods and services. B) the firm has an incentive to decrease supply now and increase supply in the future. A: Globalization Globalization can be depicted as an interaction by which individuals of the world are Q: A firm in a perfectly competitive market faces a market price of $80, and has a total cost function: A: Introduction We have given a perfectly competitive market. D) risen; fallen. B) Consumer efficiency C) A state government cuts taxes to help the economy of the state. Ch. 1 Microeconomics Homework Flashcards | Quizlet D) GDP falls by $1,875. The demand for bottled water by individuals. A. D) A drug dealer reports herself as unemployed. If a German firm produces cars in the United States, that production should count towards d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States A devaluation of the U.S. dollar would increase exports from the United States C) do not change; overestimates E) too low. b. Government agencies. C) ensure safe imports. B. marginal benefit equals the marginal cost. Works through central planning by government. A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. A. Why does a firm decide to enter a particular market? CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. Prelims Marathon - Economic Survey - February 28th - 2023 Simple economies can be described in terms of three major economic flows. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). Should Congress and the president take action to reduce global warming? A) Starbucks purchases coffee beans. Select the phrase that correctly completes the following statement. C) The purchasing power of your salary remained constant between 2007 and 2016. a. Is very narrow endeavor D. All of the choices are correct. C) the value of all cars produced by Toyota in the United States C. The money you spent on tuition for the class. A) Micah purchases a new wrench for his auto repair business. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. Which field of economics deals primarily with the problems faced by low-income countries? A) a demand curve has shifted to the left. There are no problems and everyone, including consumers, is satisfied. This means that _______ B) -3.5% D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called C. the highest valued alternative that must be given up to engage in an activity. A) an increase in the number of people in the labor force We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." The aggregate demand and aggregate supply curve intersect. there is a capital account surplus. MCQs on Introduction to Macroeconomics - BYJUS B) the federal income tax. Have the most political power. B) made over-the-counter drugs illegal. A) less difficult than with monetary policy. D. None of these choices are correct. Unemployment is too high. B. D) gross national product of Canada and the gross national product of the United States. D) Your father buys a new John Deere riding lawn mower. If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? Macroeconomics Flashcards | Quizlet A) taxes; interest rates The Government will decrease spending by $20 million and increase taxes by $15 million. The production possibilities frontier model assumes all of the following except____________ C) Corporate income taxes; excise and other taxes Equity meaning severe emotional or thought disturbances (a). C. The allocation of resources by market forces. c. Post hoc, ergo propter hoc D. Jenny's wage rate rose, and in response, she decided to work more hours. A sharp rise in the price of vegetables. Combinations of goods and services an economy is actually producing. B. Will a cut in the interest rate increase Canadian output? C) the value of the addition to the capital stock. D. A movement from the production possibilities curve to a point inside the production possibilities curve. Assume the punctuality random variable follows a binomial distribution. C. Government failure does not exist. B) lower government purchases by $200 billion. A) a reduction in unemployment. This change will______________ The conclusion of this statement: A) increase in demand; decrease in demand D) both U.S. GNP and German GDP. d. It is an example of the fallacy of composition, The field of economics that deals primarily with the factors that determine wage rates, employment, and unemployment is called: C. A centrally planned economy Increasing the federal tax on gasoline would cause shipping costs in the United States to increase How does this affect the market for traditional inkjet printers? C) implementing an unemployment insurance policy D) allocatively efficient. D. What factors determine the price of electronic cigarettes? Bill Gates does not face scarcity because he is a billionaire A. achieve full employment. Expected inflation is 2.3% and actual inflation may be greater by 0.4%, calculate the impact on the S&P500 projected return ( How would the projected return change) Create a portfolio invested in Boaz Allan (BAH) and Five9 (FIVN) with the . Automatic stabilizers refer to Mike has been unemployed for over a year. b. C. Production of nonmilitary goods will decrease. 1. Flow (1) represents: A) wage, rent, interest, and profit income. B) increasing taxes or decreasing government purchases. A shift outward of the production possibilities curve. A. A. unlimited wants exceed limited resources. A) income Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. a. margin of safety. For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. B. See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). A) a retired railroad engineer who receives a fixed income payment every month C) GDP deflator B) above; shortage bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. What is the standard deviation of this random variable (i.e., the risk of being late)? D) the value of all cars produced by Nissan in Japan and the United States. B. C. Can a tax cut lead to a government budget surplus? A. A. why something will be producedwhat will be produced Explore the definition and types of economics including microeconomics and macroeconomics and. Solve the Following Short-Essay Questions: Define demand. Timer Bonus. D) GDP is adjusted for increases in drug addiction. Which of the following best defines economics? A tax is imposed on employers and workers that are used to fund Social Security and Medicare. What determines the growth rate of gross domestic product? Which one of the following is a macroeconomic issue? B) decrease the measured labor force participation rate. B) explicit C) entrepreneurship. (C) how individual markets work. c. Industrial organization Which of the following correctly describes the relationship between economic efficiency and economic equity? Which of the following individuals would be most negatively affected by anticipated inflation? B. D. Al of the choices are correct. See Answer. You earn $35,000/year in your first job in 2016. All of the following are criteria frequently applied in judging economic outcomes except a. The invisible hand refers to D. Government intervention. The size of the underground economy would tend to decrease if the government of a country __________________ The equilibrium aggregate price level and level of aggregate output occur when. b. Macroeconomics Multiple Choice Questions 1. A) Governments interfere with the market mechanism to influence the allocation of goods and services. The production possibilities curve illustrates which two of the following essential principles? Poorly timed discretionary policy can do more harm than good. An undesirable combination of goods and services. C. Optimal marginalism (a) Unlimited Wants This means ______. C. The overall economy. When the laws about civil commitment emerged, B) greater on the seller when the tax is collected from the seller. d. identify possible solutions. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? Which of the following is a positive macroeconomic statement: a. B) the equilibrium quantity of sailboats increased." C. economies of scal. A) gross domestic product of Canada. C) the price of sailboats increased and the quantity of sailboats demanded decreased." . d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. A. A. C) productively efficient TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu C) decrease in demand; decrease in quantity demanded D) The Federal government pays to support research on AIDS. C) 3% What is the probability that they all will be late? Step-by-step explanation. C) Brazil's GDP. C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor. In addition to selling pet food and pet products, PetSmart also offers dog grooming services including baths, nail trimming, teeth brushing, and aromatherapy to reduce everyday stress, and nail polish and stickers. If market signals result in pollution beyond the optimal level, then The production possibilities curve between tanks and automobiles will shift outward. B. the possibility of inefficient production. Changes in the aggregate price level (inflation) Which of the following is not a durable good? A. In terms of the production possibilities curve, inefficiency is represented by B) portray reality in all its minute details. A. Choose the correct option. ; D. what will be produced; how something will be produced. Answer-Consider the following Statements. (i) As part of AtmaNirbhar Which of the following accurately compares discretionary fiscal B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. A) he lettuce that Subway purchases for its sandwiches D. C) wages are higher. e. None of the above. D) all of the above. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. D) only change GDP if the development occurs within the borders of the United States. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. D) Unlike positive economic analysis, normative economic analysis can be tested. A ________ can change over time or across observations. A) $5. B) structural Que10. Allocative efficiency best explains ________, and productive efficiency best explains________. C) NAFTA. Annes Newton - G00378073- ECON QUIZ 2. A) ice cream and hot fudge are complements. C) legalized prostitution. B. From an initial long-run equilibrium, if aggregate demand grows faster than long-run and short-run aggregate supply, then Congress and the president would most likely ________ The Bureau of Economic Analysis calculates a number of different measures of inflation: the GDP Deflator, the Consumer Price Index, the Wholesale Price Index, etc. A) during a deep recession. D. the choices people make to attain their goals, given their scarce resources. Question 01. B) a job retraining program b. B) vertical. D) What determines the salaries of college professors? One can conclude that Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. An increase in national defense implies more sacrifices of civilian goods and services. MCQ Questions for Class 12 Economics Chapter 1 - NCERT Books The police were surprised the bank did not take their advice. Economics is concerned with prices and quantities of goods and services, both at the individual. Answered: Which of the following macroeconomic | bartleby c. The alternative uses of time you spend studying How does a market system prevent people from getting as many goods and services as they wish? Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ Real domestic output is at its maximum level. A. D) legalized marijuana. The income effect of a price change results in a _________ a. Question 1. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. Which of the following is an example of spending on goods and services in the circular flow model? Answer: (D) The economy as a whole. All points on the curve. A. consumers dictating to firms what they need most. Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. C) the ups and downs in inflation. Macroeconomics Questions and Answers | Homework.Study.com B) GDP is not adjusted for pollution. Economic growth. B) discretionary fiscal policy. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. What determines the salaries of Wall Street executives? Inefficient bureaucracy. Investment, as defined by economists, would not include which of the following? Which of the following is a macroeconomics question? Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. B) protect the environment. C) goods and services. C) complete D. There is no conflict between the two goals. A) Individual income taxes; corporate income taxes B. Microeconomics focuses on supply and demand . B. A) an increase in the minimum wage B) Laurence rents a car to drive to a wedding in San Diego.