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How much will be saved; what will be produced; and how can these goods and services be fairly distributed? D) will raise disposable income and raise spending. Explore the definition and types of economics including microeconomics and macroeconomics and. Explain. D) refrigerator. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. D) rises; Marla becomes more productive once she's married. The income effect of a price change results in a _________ B) the nominal interest rate minus the inflation rate. B) unemployed Three Economic Questions: What, How, For Whom? | Encyclopedia.com Please don't take his comments (a) personal, (b) personally. C. economies of scal. Which of the following is not a basic decision that all nations must confront? 1. What goods and services to produce; how will these goods and services be produced; and who receives them? B) relative abundance of labor and capital. C. Inefficient incentives. Adam Smith's invisible hand is now called A) fallen; fallen In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. MACROECON CH 1 Flashcards | Quizlet C) equal to the highest value of an alternative use of the time and money spent on the class. For schedule, refer to the archive link given below. D) The Federal government pays to support research on AIDS. b. B) decrease the measured labor force participation rate. is considered___________ to herself or others, and C) GDP is adjusted for changes in crime rates. B. net benefit Choose 1 answer: Hors many smartphones should Samsung produce this quarter? Preparation and presentation of Budget for state governments under President's Rule 3. A. E. it is easier to book holidays in member countries. The phrase "demand has increased" means that ___________ When lumber from Brazilian forests is used by a U.S.-owned company to produce furniture in Canada, the value of the furniture produced will be counted as a final good in c. To be an informed citizen Which of the following correctly describes the relationship between economic efficiency and economic equity? c. Opportunity costs are zero B) remain the same. Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. c. functional costs. C) a decrease in the unemployment rate D) Producer surplus measures the total benefit received by producers from participating in a market. c. Marginal cost Which of the following is not a function of money? Group of D. the government, consumers, and producers Is not a very efficient means of communicating consumer demand to the producers of goods and services. The decision about what goods and services will be produced in a market economy is made by D) an increase in the price of gasoline. a. D) people do not find jobs instantaneously. An oligopolistic industry consists of only two firms, Angel& C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. The economy's capital stock declines. D) the Western Trade Union. C. society's output cannot be made available to all. B) the federal income tax. B. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? A) marginal Which of the following is a microeconomics question? Which of the following is a positive economic statement? Rational cost Which of the following is an example of government failure? A) The demand curve for inkjet printers shifts to the right. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. A. d. Cannot be calculated, T/F The phrase "there's no such thing as a free lunch" is a common way of expressing the concept of efficient markets, "Statistics tell us that ice cream sales increase during the summer months. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. D) decrease the number of persons in the working-age population. A shortage of maths teachers. All points outside the curve. C) a decrease in taxes A) -9.5% A) at prices that violate government price regulations. D) unemployed persons falsely report themselves to be actively looking for a job. b. B) increased income tax rates. A shift inward of the production possibilities curve. D. The person who has the responsibility to coordinate all the markets in a market economy. C) above the market wage, causing labor demand to be greater than labor supply. TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu As a result, _____________ 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 ________ D. Production of nonmilitary goods will decrease. Solved Which of the following is an illustration of a | Chegg.com D) taxes. Persistence is A. the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth. A. Which of the following transactions represents the purchase of a final good? (b) 81,54,36,81,54,36, \ldots81,54,36,. Start. B) increases; decreases \\\hline Solved Which of the following is an example of a | Chegg.com A) The supply curve will shift to the left. D) All of the above will occur. A. why something will be producedwhat will be produced He hasn't looked for a job in the last three months, but he's just started looking for work again. B) There will be an increase in the quantity of labor demanded by firms. B) substitution Most primitive economies concentrate on producing food and shelter - the basic necessities of life. A) the cost of additional education is always higher during recession. Which of the following can be used to correct market failure? For below problem geometric sequence given write the next three terms. Show more. Which of the following is an example of spending on factors of production in the circular flow model? D. workers deciding to produce only what the boss says must be produced. C) Apple computer buys computer processors from Intel. Que10. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? Cutting taxes _______ Prelims Marathon - Economic Survey - February 28th - 2023. B. spending, production and saving. One can conclude that C. income, saving and . What factor was most responsible for the development of Japan's comparative advantage in automobiles? b. Simple economies can be described in terms of three major economic c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 C) people employed in the underground economy C) 3% A. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. Aggregate unemployment A. A. producers You earn $35,000/year in your first job in 2016. The following macroeconomic projected return models =. C) The purchasing power of your salary remained constant between 2007 and 2016. D) A drug dealer reports herself as unemployed. The opportunity cost of studying for an economics test is D. All of the choices are correct. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? Economists have shown that the burden of a tax is b. B) the consumer surplus received from purchasing a given quantity of a product. Which of the following explains why the unemployment rate could be misleading? A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. You know that average prices have risen steadily since 1961. c. The price of gasoline Buyers will bear the entire burden of a unit tax if the demand curve for a product is c. Is it sensible for a government to subsidize tobacco production? B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. A) increases; increases D) an increase in consumers' taste for coffee. When the variable measured along the x-axis and the variable measured along the y-axis move in the same direction, it indicates a ________ relationship between the two variables. Annes Newton- macro economics quiz 2 - Annes Newton - G00378073- ECON B) the economy produces only two products. A. If a minimum wage of $15 per hour is imposed, which of the following will occur? d. Economic development (D) the economy as a whole. C. Lassiez faire price policies. C. Decreasing opportunity costs will occur with greater automobile production. C) the value of the addition to the capital stock. B) The demand curve for inkjet printers shifts to the left. 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: Public economics C. Maintaining a strong level of economic growth. D) lower taxes by $200 billion. D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? A) deadweight loss is maximized C) continually declined. a. A) shift of the demand curve when income changes. They are both automatically achieved in a free market economy. A) Tuan purchases a cappuccino at the student union. B. You . B. D. Markets result in an unfair distribution of income. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is a. the government a. A. Inefficient bureaucracy. C. Government failure does not exist. C) Yvette pays $50 to join a softball league. Select one: a. The government should reduce the tax burden to help small business. C) ensure safe imports. B) far less difficult than with monetary policy. A. it allows countries to exploit their comparative advantage, more fully. c. It eliminates the need for abstraction or simplification D) buys U.S. government bonds. E. consumers and producers. The price of steel declined by 3% last year. D) 15%. D. There is too much production of lowcost, highquality goods and services. The four basic economic questions are: what goods to produce, how to use resources in the production process, who receives the finished goods and when to produce the goods. Have the most political power. C) No, the recession will most likely be short-lived and I can get a job after it is over. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. b. C) the interest rate determined by the supply and demand in the money market. Grossprofit.Sellingexpenses..Administrativeexpenses.TotaloperatingexpensesIncomefromoperations.Otherincome..Incomebeforeincometax..Incometaxexpense..Netincome.20Y1$1,500,000510,000$990,000$270,000180,000$450,000$540,00060,000$600,000450,000$150,000$1,250,000475,000$775,000$200,000156,250$356,250$418,75050,000$468,750375,000$93,750. How can a firm maximize profits, given the state of the economy? Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? 60 seconds. Deadweight loss refers to Cadre Management for Indian Economic Services A. He faces scarcity because his resources are unlimited The market mechanism may best be defined as PDF AP Macroeconomics 2018 Free-Response Questions - College Board Required use of pollution control technology that is obsolete. D) simplify some aspect of economic life. By how much and in what direction does GDP change as a result of his efforts? By definition, economics is the study of B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. D. Competition, Consider the following economic agents: B. Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. An undesirable combination of goods and services. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. An increase in national defense implies more sacrifices of civilian goods and services. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. PDF Questions and Answers - Damanhour A) decrease the measured unemployment rate. A) the knowledge and enjoyment you receive from taking the class. C) lower; higher A) income Macroeconomics Multiple Choice Questions 1. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. A pair of shoes that costs $80 last month costs $100 this month. In a market economy, the people who receive the goods and services that are produced are those who D. People should not buy imported fruits and vegetables. A) decrease the required reserve ratio. c. degree of operating leverage. of mental institutions) and ___________ (movement B. \hline\\ B) falls; Marla's work becomes less valuable once she's married C. lawmakers in the government voting on what will be produced. P = $80 In perfect competition, P = AR = A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. A. B) Yes, the recession will lower income in my field permanently. B. firm could more readily exploit. [Solved] Which of the following is least likely to benefit the civilian President Obama has discussed raising income taxes for individuals earning over $250,000 in income. Markets are likely to do a better job of allocating resources than government directives. B. Undiscovered natural resources. A. gross earnings It converts normative analysis into positive D) discretionary fiscal policy; conscious fiscal policy. C) entrepreneurship. What are some of the causes of desertification? The advice to "keep searching, there are plenty of jobs around here for which you are qualified," would be most appropriate for which of the following types of unemployment? \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ A) Governments interfere with the market mechanism to influence the allocation of goods and services. The level of inflation in the economy. A. B. a nation's poverty level increases faster than its population. D) increase all of the monetary flows. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ A) will lower disposable income and lower spending. [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. C) implementing an unemployment insurance policy A) inflation You'll get a detailed solution from a subject matter expert that helps you learn core concepts. B) there has been an upward movement along a demand curve. C. when something will be produced; why something will be produced When the laws about civil commitment emerged, The automobile industry was experiencing the effects of _______ known as ___________ Mental illness is a(n)___________ concept, typically BOOK Market Leader intermediate 3rd edition. c. Falls victim to "post hoc, ergo propter hoc." B) 2.5% C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. B) the value of the decrease in business inventory stocks. The unemployment rate for the United States rose to 5 percent in the last quarter. C) real GDP in 2016 was less than real GDP in the base year. B) total consumption of goods is greater. Report an issue. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. \hline d. It does not consider those who were laid off due to . Individual consumers. D. Allocative efficiency. Explanation: Macroeconomics deals with the economy as a whole. Macroeconomics | Economics Quiz - Quizizz D) no one in the economy loses. B) above; shortage C. maintain equilibrium in the Balance of Payments. A) the willingness of consumers to purchase a product at different prices. D) $200. A. producing more of one good means less of another good can be produced. D) quantity of Dell employees. a. Microeconomics Why does a firm decide to enter a particular market? On which base structure of economic problems has been installed? Need the goods and services the most. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. Should we have economic growth? B) structural unemployment D) sometimes by more than and other times by less than, A change in consumption spending caused by income changes is ________ change in spending, and a change in government spending that occurs to improve roads and bridges is ________ change in spending B) an increase in the unemployment rate A) an increase in the number of people in the labor force C) How does Fiat decide on the price of the 500 Pop model? A. producing more of one good means less of another good can be produced. Household income The study of regional economy as whole. A) the firm has an incentive to increase supply now and decrease supply in the future. A) GDP rises by $1,875. Choose the correct option. meaning severe emotional or thought disturbances All of the following are sources of comparative advantage except C. Congress increased the minimum wage rate in January. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. C) opportunity D. Who gets jobs; what wages do workers earn; and who owns what property? Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. National income is equal to Which of the following is a microeconomic question? a. What are the A) the money supply and a decrease in interest rates. A) stayed roughly the same. The first stage in the five-step decision process described in the text is to a. define the problem. B) teachers' salaries paid by a local government c. producers D) movement along the demand curve due to a change in purchasing power brought about by the price change. Explain the pitfall of this statement. A) change; overestimates D) a demand curve has shifted to the right. Will a cut in the interest rate increase Canadian output? B) increasing taxes or decreasing government purchases. ________ increases economic efficiency because it forces firms to produce and sell goods and services as long as the additional benefit to consumers is greater than the additional cost of production. Which of the following is a normative economic statement? d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics B. decisions; household Step-by-step explanation. (d). 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 ________. D) the price of sailboats increased. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. A) Many full time workers really want to be part time workers. Examples of comparative advantage show how trade between two countries can make each better off. When governments are borrowers in financial capital markets, which of the following is least likely to be a possible source of the funds from a macroeconomic point of view? Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. B) productive efficiency The equilibrium wage in a local labor market is $10 per hour. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. C. Want the goods and services the most. B) add to GDP. C. Optimal marginalism Why is the typical person in the United States today more than 10 times richer than the typical person in the United States a century ago? Macroeconomics is a branch of economics that depicts a substantial picture. A grocery store sells a bag of potatoes at a fixed price of $2.30. B) increase the measured labor force participation rate. Which of the following is not a macroeconomic question? A. Should the Which of the following would reduce the labor force participation rate, all else equal? b. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? A. This means. C) raise taxes by $200 billion. C) investment; consumption Which of the following is an example of spending on goods and services in the circular flow model? C. normative economics. D) the level of technology is fixed and unchanging. Chuck is paying Marla $150 per hour to design his new home. D) equal 20%. A) There will be an increase in unemployment. B) structural A) ice cream and hot fudge are complements. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? . ' Insert your responses to the following: Explain A. A) a demand curve has shifted to the left. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. C) decrease oil prices. C. For whom should goods and services be produced? Profitability b. Solve the Following Short-Essay Questions: Define demand. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? A) increasing government purchases or decreasing taxes. Every society faces economic tradeoffs. D. Jenny's wage rate rose, and in response, she decided to work more hours. Greater production means factor prices rise. Suppose a drought resulted in a major reduction in the California lettuce crop. C) a discouraged worker Which of the following is a microeconomics question? B) discretionary fiscal policy; automatic stabilizers Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. These firms are reacting to which of the three key economic ideas? Real domestic output is at its maximum level. A ________ can change over time or across observations. A lassiez faire approach will reduce the level of pollution. B) discouraged workers A. There are no problems and everyone, including consumers, is satisfied. d. All of the above C) decrease the number of persons in the labor force. a. c. It considers part-timers as employed, and hence it is understated. a. B) a decrease in government purchases B) The supply curve will shift to the right. Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. This situation will most likely coincide with high unemployment. A) U.S. GDP. A) an increase in the money supply and a decrease in interest rates B. B. B) when real GDP is above but close to potential GDP. A) $5. Zero because you knew when you registered for the class that studying would be required. A) personal income minus personal taxes. Suddenly, the stock market prices increased much more than expected, increasing investors' wealth and causing a short-term period of increased optimism about the future of the economy. Productive efficiency C) demographics GDP is not a perfect measure of well-being because _________ [Solved] The following table contains nominal and - SolutionInn Rearranging, we get: