which of the following would be a macroeconomic question?
All of the following are benefits of the single market except ? PDF Questions and Answers - Damanhour It does not consider discouraged workers, and hence it is understated. Question 20. B) there is a one-time increase in the price level. C) $140. D. Government intervention. b. The price of steel declined by 3% last year. A) updates the market basket every two years, rather than every 10 years. What kind of unemployment is Sarah experiencing? The government should reduce the tax burden to help small business. D) the plastic bags that Subway purchases to wrap its sandwiches. C. Government failure does not exist. C. unlimited resources exceed limited wants. A. producing more of one good means less of another good can be produced. C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. For below problem geometric sequence given write the next three terms. Which of the following transactions represents the purchase of a final good? Then compare your responses with the key at the end of the book. Simple economies can be described in terms of three major economic flows. D. Average combinations of goods and services an economy can produce given its available resources and technology. there is a current account surplus. C) goods and services. d. The cost of the food that you consume while attending college, T/F The price is increasing as quantity increases, the slope of the line representing different prices and their corresponding quantities will be positive, The study of economics Which of the following is a government expenditure, but is not a government purchase? Profitability b. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. Equity A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. B) the number of lawn care service companies has increased. A. A) falls; Marla's work takes place in the underground economy once she's married They've told our detectives they have no interest in ever putting in the barriers.". A) during a deep recession. A. To understand society and global affairs C. do have an economic problem but are solving it. C. income, saving and . With respect to factors of production, which of the following statements is not true? 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) greater on the buyer when the tax is collected from the seller and greater on the seller when the tax is collected from the buyer. Which of the following would increase the unemployment rate? B) the value of the decrease in business inventory stocks. B) an increase in the unemployment rate A) higher; higher Choose the correct option. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. D) consumer price index. Ford b. select the best possible solution. A) at prices that violate government price regulations. b. C) There will be a decrease in the quantity of labor supplied by households. C. All points inside the curve. Which of the following is a macroeconomic question? Dear Friends, We are posting prelims marathon MCQs for today. B) decrease government spending. Deflation occurs when ____________ C. An increase in national defense is possible only if we produce more butter. 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 Buyers will bear the entire burden of a unit tax if the demand curve for a product is This means ______. B) The federal government pays the salary of an FBI agent. d. The "richest man in the world" does not face scarcity because he has more money than others, Indicate whether the following statements are examples of positive economic analysis or normative economic analysis B. A sharp rise in the price of vegetables. Step-by-step explanation. A) an increase in the money supply and a decrease in interest rates C) GDP is adjusted for changes in crime rates. Voluntary exchange Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who have become more health conscious and wish to monitor various health conditions. C. Market success. B. producers deciding what society wants most. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. B) movement along the demand curve due to a change in relative prices. C) 6.67%. \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ is considered___________ to herself or others, and 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. B) In a market system, firms can charge any price they want, thus preventing poor people from getting as many goods and services as they wish. The level of inflation in the economy. 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: Question: Which of the following is macroeconomic issue ? - Mcqs Clouds B) increasing taxes or decreasing government purchases. C. normative economics. A. d. Why do some countries grow faster than others? B) discretionary fiscal policy; automatic stabilizers B. D. Scarcity. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. The ability to exercise control over one's own resources within the confines of the law refers to C) do not change; overestimates This tax is sometimes referred to as B. net benefit Based on this evidence, Tecumseh has experienced Every society faces economic tradeoffs. B. firm could more readily exploit. A. B-Postive D. Laissez faire. If the BLS counted persons that are on active military service in the totals for employment, the labor force, or the working-age population, this would _______________ Scarce resources and opportunity cost. c. What were some of the reasons that the Egyptian government built the Aswan High Dam? Unemployment is too high. B. B) government spending and taxes that automatically increase or decrease along with the business cycle. B. spending, production and saving. B) an increase in government spending C) The purchasing power of your salary remained constant between 2007 and 2016. C) clothing The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. D) an increase in the price of gasoline. b. Caveat emptor A) create jobs. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? C) The quantity of inkjet printers demanded increases. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ Rational cost In terms of the production possibilities curve, inefficiency is represented by B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. Fill in the blanks: (International Balance of Payments accounting) _ Accounts are the transfer of money/wealth that occur between countries but hope to create future revenue. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). D) increased business taxes. The automobile industry was experiencing the effects of _______ 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 ________. e. As a public safety measure, the state of Texas should not pass legislation that allows people with concealed handgun permits to carry concealed weapons on college campuses, A-Positive B. Which of the following is a normative economic statement? D) GDP is adjusted for increases in drug addiction. Profits are always very high and persistent An increase in ____________ c. determine the objective. B What is the optimal number of workers for an ice cream . C. Market mechanisms and lassiez faire. D) the reduction in economic surplus resulting from not being in competitive equilibrium. A) the firm has an incentive to increase supply now and decrease supply in the future. C) during an expansion. A) nondurable goods; durable goods Answered: Which of the following macroeconomic | bartleby C) there is a decline in the price level. d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States E. consumers and producers. Q: Choose the statement that does not describe Microeconomics. B. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. Choices made by people faced with scarcity b. B) the sum of consumer and producer surplus. Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com It is an example of the post hoc fallacy C) an increase in taxes By how much and in what direction does GDP change as a result of his efforts? What factor was most responsible for the development of Japan's comparative advantage in automobiles? Should Congress and the president take action to reduce global warming? In the market for lettuce, Electric car enthusiasts want to buy more electric cars at a lower price. A) everyone who wants a job has a job. True 3Government fixes the floor and ceiling . A. A. C) automatic stabilizers; monetary policy B. b. consumers B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. Compose a sentence using the following word. B) GDP minus depreciation. C) Apple computer buys computer processors from Intel. b. D) decrease; less. The production possibilities curve between tanks and automobiles will appear as a straight line. Select one: a. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. A. b. unit contribution margin. Suppose that nominal GDP in 2016 was less than real GDP in 2016. Poorly timed discretionary policy can do more harm than good. A devaluation of the U.S. dollar would increase exports from the United States D) the wages of college graduates do not fall during recession. A production possibilities curve indicates the 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? B. A) automatic stabilizers; discretionary fiscal policy CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. A. D) the payroll tax. To Liza, a. C. Maintaining a strong level of economic growth. The income you could have earned D) They are included only if they are imported, Which of the following are not considered part of government purchases? B) substitution C) a change in consumer income. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ C. There is often a tradeoff between the two. A) 5 times as much as your grandfather in terms of real income. Micro midterm chapter 1 Flashcards | Quizlet C) the ACIF. See Answer. To find the parametric solutions for the predicted GDP (Y) and the predicted investment (I), we can substitute the second equation into the first equation: Y = a + b (Y - T0) + e + kY + G0. [Solved] The following table contains nominal and - SolutionInn C) Their value is counted separately, but is not included as part of the value of the final good for which they are an input. Ask an Expert. C) the unemployment rate decreased. A) increase. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport Which of the following best defines economics? a. the government Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. C) oil prices. It converts normative analysis into positive D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. A) The federal government buys a Humvee. Step-by-step explanation. C) the value of the house in 2016 minus depreciation In cities with rent control, people have an incentive to list their apartments on sites such as Airbnb at rents ________ the controlled rates, because rent control causes a ________ of apartments. Explain how these higher income taxes will affect the aggregate demand curve. All of these O b. A. Determine the following. D) movement along the demand curve due to a change in purchasing power brought about by the price change. The exports are equal to import. D. it intensified competition. A) those that borrow money lose. . D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. (Round percentages to one decimal place.). d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. A) labor, capital, land and natural resources are fixed in quantity. A) urniture D) producer surplus is minimized. a. D) less than 5 times as much as your grandfather in terms of nominal income. A) welfare benefits Combinations of production that are unattainable, given current technology and resources. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. b. a. For schedule, refer to the archive link given below. D) a contractionary; an expansionary. 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. Macroeconomics is focused on the movement and trends in the economy as a whole. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. There is full employment. B. All of the following are sources of comparative advantage except a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. B) increase; less A) U.S. GDP. A shift inward of the production possibilities curve. How can a firm maximize profits, given the state of the economy? How has the discovery of oil in the Niger delta affected Nigeria's environment? B) decrease the measured labor force participation rate. C) decrease the number of persons in the labor force. As a result, GDP ________ because ________. d. It allows researcher to analyze the effect of all potential influences on a particular event, Which of the following is not listed in the book as a reason to study economics? Combinations of goods and services an economy is actually producing. C) Producer efficiency B) some people do not want a job. (d). This situation will most likely coincide with high unemployment. C) the interest rate determined by the supply and demand in the money market. Where in Oceania are outrigger canoes used? D) refrigerator. Macroeconomics Basics. D) Your father buys a new John Deere riding lawn mower. A shortage of maths teachers. Q. C) shift of the demand curve due to a change in purchasing power brought about by the price change. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? National income is equal to Compared to their pre-trade positions, trade makes both countries better off because in each country The following macroeconomic projected return models =. Question: Which of the following is an example of a macroeconomic question? E. consumers and firms choosing which goods and services to buy or produce. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . C) after regular office hours. Which of the following events would allow the production possibilities curve to shift outward? Writing Period 50 minutes . How many airlines will be late in one month? In a market economy, those who are willing and able to buy what is produced. B) There will be an increase in the quantity of labor demanded by firms. C. Macroeconomic failure. a. C) incorporates substitutions by consumers when prices of specific products rise rapidly. Should the government attempt to influence the interest rate to lower inflation? Advertisement Advertisement This means that _______ B) relative abundance of labor and capital. C. when something will be produced; why something will be produced B. microeconomics. Which of the following is not a macroeconomic question? A. Should the A. A) automatic stabilizers. B) there has been an upward movement along a demand curve. A) the money supply and a decrease in interest rates. B) Trade Without Borders. C) A state government cuts taxes to help the economy of the state. Solved Which of the following is a macroeconomics question - Chegg D) the Western Trade Union. Prelims Marathon - Economic Survey - February 28th - 2023 Expansionary fiscal policy involves D. give more money to the government to solve its problems. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase C. Maximum combinations of goods and services an economy can produce given unlimited resources. ________ 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. Suppose a drought resulted in a major reduction in the California lettuce crop. The term "market" in economics refers to ______________. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A) When will the government better secure the borders? Opportunity cost Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. B) the economy produces only two products. c. The overall price level in the economy C) there has been a downward movement along a demand curve. A) increases; increases B. You . d. sensitivity analysis. B) Japan has abundant supplies of labor. D. the choices people make to attain their goals, given their scarce resources. A family's decision about how much income to save. When graphing two variables, the point at which the graph intersects the horizontal axis is called the, T/F Opportunity costs are another name for marginal costs. It is the field of economics that studies the behavior of the entire economy. A. a. Microeconomics a. In a market economy, the people who receive the goods and services that are produced are those who Production possibilities curve will shift inward. A) The supply curve will shift to the left. Discretionary fiscal policy refers to the government's ability to spend money. D. There is too much production of lowcost, highquality goods and services. Answered: Which of the following is a | bartleby C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. D) will raise disposable income and raise spending. A. C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. Examples of comparative advantage show how trade between two countries can make each better off. Please don't take his comments (a) personal, (b) personally. Maximum combinations of goods and services an economy can produce given its available resources and technology. (C) how individual markets work. D) the firm will not change supply until it knows for certain what will happen to its price. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. B) partial The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power D. People begin to retire at earlier ages. B) Delta buys a new European-made jetliner. D) allocatively efficient. of disabled individuals to a less restrictive facility) also Question 12. A) the unemployment rate increased. A) a reduction in unemployment. ________ is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum. D) GDP falls by $1,875. (a) 3,6,12,3,6,12, \ldots3,6,12, The economy has gone into a recession. What were the macroeconomic principles or models that influenced your decision making?] Cutting taxes _______ A) the value of leisure is included in GDP. A. unlimited wants exceed limited resources. D. People should not buy imported fruits and vegetables. B) above; shortage D) Producer surplus measures the total benefit received by producers from participating in a market. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. D. macroeconomics. A. achieve full employment. Macroeconomics Flashcards | Quizlet b. B) taxes; the money supply Stability c. Efficiency d. Growth A Economics is best defined as the study of a. B. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). D) depreciation. In a market economy, who decides what goods and services will be produced? D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? Which of the following is a microeconomic question? a. What are the C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. 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. A. (c). B. c. It eliminates the need for abstraction or simplification Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. How were consumption and investment affected . E. pure profit. c. Opportunity costs are zero C) more difficult than with monetary policy. D. Price regulation by government. C. Technology is lost. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? Solve the Following Short-Essay Questions: Define demand. C) GDP deflator You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. d. Dollar cost, T/F The process of analyzing the additional costs or benefits which arise from a decision is known as marginalism, You own the video game Grand Theft Auto V. The opportunity cost of playing this game for the second time D) $200. B. Is way of analyzing decision-making processes caused by scarcity C) decrease; more Macroeconomics is a branch of economics that depicts a substantial picture. a. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? View Answer. The market mechanism. Number of employees in the steel industry The money-creating potential in the banking system is simply the amount of new money that can be created using the excess reserves of the bank. Question 1. C) Every individual, no matter how rich or poor, is faced with making trade-offs. B) automobile Solved Which of the following is a macroeconomic question? | Chegg.com c. The alternative uses of time you spend studying A point on a nation's production possibilities curve represents although this definition differs from state to state. a. c. It confuses correlation and causation Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? During a business cycle expansion, total production ________ and total employment ________. The output of U.S. citizens who work in Canada would be included in the _____________ MCQ Questions for Class 12 Economics Chapter 1 - NCERT Books As a result, _____________ D) decrease the number of persons in the working-age population. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ You earn _________ D. What goods and services should we produce? D) discretionary fiscal policy; conscious fiscal policy. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? iii. 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? Government directives are likely to do a better job of allocating resources than markets. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ D) the decline in the value of the stock market, net of dividends. The higher price caused the supply of sailboats to increase.". Should you go back to school and get a second major? Macroeconomics | Economics Quiz - Quizizz Markets are likely to do a better job of allocating resources than government directives. D) What determines the level of U.S. imports and exports? b. The market mechanism C) GDP rises by $125. Government agencies. Your grandfather tells you that he earned $7,000/year in his first job in 1961. B) Persons who collect unemployment benefits report themselves to be searching for a job. D. None of these choices are correct. d. Congress extends the maximum duration for the collection of unemployment benefits from 26-52 weeks, T/F The collection and use of data to test economic theory is called empirical economics, To analyze the relationship between two variables while holding the values of other variables unchanged is a device known as By definition, economics is the study of Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Micro Economic 100% (3) 6. Factors of production and price signals. The minimum wage law causes unemployment. ' Insert your responses to the following: Explain All of the above. If inflation is positive and is perfectly anticipated ____________ . The result is a shift in the aggregate demand curve to the left. C) equity 1 #7. A) the value of all cars produced by General Motors in the United States Prelims Marathon - Economic Survey - March 1st - 2023. A. C. Decreasing opportunity costs will occur with greater automobile production. A. D) legalized marijuana. Craigslist Security Jobs,
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All of the following are benefits of the single market except ? PDF Questions and Answers - Damanhour It does not consider discouraged workers, and hence it is understated. Question 20. B) there is a one-time increase in the price level. C) $140. D. Government intervention. b. The price of steel declined by 3% last year. A) updates the market basket every two years, rather than every 10 years. What kind of unemployment is Sarah experiencing? The government should reduce the tax burden to help small business. D) the plastic bags that Subway purchases to wrap its sandwiches. C. Government failure does not exist. C. unlimited resources exceed limited wants. A. producing more of one good means less of another good can be produced. C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. For below problem geometric sequence given write the next three terms. Which of the following transactions represents the purchase of a final good? Then compare your responses with the key at the end of the book. Simple economies can be described in terms of three major economic flows. D. Average combinations of goods and services an economy can produce given its available resources and technology. there is a current account surplus. C) goods and services. d. The cost of the food that you consume while attending college, T/F The price is increasing as quantity increases, the slope of the line representing different prices and their corresponding quantities will be positive, The study of economics Which of the following is a government expenditure, but is not a government purchase? Profitability b. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. Equity A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. B) the number of lawn care service companies has increased. A. A) falls; Marla's work takes place in the underground economy once she's married They've told our detectives they have no interest in ever putting in the barriers.". A) during a deep recession. A. To understand society and global affairs C. do have an economic problem but are solving it. C. income, saving and . With respect to factors of production, which of the following statements is not true? 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) greater on the buyer when the tax is collected from the seller and greater on the seller when the tax is collected from the buyer. Which of the following would increase the unemployment rate? B) the value of the decrease in business inventory stocks. B) an increase in the unemployment rate A) higher; higher Choose the correct option. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. D) consumer price index. Ford b. select the best possible solution. A) at prices that violate government price regulations. b. C) There will be a decrease in the quantity of labor supplied by households. C. All points inside the curve. Which of the following is a macroeconomic question? Dear Friends, We are posting prelims marathon MCQs for today. B) decrease government spending. Deflation occurs when ____________ C. An increase in national defense is possible only if we produce more butter. 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 Buyers will bear the entire burden of a unit tax if the demand curve for a product is This means ______. B) The federal government pays the salary of an FBI agent. d. The "richest man in the world" does not face scarcity because he has more money than others, Indicate whether the following statements are examples of positive economic analysis or normative economic analysis B. A sharp rise in the price of vegetables. Step-by-step explanation. A) an increase in the money supply and a decrease in interest rates C) GDP is adjusted for changes in crime rates. Voluntary exchange Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who have become more health conscious and wish to monitor various health conditions. C. Market success. B. producers deciding what society wants most. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. B) movement along the demand curve due to a change in relative prices. C) 6.67%. \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ is considered___________ to herself or others, and 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. B) In a market system, firms can charge any price they want, thus preventing poor people from getting as many goods and services as they wish. The level of inflation in the economy. 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: Question: Which of the following is macroeconomic issue ? - Mcqs Clouds B) increasing taxes or decreasing government purchases. C. normative economics. A. d. Why do some countries grow faster than others? B) discretionary fiscal policy; automatic stabilizers B. D. Scarcity. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. The ability to exercise control over one's own resources within the confines of the law refers to C) do not change; overestimates This tax is sometimes referred to as B. net benefit Based on this evidence, Tecumseh has experienced Every society faces economic tradeoffs. B. firm could more readily exploit. A. B-Postive D. Laissez faire. If the BLS counted persons that are on active military service in the totals for employment, the labor force, or the working-age population, this would _______________ Scarce resources and opportunity cost. c. What were some of the reasons that the Egyptian government built the Aswan High Dam? Unemployment is too high. B. B) government spending and taxes that automatically increase or decrease along with the business cycle. B. spending, production and saving. B) an increase in government spending C) The purchasing power of your salary remained constant between 2007 and 2016. C) clothing The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. D) an increase in the price of gasoline. b. Caveat emptor A) create jobs. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? C) The quantity of inkjet printers demanded increases. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ Rational cost In terms of the production possibilities curve, inefficiency is represented by B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. Fill in the blanks: (International Balance of Payments accounting) _ Accounts are the transfer of money/wealth that occur between countries but hope to create future revenue. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). D) increased business taxes. The automobile industry was experiencing the effects of _______ 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 ________. e. As a public safety measure, the state of Texas should not pass legislation that allows people with concealed handgun permits to carry concealed weapons on college campuses, A-Positive B. Which of the following is a normative economic statement? D) GDP is adjusted for increases in drug addiction. Profits are always very high and persistent An increase in ____________ c. determine the objective. B What is the optimal number of workers for an ice cream . C. Market mechanisms and lassiez faire. D) the reduction in economic surplus resulting from not being in competitive equilibrium. A) the firm has an incentive to increase supply now and decrease supply in the future. C) during an expansion. A) nondurable goods; durable goods Answered: Which of the following macroeconomic | bartleby C) there is a decline in the price level. d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States E. consumers and producers. Q: Choose the statement that does not describe Microeconomics. B. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. Choices made by people faced with scarcity b. B) the sum of consumer and producer surplus. Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com It is an example of the post hoc fallacy C) an increase in taxes By how much and in what direction does GDP change as a result of his efforts? What factor was most responsible for the development of Japan's comparative advantage in automobiles? Should Congress and the president take action to reduce global warming? In the market for lettuce, Electric car enthusiasts want to buy more electric cars at a lower price. A) everyone who wants a job has a job. True 3Government fixes the floor and ceiling . A. A. C) automatic stabilizers; monetary policy B. b. consumers B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. Compose a sentence using the following word. B) GDP minus depreciation. C) Apple computer buys computer processors from Intel. b. D) decrease; less. The production possibilities curve between tanks and automobiles will appear as a straight line. Select one: a. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. A. b. unit contribution margin. Suppose that nominal GDP in 2016 was less than real GDP in 2016. Poorly timed discretionary policy can do more harm than good. A devaluation of the U.S. dollar would increase exports from the United States D) the wages of college graduates do not fall during recession. A production possibilities curve indicates the 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? B. A) automatic stabilizers; discretionary fiscal policy CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. A. D) the payroll tax. To Liza, a. C. Maintaining a strong level of economic growth. The income you could have earned D) They are included only if they are imported, Which of the following are not considered part of government purchases? B) substitution C) a change in consumer income. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ C. There is often a tradeoff between the two. A) 5 times as much as your grandfather in terms of real income. Micro midterm chapter 1 Flashcards | Quizlet C) the ACIF. See Answer. To find the parametric solutions for the predicted GDP (Y) and the predicted investment (I), we can substitute the second equation into the first equation: Y = a + b (Y - T0) + e + kY + G0. [Solved] The following table contains nominal and - SolutionInn C) Their value is counted separately, but is not included as part of the value of the final good for which they are an input. Ask an Expert. C) the unemployment rate decreased. A) increase. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport Which of the following best defines economics? a. the government Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. C) oil prices. It converts normative analysis into positive D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. A) The federal government buys a Humvee. Step-by-step explanation. C) the value of the house in 2016 minus depreciation In cities with rent control, people have an incentive to list their apartments on sites such as Airbnb at rents ________ the controlled rates, because rent control causes a ________ of apartments. Explain how these higher income taxes will affect the aggregate demand curve. All of these O b. A. Determine the following. D) movement along the demand curve due to a change in purchasing power brought about by the price change. The exports are equal to import. D. it intensified competition. A) those that borrow money lose. . D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. (Round percentages to one decimal place.). d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. A) labor, capital, land and natural resources are fixed in quantity. A) urniture D) producer surplus is minimized. a. D) less than 5 times as much as your grandfather in terms of nominal income. A) welfare benefits Combinations of production that are unattainable, given current technology and resources. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. b. a. For schedule, refer to the archive link given below. D) a contractionary; an expansionary. 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. Macroeconomics is focused on the movement and trends in the economy as a whole. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. There is full employment. B. All of the following are sources of comparative advantage except a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. B) increase; less A) U.S. GDP. A shift inward of the production possibilities curve. How can a firm maximize profits, given the state of the economy? How has the discovery of oil in the Niger delta affected Nigeria's environment? B) decrease the measured labor force participation rate. C) decrease the number of persons in the labor force. As a result, GDP ________ because ________. d. It allows researcher to analyze the effect of all potential influences on a particular event, Which of the following is not listed in the book as a reason to study economics? Combinations of goods and services an economy is actually producing. C) Producer efficiency B) some people do not want a job. (d). This situation will most likely coincide with high unemployment. C) the interest rate determined by the supply and demand in the money market. Where in Oceania are outrigger canoes used? D) refrigerator. Macroeconomics Basics. D) Your father buys a new John Deere riding lawn mower. A shortage of maths teachers. Q. C) shift of the demand curve due to a change in purchasing power brought about by the price change. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? National income is equal to Compared to their pre-trade positions, trade makes both countries better off because in each country The following macroeconomic projected return models =. Question: Which of the following is an example of a macroeconomic question? E. consumers and firms choosing which goods and services to buy or produce. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . C) after regular office hours. Which of the following events would allow the production possibilities curve to shift outward? Writing Period 50 minutes . How many airlines will be late in one month? In a market economy, those who are willing and able to buy what is produced. B) There will be an increase in the quantity of labor demanded by firms. C. Macroeconomic failure. a. C) incorporates substitutions by consumers when prices of specific products rise rapidly. Should the government attempt to influence the interest rate to lower inflation? Advertisement Advertisement This means that _______ B) relative abundance of labor and capital. C. when something will be produced; why something will be produced B. microeconomics. Which of the following is not a macroeconomic question? A. Should the A. A) automatic stabilizers. B) there has been an upward movement along a demand curve. A) the money supply and a decrease in interest rates. B) Trade Without Borders. C) A state government cuts taxes to help the economy of the state. Solved Which of the following is a macroeconomics question - Chegg D) the Western Trade Union. Prelims Marathon - Economic Survey - February 28th - 2023 Expansionary fiscal policy involves D. give more money to the government to solve its problems. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase C. Maximum combinations of goods and services an economy can produce given unlimited resources. ________ 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. Suppose a drought resulted in a major reduction in the California lettuce crop. The term "market" in economics refers to ______________. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A) When will the government better secure the borders? Opportunity cost Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. B) the economy produces only two products. c. The overall price level in the economy C) there has been a downward movement along a demand curve. A) increases; increases B. You . d. sensitivity analysis. B) Japan has abundant supplies of labor. D. the choices people make to attain their goals, given their scarce resources. A family's decision about how much income to save. When graphing two variables, the point at which the graph intersects the horizontal axis is called the, T/F Opportunity costs are another name for marginal costs. It is the field of economics that studies the behavior of the entire economy. A. a. Microeconomics a. In a market economy, the people who receive the goods and services that are produced are those who Production possibilities curve will shift inward. A) The supply curve will shift to the left. Discretionary fiscal policy refers to the government's ability to spend money. D. There is too much production of lowcost, highquality goods and services. Answered: Which of the following is a | bartleby C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. D) will raise disposable income and raise spending. A. C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. Examples of comparative advantage show how trade between two countries can make each better off. Please don't take his comments (a) personal, (b) personally. Maximum combinations of goods and services an economy can produce given its available resources and technology. (C) how individual markets work. D) the firm will not change supply until it knows for certain what will happen to its price. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. B) partial The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power D. People begin to retire at earlier ages. B) Delta buys a new European-made jetliner. D) allocatively efficient. of disabled individuals to a less restrictive facility) also Question 12. A) the unemployment rate increased. A) a reduction in unemployment. ________ is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum. D) GDP falls by $1,875. (a) 3,6,12,3,6,12, \ldots3,6,12, The economy has gone into a recession. What were the macroeconomic principles or models that influenced your decision making?] Cutting taxes _______ A) the value of leisure is included in GDP. A. unlimited wants exceed limited resources. D. People should not buy imported fruits and vegetables. B) above; shortage D) Producer surplus measures the total benefit received by producers from participating in a market. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. D. macroeconomics. A. achieve full employment. Macroeconomics Flashcards | Quizlet b. B) taxes; the money supply Stability c. Efficiency d. Growth A Economics is best defined as the study of a. B. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). D) depreciation. In a market economy, who decides what goods and services will be produced? D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? Which of the following is a microeconomic question? a. What are the C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. 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. A. (c). B. c. It eliminates the need for abstraction or simplification Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. How were consumption and investment affected . E. pure profit. c. Opportunity costs are zero C) more difficult than with monetary policy. D. Price regulation by government. C. Technology is lost. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? Solve the Following Short-Essay Questions: Define demand. C) GDP deflator You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. d. Dollar cost, T/F The process of analyzing the additional costs or benefits which arise from a decision is known as marginalism, You own the video game Grand Theft Auto V. The opportunity cost of playing this game for the second time D) $200. B. Is way of analyzing decision-making processes caused by scarcity C) decrease; more Macroeconomics is a branch of economics that depicts a substantial picture. a. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? View Answer. The market mechanism. Number of employees in the steel industry The money-creating potential in the banking system is simply the amount of new money that can be created using the excess reserves of the bank. Question 1. C) Every individual, no matter how rich or poor, is faced with making trade-offs. B) automobile Solved Which of the following is a macroeconomic question? | Chegg.com c. The alternative uses of time you spend studying A point on a nation's production possibilities curve represents although this definition differs from state to state. a. c. It confuses correlation and causation Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? During a business cycle expansion, total production ________ and total employment ________. The output of U.S. citizens who work in Canada would be included in the _____________ MCQ Questions for Class 12 Economics Chapter 1 - NCERT Books As a result, _____________ D) decrease the number of persons in the working-age population. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ You earn _________ D. What goods and services should we produce? D) discretionary fiscal policy; conscious fiscal policy. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? iii. 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? Government directives are likely to do a better job of allocating resources than markets. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ D) the decline in the value of the stock market, net of dividends. The higher price caused the supply of sailboats to increase.". Should you go back to school and get a second major? Macroeconomics | Economics Quiz - Quizizz Markets are likely to do a better job of allocating resources than government directives. D) What determines the level of U.S. imports and exports? b. The market mechanism C) GDP rises by $125. Government agencies. Your grandfather tells you that he earned $7,000/year in his first job in 1961. B) Persons who collect unemployment benefits report themselves to be searching for a job. D. None of these choices are correct. d. Congress extends the maximum duration for the collection of unemployment benefits from 26-52 weeks, T/F The collection and use of data to test economic theory is called empirical economics, To analyze the relationship between two variables while holding the values of other variables unchanged is a device known as By definition, economics is the study of Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Micro Economic 100% (3) 6. Factors of production and price signals. The minimum wage law causes unemployment. ' Insert your responses to the following: Explain All of the above. If inflation is positive and is perfectly anticipated ____________ . The result is a shift in the aggregate demand curve to the left. C) equity 1 #7. A) the value of all cars produced by General Motors in the United States Prelims Marathon - Economic Survey - March 1st - 2023. A. C. Decreasing opportunity costs will occur with greater automobile production. A. D) legalized marijuana.
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