C) Discouraged workers are not counted as unemployed. C) decrease oil prices. D) Excise and other taxes; individual income taxes. B. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . B) increase; less B. 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. Need the goods and services the most. Depreciation is _________ 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? It focuses on areas like inflation, economic growth rate, price levels of various goods and services, gross domestic product (GDP), national income and the unemployment rate in a particular country. Macroeconomics is a branch of economics that depicts a substantial picture. A) What determines the minimum wage? D. All of the choices are correct. In the past two decades the United States lost its comparative advantage in automobiles to Japan. A. supply and demand. A point on a nation's production possibilities curve represents MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . A) The demand curve for inkjet printers shifts to the right. C) Every individual, no matter how rich or poor, is faced with making trade-offs. 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 C) the sum of frictional unemployment and structural unemployment equals zero. B) $60. Given this information, we know for certain that ________ It is also the case that reported burglaries increase during the same period. It does not consider discouraged workers, and hence it is understated. Refer to the above diagram. B) structural unemployment Question 02. C) oil prices. B. B) decrease government spending. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. Electric car enthusiasts want to buy more electric cars at a lower price. A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following economic activities are included in the subject-matter of Economics? The impact of crowding out may be the least _____________ The economy experiences government failure. Economics teaches how to limit our wants. a. The invisible hand at work. D) when real GDP is below but close to potential GDP. A. The aggregate demand and aggregate supply curve intersect. Which of the following accurately compares discretionary fiscal [Solved] Which of the following is least likely to benefit the civilian B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. 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. Classify the following topics as relating to microeconomics or macroeconomics. b. C) frictional D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? C) not change GDP. \\\hline C) productively efficient B) teachers' salaries paid by a local government B) an increase in quantity demanded. A sharp rise in the price of vegetables. MACROECON CH 1 Flashcards | Quizlet Production possibilities curve will shift outward. there is a current account surplus. They've told our detectives they have no interest in ever putting in the barriers.". 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. When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. (a) 3,6,12,3,6,12, \ldots3,6,12, Step-by-step explanation. How does the increasing use of digital cameras affect the market for traditional camera film? A) greater on the buyer when the tax is collected from the buyer. 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. Difference Between Microeconomics & Macroeconomics - BYJUS The higher price caused the supply of sailboats to increase.". A) decrease the measured unemployment rate. International economics. A) decrease the required reserve ratio. Which of the following is a macroeconomic question? A. What determines Should you go back to school and get a second major? The government should reduce the tax burden to help small business. Factors of production and price signals. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? A) increase in demand; decrease in demand Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? Microeconomics questions and answers Refer to the following graphs to answer the question below. b. B. Which of the following is a macroeconomics question? A. 3. In the following macroeconomic system, find the parametric C. Maintaining a strong level of economic growth. D) 5%. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. B) a job retraining program 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. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} A. D) only change GDP if the development occurs within the borders of the United States. E) States increase taxes to fund education. A) Japanese firms excelled in process technology. C) Japanese firms benefited from external economies. C) the value of the addition to the capital stock. Examples of comparative advantage show how trade between two countries can make each better off. B) the number of lawn care service companies has increased. B) the federal income tax. D) equal 20%. d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. B. C. Greater production of one good requires increasingly larger sacrifices of other goods. The Bureau of Economic Analysis calculates a number of different measures of inflation: the GDP Deflator, the Consumer Price Index, the Wholesale Price Index, etc. iii. Answered: Which of the following questions are | bartleby bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. Given that, the question "According to the Bureau of Economic Analysis, what has been the average annual level of inflation (as measured by the GDP Deflator) over the past 10 years?" A) the cost of additional education is always higher during recession. 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 ________. C. The money you spent on tuition for the class. The production possibilities frontier model assumes all of the following except____________ Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA . B) ice cream and hot fudge and substitutes. To understand society and global affairs D) there is a decrease in the expected rate of inflation. Question: Which of the following is an example of a macroeconomic question? C) by the same amount as a. C) GDP rises by $125. Market failure. D) Brazil's GNP. b. Caveat emptor c. To be an informed citizen known as ___________ Mental illness is a(n)___________ concept, typically B) the value of the decrease in business inventory stocks. b. D) an increase in the price of gasoline. A) by less than Why does a firm decide to enter a particular market? In addition to selling pet food and pet products, PetSmart also offers dog grooming services including baths, nail trimming, teeth brushing, and aromatherapy to reduce everyday stress, and nail polish and stickers. C) implementing an unemployment insurance policy For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. D) 3.5% According to the text, economists consider full employment to occur when Should Congress and the president take action to reduce global warming? D) decrease the number of persons in the working-age population. B) above; shortage D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. A. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport A) 5 times as much as your grandfather in terms of real income. C) decrease; more c. Bill Gates faces scarcity because resources are limited B) There will be an increase in the quantity of labor demanded by firms. The income you could have earned B) falls; Marla's work becomes less valuable once she's married Choices made by people faced with scarcity b. Go to Memorandum. A) a law making it illegal to work more than 35 hours per week D) What determines the level of U.S. imports and exports? b. 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. The price of steel declined by 3% last year. Economics is the study of the ________ people make to attain their goals, given their________ resources. b. D. a country's population is larger than its resource base. The opportunity cost of studying for an economics test is The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." B) the sum of consumer and producer surplus. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. Nonetheless, you continue along your career path looking for a new job because _____________ C. Decreasing opportunity costs will occur with greater automobile production. D) the wages of college graduates do not fall during recession. b. The three fundamental questions that any economy must address are You earn _________ All of the above. Automatic stabilizers refer to Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not A) automatic stabilizers. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. A) decreased government regulations on businesses. 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. If a German firm produces cars in the United States, that production should count towards D. What factors determine the price of electronic cigarettes? A) increase. b. Should we have economic growth? A. A) the firm has an incentive to increase supply now and decrease supply in the future. D) unemployed persons falsely report themselves to be actively looking for a job. A. D) 15%. Cutting taxes _______ B. a nation's poverty level increases faster than its population. D. give more money to the government to solve its problems. 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. D. topics such as unemployment, inflation, and economic growth. A. B) discouraged workers a. C) The demand curve will shift to the right. B) the equilibrium quantity of sailboats increased." More teenagers enter the labor force. Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. It is an example of the post hoc fallacy B) The tax cut would increase consumption spending more than would a permanent tax cut. Equity Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . C. There is often a tradeoff between the two. 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 Answered: Which of the following macroeconomic | bartleby A) take away from GDP. Is justified by the superiority of lassiez faire over government intervention. Which of the following is a microeconomics question? The ability to exercise control over one's own resources within the confines of the law refers to c. It eliminates the need for abstraction or simplification By how much and in what direction does GDP change as a result of his efforts? If inflation is positive and is perfectly anticipated ____________ D. macroeconomics. One can conclude that C) decrease in demand; decrease in quantity demanded Capital, as economists use the term, refers to. A. income; available Please don't take his comments (a) personal, (b) personally. A) create jobs. A ________ can change over time or across observations. When the laws about civil commitment emerged, The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. D. There is too much production of lowcost, highquality goods and services. Explanation: Macroeconomics deals with the economy as a whole. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. A) The federal government passes tax cuts to encourage firms to reduce air pollution. A. consumers dictating to firms what they need most. Which of the following is the best example of land? D) decreasing the money supply and increasing interest rates. C) the economic surplus received from purchasing a given quantity of a product. Solved Which of the following is an illustration of a | Chegg.com Which of the following is not one of the three core economic issues that must be resolved? ' Insert your responses to the following: Explain A) the price level in 2016 was greater than the price level in the base year. A. C. Technology is lost. B) an increase in supply. Advertisement Advertisement Commits the fallacy of composition Which of the following is a microeconomic question? a. What are the See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). Simple economies can be described in terms of three major economic CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. D) taxes. If Congress passed a one-time tax cut in order to stimulate the economy in 2014, and tax rate levels returned to their pre-2014 level in 2015, how should this tax cut affect the economy? &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ (a) Unlimited Wants A. C) a discouraged worker Bill Gates does not face scarcity because he is a billionaire As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises D. Government intervention. All of the following are benefits of the single market except ? Raising the income tax decreases the amount of disposable income available to those households. C. Inefficient incentives. Solved Which of the following is an example of a | Chegg.com The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. A) -9.5% a. Which of the following is not a factor of production? a. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. 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? A. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. B) the value of the time spent on line. A) higher; higher Is zero A) GDP rises by $1,875. A) Micah purchases a new wrench for his auto repair business. B) unemployed D. Jenny's wage rate rose, and in response, she decided to work more hours. Question 1. ECO111 Quizz 01 FALL 2021. The "guns versus butter" dilemma that all nations confront is that A) technological advancement in the production of electric car batteries. Which of the following would be included in the gross domestic product for 2016? D) The government imposes taxes on those who earn beyond a certain amount of income. D) the firm will not change supply until it knows for certain what will happen to its price. Mike has been unemployed for over a year. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? A) no C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? A) the nominal interest rate plus the inflation rate. A) labor, capital, land and natural resources are fixed in quantity. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. A. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. C) the value of all cars produced by Toyota in the United States An outward shift of a nation's production possibilities frontier can occur due to D) the payroll tax. The market mechanism may best be defined as This means b. select the best possible solution. Which of the following correctly describes the relationship between economic efficiency and economic equity? He hasn't looked for a job in the last three months, but he's just started looking for work again. If a firm expects that the price of its product will be lower in the future than it is today Determine the following. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? B) substitution C) clothing He faces scarcity because his resources are unlimited The economy's capital stock declines. Works through central planning by government. Because Mike started looking for a new job ______________ A tax is imposed on employers and workers that are used to fund Social Security and Medicare. A. Why is the economy of India growing? 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. Which of the following is a macroeconomics question? A shortage of maths teachers. The output of U.S. citizens who work in Canada would be included in the _____________ a. E. consumers and producers. It is an example of the coincidental fallacy D) technology. D) the value of all cars produced by Nissan in Japan and the United States. B) a decrease in government purchases Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? D) increase all of the monetary flows. D) on foreign soil. B) The demand curve for inkjet printers shifts to the left. ; D. what will be produced; how something will be produced. 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 C) make economic ideas explicit and concrete for use by decision makers. How were consumption and investment affected . b. This tax is sometimes referred to as C) the ups and downs in inflation. A black market is a market where buying and selling take place

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