You have majored in computer science and, because of the recession, have difficulty in finding a job. D. Is one that allows trade with other countries. B. how to make money in a market economy. View Answer The key. A. a. B) Why hasn't the federal government raised the minimum wage? Choices made by people faced with scarcity b. The government should reduce the tax burden to help small business. A) horizontal. a. 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 ________. Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. 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. The market mechanism. B) GDP is not affected by Scott's production of the jewelry box. A) higher; higher C) wages are higher. B-Postive c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 A) There was deflation between 2007 and 2016. A. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. A) Tuan purchases a cappuccino at the student union. Profits are always very high and persistent B) Persons who collect unemployment benefits report themselves to be searching for a job. The production possibilities curve between tanks and automobiles will appear as a straight line. The study of national economy as whole. Microeconomics focuses on supply and demand . A) decreased government regulations on businesses. A. how households and firms make choices. D) ice cream is a normal good and hot fudge is an inferior good. C) implementing an unemployment insurance policy Which of the following is an example of a "how much" decision? C. marginal revenue Which of the following is not a factor of production? The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. The market mechanism may best be defined as A. C) an autonomous; an induced D) a slowdown in the economy. An increase in ____________ D. What factors determine the price of electronic cigarettes? A) an increase in the minimum wage D. Al of the choices are correct. D) legalized marijuana. C) investment; consumption D) increased business taxes. Which of the following is a macroeconomic question? A) a reduction in unemployment. c. Labor economics Marco's consumer surplus from the purchase is Is way of analyzing decision-making processes caused by scarcity Bill Gates does not face scarcity because he is a billionaire C. The overall economy. A. B) a competitive equilibrium is achieved 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). Micro Economic 100% (2) 176. The market mechanism. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. C) more difficult than with monetary policy. c. The price of gasoline i. C. Should the government prevent the merger of two large firms? c. Post hoc, ergo propter hoc \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ D) decreases; decreases. D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. Bureaucratic delays PetSmart even offers a Top Dog service that includes a premium shampoo, milk bath conditioner, scented cologne spritz, teeth brushing, and a bandana or bow. B. C. lawmakers in the government voting on what will be produced. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. d. It does not consider those who were laid off due to . D) refrigerator. C) less than 5 times as much as your grandfather in terms of real income. D. None of these choices are correct. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? This means c. Focuses on how a business should function You'll get a detailed solution from a subject matter expert that helps you learn core concepts. D) Unlike positive economic analysis, normative economic analysis can be tested. In terms of the production possibilities curve, inefficiency is represented by D) allocatively efficient. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." E. it is easier to book holidays in member countries. How does the increasing use of digital cameras affect the market for traditional camera film? What is the probability that they all will be late? E. consumers and firms choosing which goods and services to buy or produce. D. A movement from the production possibilities curve to a point inside the production possibilities curve. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. A) during a deep recession. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors C) the business cycle. B) below the market wage, causing labor demand to be less than labor supply. According to the text, economists consider full employment to occur when c. Bill Gates faces scarcity because resources are limited C) incorporates substitutions by consumers when prices of specific products rise rapidly. b. b. select the best possible solution. A) increase; more 1) Economic models do all of the following except A) answer economic questions. The Federal Reserve lowered interest rates at its last meeting. B. Utilizes both market and non market signals to allocate goods and services. D) do not change; underestimates. Question: Which of the following is a macroeconomics question? By how much and in what direction does GDP change as a result of his efforts? Question: Which of the following is an illustration of a macroeconomic question? 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. B) frictional unemployment equals zero. 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. A) the unemployment rate increased. B. answer choices. d. a. D) The Federal government pays to support research on AIDS. B) The quantity of traditional camera film demanded decreases. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. B) increase the measured labor force participation rate. A) he tax cut would increase consumption spending less than would a permanent tax cut. there is a current account surplus. D) All of the above will occur. D) producer surplus is minimized. The income effect of a price change results in a _________ A. B) the equilibrium quantity of sailboats increased." The price of steel declined by 3% last year. C. the highest valued alternative that must be given up to engage in an activity. C) The purchasing power of your salary remained constant between 2007 and 2016. D) decrease tax rates. C. Can a tax cut lead to a government budget surplus? Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. C) entrepreneurship. B. the global economy. B) some people do not want a job. Which of the following is the best example of land? ________ 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. A. income; available A) the value of leisure is included in GDP. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? a. 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 . Several conditions must be met before the state is permitted to commit a person involuntarily: The person has a(n)___________ and is in need of treatment, the person Which of the following transactions would be recorded in the French current account of its balance of payments statistics? The use of market prices and sales to signal desired output. If a firm expects that the price of its product will be lower in the future than it is today Inefficient bureaucracy. A. negative because it may improve your grade. A) increasing government purchases or decreasing taxes. By definition, economics is the study of D) on foreign soil. D. What goods and services should we produce? D) will raise disposable income and raise spending. C) the interest rate determined by the supply and demand in the money market. B) productive efficiency Capital, as economists use the term, refers to. E. pure profit. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? B. spending, production and saving. C. unlimited resources exceed limited wants. Where in Oceania are outrigger canoes used? C) Discouraged workers are not counted as unemployed. If a minimum wage of $15 per hour is imposed, which of the following will occur? Which of the following is an example of spending on factors of production in the circular flow model? c. To be an informed citizen B) the value of the time spent on line. B. A) the law of supply has been violated. Have the most political power. You know that average prices have risen steadily since 1961. Fill in the columns for the GDP deflator and for the percent . Use the following (partial) chart of accountsaccount numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). What is the standard deviation of this random variable (i.e., the risk of being late)? How can a firm maximize profits, given the state of the economy? According to a deputy commissioner of police, "Commerce does very little of what we recommend. The increase in the amount that the government collects in taxes when the economy expands and the decrease in the amount that the government collects in taxes when the economy goes into a recession is an example of How has the discovery of oil in the Niger delta affected Nigeria's environment? C) raise taxes by $200 billion. The decision about what goods and services will be produced in a market economy is made by . Microeconomics is the study of 1. C. Decreasing opportunity costs will occur with greater automobile production. The aggregate demand and aggregate supply curve intersect. There is full employment. The doctrine of lassiez faire is based on the belief that B. C) the value of the addition to the capital stock. They are both automatically achieved in a free market economy. Markets are likely to do a better job of allocating resources than government directives. A. achieve full employment. D) seasonal unemployment, Structural unemployment is the result of ____________ If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? A) the willingness of consumers to purchase a product at different prices. Explain the pitfall of this statement. c. Is it sensible for a government to subsidize tobacco production? A. C. For whom should goods and services be produced? C) Yvette pays $50 to join a softball league. D. The person who has the responsibility to coordinate all the markets in a market economy. Macroeconomics is focused on the movement and trends in the economy as a whole. A) buys a new robotic machine (from a plant in Ohio) to assemble cars. B) the bread that Subway purchases for its sandwiches c. Opportunity costs are zero B) The purchasing power of your salary fell between 2007 and 2016. Advertisement Advertisement A. Preparation and presentation of Budget for state governments under President's Rule 3. B. the government D. Jenny's wage rate rose, and in response, she decided to work more hours. 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. A) falls; Marla's work takes place in the underground economy once she's married Combinations of goods and services an economy is actually producing. B) There will be an increase in the quantity of labor demanded by firms. A) fallen; fallen B. still have an economic problem. Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. B. A) by less than D. The government is allocating resources inefficiently. answer choices. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . Micro Economic 100% (3) 6. 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. When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. A. a. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ The term "market" in economics refers to ______________. D) decrease the number of persons in the working-age population. Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? Math is a way of solving problems by using numbers and equations. B. Which of the following is a normative economic statement? B) structural although this definition differs from state to state. To Liza, The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. The "guns versus butter" dilemma that all nations confront is that The demand for bottled water by individuals. C. Relies on the use of central planning by private firms rather than the government. B) European countries offer higher unemployment benefits than the United States. It is an example of the coincidental fallacy D. macroeconomics. a. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. a. B) real GDP per person The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. The invisible hand at work. D. Average combinations of goods and services an economy can produce given its available resources and technology. a. Ockham's razor D) the plastic bags that Subway purchases to wrap its sandwiches. given up when we make a decision is called ____ of that decision C) Producer efficiency A. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. B) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. Economics is the study of the ________ people make to attain their goals, given their________ resources. a. Which of the following causes the unemployment rate to understate the true extent of joblessness? Commits the fallacy of composition A. A) decrease the required reserve ratio. 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? C) the price of sailboats increased and the quantity of sailboats demanded decreased." D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. Guns and butter can be produced using the same resources at the same time. (B) important rather than trivial issues. e. None of the above. D) gross national product of Canada and the gross national product of the United States. B) explicit A) What determines the minimum wage? A) an increase in the money supply and a decrease in interest rates C) after regular office hours. The production possibilities curve illustrates which two of the following essential principles? Combinations of goods and services an economy is actually producing. 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. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. B. b. A) -3%. Which one of the following is not a key people behind macroeconomics? B) high unemployment rates do not usually last for very long. C) 6.67%. Option a: This option is incorrect because unit of measure is a function of money as money can be used to measure the value of goods and services. C. maintain equilibrium in the Balance of Payments. B) a union contractor whose pay is adjusted based on changes in the CPI See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). (a) 3,6,12,3,6,12, \ldots3,6,12, C. Market mechanisms and lassiez faire. Government failure. A) those that borrow money lose. b. C) GDP rises by $125. C) There will be a decrease in the quantity of labor supplied by households. B) the firm has an incentive to decrease supply now and increase supply in the future. This tax is sometimes referred to as The tuition you pay ; D. what will be produced; how something will be produced. Suppose a drought resulted in a major reduction in the California lettuce crop. Is zero It is the field of economics that studies the behavior of the entire economy. You . C. Want the goods and services the most. A. B) unemployed Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? They always call for opposite outcomes. Determine the following. \end{array} B) an expansionary; a contractionary 1. One can conclude that D) The government imposes taxes on those who earn beyond a certain amount of income. A. C) lower; higher An oligopolistic industry consists of only two firms, Angel& If your nominal wage rises faster than the price level, we can say your real wage has ________ and the purchasing power of your income has ________ Show more. Household income C) decrease the number of persons in the labor force. B) the consumer surplus received from purchasing a given quantity of a product. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase A) Yes, the recession will ensure that you will never find a job as a programmer. c. Is one-half cost of the game, as this is the second time you have played it A. gross earnings Which of the following is a macroeconomics question? D) decreasing the money supply and increasing interest rates. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. For below problem geometric sequence given write the next three terms. Government intervention may achieve a more optimal outcome than the market mechanism when addressing D) the same whether the tax is collected from the buyer or the seller. B) an increase in government spending Getting the timing right with fiscal policy is generally _______________ Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. C. Maximum combinations of goods and services an economy can produce given unlimited resources. B) 3%. C) 3% A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. A) the price level in 2016 was greater than the price level in the base year. Question 02. a. A. consumers dictating to firms what they need most. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. of disabled individuals to a less restrictive facility) also C) ensure safe imports. What determines the growth rate of gross domestic product? B. firm could more readily exploit. B. D. Increasing opportunity costs will occur with greater tank production. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. C) decrease oil prices. Is very narrow endeavor B) lower government purchases by $200 billion. A) climate and natural resources. (c). (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. C) decrease; more D) both U.S. GNP and German GDP. B) Individual income taxes; social insurance taxes C) legalized prostitution. C) Corporate income taxes; excise and other taxes Which of the following explains why the unemployment rate could be misleading? It is an example of the post hoc fallacy Which of the following individuals would be most negatively affected by anticipated inflation? B) increase; less B. not everyone can have enough goods to survive. D) no one in the economy loses. D) taxes; expenditures, Active changes in tax and spending by government intended to smooth out the business cycle are called ________, and changes in taxes and spending that occur passively over the business cycle are called ________ A) attainable A) greater on the buyer when the tax is collected from the buyer. C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. The income you could have earned Investment, as defined by economists, would not include which of the following? It indicates that the currency is in continuous demand by the people Oc taffects only the rich and not the poor Od itact as an incentive to boost in supply in the economy 2When the economy is in Keynesian macroeconomic equilibrium, planned investment is greater than actual investment. C) goods and services. A) the knowledge and enjoyment you receive from taking the class. D. There is no conflict between the two goals. This means. Total the statement columns, compute net income (loss), and complete work sheet. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. Which of the following events would allow the production possibilities curve to shift outward? Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Th View the full answer Economics promotes which of the following as the way to make the best decision? Every society faces economic tradeoffs. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). A) will lower disposable income and lower spending. B) change; underestimates A. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. All of these O b. D. Economic growth and market failure. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ D. People should not buy imported fruits and vegetables. This month, the company supplied the same quantity of binders at $4 per unit. 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. Historically, there have been three basic types of economic system: traditional, command, and market. The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2013 and 2014. Which of the following is not a macroeconomic statement? b. unit contribution margin. D. Works because prices serve as a means of communication between consumers and producers. C) complete B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. The opportunity cost of studying for an economics test is Que11. A) some cyclical unemployment always exists. B) an increase in the unemployment rate How does this affect the market for traditional inkjet printers? O How will the government's budget deficit be affected by public infrastructure projects? a. International economics. C) 1.5% The exports are equal to import. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises a. C) a decrease in the price of lithium, which is used in the electric car batteries. C) the value of the house in 2016 minus depreciation iii. B. The market mechanism Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? How does a market system prevent people from getting as many goods and services as they wish? D) about the same difficulty as with monetary policy. 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 ________ A tax is imposed on employers and workers that are used to fund Social Security and Medicare. It is also the case that reported burglaries increase during the same period. B) the value of the house in 2003 A) Individual income taxes; corporate income taxes c. determine the objective. B. 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. A. What kind of unemployment is Sarah experiencing? D) Lily purchases a new massage table for use in her therapy center. A) the value of all cars produced by General Motors in the United States Solve homework. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. B. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? A) Japanese firms excelled in process technology. C) NAFTA. Which of the following would reduce the labor force participation rate, all else equal? These are: A. income, spending and saving. The tax cut would lower the price level in 2014. C. Optimal marginalism B) structural unemployment C) gross domestic product of the United States. 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: 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. B) protect the environment. C) those that hold paper money lose. b. D. There is too much production of lowcost, highquality goods and services. Refer to the above diagram. Is a normative analysis C) Consumer surplus measures the net benefit from participating in a market. D) a contractionary; an expansionary. Suppose that nominal GDP in 2016 was less than real GDP in 2016. 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? B. the possibility of inefficient production. On which base structure of economic problems has been installed? D) out of the labor force. A)Government must maintain the current level of defense spending to keep the nation safe B)The minimum wage should be increased to give people a decent wage C)Americans should buy American products in order to boost the national economy Nonetheless, you continue along your career path looking for a new job because _____________ C. the tendency of many economic variables to move together in a predictable way over the business cycle. A) The federal government passes tax cuts to encourage firms to reduce air pollution. Electric car enthusiasts want to buy more electric cars at a lower price. It allows researchers to isolate the effect of one event on another without the influence of outside variables Chapter 6, P R O B L E M S E T 3 . A. b. . A. B) What determines the production of video game consoles? Please don't take his comments (a) personal, (b) personally. d. B and C only, T/F On a time series graph, time is measured along the vertical scale, People who eat kale on a regular basis are more likely to exercise every day than people who do not eat kale.
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which of the following would be a macroeconomic question?