Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? B. firm could more readily exploit. C) U.S. GDP. D) The government imposes taxes on those who earn beyond a certain amount of income. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. A) above; surplus D) the nominal interest rate. The market mechanism may best be defined as Explain the pitfall of this statement. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! B) the labor force participation rate decreased. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? A) -3%. Which of the following causes the unemployment rate to understate the true extent of joblessness? b. A) marginal If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. A. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. D) an increase in oil prices. Determine whether the following question is related to microeconomics or macroeconomics: "Should I go to grad school or take a job?" What are some important facts regarding macroeconomics? C) there is a decline in the price level. C) make economic ideas explicit and concrete for use by decision makers. A) everyone who wants a job has a job. A) the price level in 2016 was greater than the price level in the base year. Number of employees in the steel industry B) There will be an increase in the quantity of labor demanded by firms. C) implementing an unemployment insurance policy A) 5 times as much as your grandfather in terms of real income. In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. D) producer surplus is minimized. These are: A. income, spending and saving. A) the free market. Which of the following would increase the unemployment rate? View Answer The key. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. A) buys a new robotic machine (from a plant in Ohio) to assemble cars. D. Production of nonmilitary goods will decrease. B) Trade Without Borders. B) when real GDP is above but close to potential GDP. B) ice cream and hot fudge and substitutes. A) he tax cut would increase consumption spending less than would a permanent tax cut. Your grandfather tells you that he earned $7,000/year in his first job in 1961. B) the search process of matching workers with jobs. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. B) an increase in quantity demanded. . A point on a nation's production possibilities curve represents 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. D. The government is allocating resources inefficiently. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. Government agencies. A. B) the sum of consumer and producer surplus. Is the value of the alternative use of the time you spend of playing this game B) unattainable Q: Choose the statement that does not describe Microeconomics. All points on the curve. Q. B) the underground economy. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? An increase in ____________ 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. He hasn't looked for a job in the last three months, but he's just started looking for work again. (C) how individual markets work. B) GDP is not adjusted for pollution. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. c. It considers part-timers as employed, and hence it is understated. C) a discouraged worker B. B. still have an economic problem. Households and firms; the economy as a whole, T/F Resources are limited in both wealthy and poor societies, All of the following are criteria frequently applied in judging economic outcomes except, Economics is best defined as the study of, The most common method for graphing the relationship between two variables is by drawing two __________ lines, where the __________ is a horizontal line and the __________ is a vertical line. Expansionary fiscal policy involves A) average price levels of goods and services in the economy. A) the firm has an incentive to increase supply now and decrease supply in the future. C) frictional Unemployment is too high. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. C) by the same amount as A. why something will be producedwhat will be produced B. How can a firm maximize profits, given the state of the economy? Question: Which of the following is an example of a macroeconomic question? A) employed c. functional costs. B. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). a. We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." Required use of pollution control technology that is obsolete. of disabled individuals to a less restrictive facility) also A) a decrease in the money supply and an increase in the interest rate B) a competitive equilibrium is achieved A) $5. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls b. Macroeconomics The production possibilities curve illustrates which two of the following essential principles? You will then have 50 minutes to answer all three of the following questions. If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? An increase in national defense implies more sacrifices of civilian goods and services. C) will lower disposable income and raise spending. Combinations of production that are unattainable, given current technology and resources. B) the firm has an incentive to decrease supply now and increase supply in the future. The price of steel declined by 3% last year. Which of the following is not a durable good? C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. B) -3.5% D. a country's population is larger than its resource base. Fill in the columns for the GDP deflator and for the percent . B) relative abundance of labor and capital. A) cyclical What is the standard deviation of this random variable (i.e., the risk of being late)? C) the value of all cars produced by Toyota in the United States B. not everyone can have enough goods to survive. O a False O b. D. topics such as unemployment, inflation, and economic growth. A) an increase in the money supply and a decrease in interest rates The real rate of interest is ______________ B) continually risen. Will a cut in the interest rate increase Canadian output? D) only change GDP if the development occurs within the borders of the United States. What is the impact of competition on the profits of a business? D. Increasing opportunity costs will occur with greater tank production. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. C) downward sloping. The production possibilities curve between tanks and automobiles will appear as a straight line. A. producers D) Japan has abundant supplies of natural resources needed to produce automobiles. As a result, GDP ________ because ________. Getting the timing right with fiscal policy is generally _______________ Bureaucratic delays Real domestic output is at its maximum level. A) will lower disposable income and lower spending. d. It does not consider those who were laid off due to . B) frictional unemployment equals zero. Report an issue. Advertisement Advertisement Economics teaches how to limit our wants. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. B) partial C) less than 5 times as much as your grandfather in terms of real income. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase From an initial long-run equilibrium, if aggregate demand grows faster than long-run and short-run aggregate supply, then Congress and the president would most likely ________ D. None of these choices are correct. C. There is often a tradeoff between the two. E. consumers and firms choosing which goods and services to buy or produce. Minimum wage laws cause unemployment because the legal minimum wage is set A. 1. Which of the following statements is not true? A) by less than C) a 12-inch Subway sandwich purchased by a student E. consumers and firms choosing which goods and services to buy or produce. This tax is sometimes referred to as C. economies of scal. b. select the best possible solution. C. lawmakers in the government voting on what will be produced. c. determine the objective. D) the decline in the value of the stock market, net of dividends. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. a. C. Maximum combinations of goods and services an economy can produce given unlimited resources. Then compare your responses with the key at the end of the book. The higher price caused the supply of sailboats to increase.". A) U.S. GDP. D) implicit. A) total employment is greater. A. E. pure profit. D. Is one that allows trade with other countries. Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. Explain. A. Microeconomics focuses on supply and demand . What factors determine the price of carrots? The tuition you pay D) increased business taxes. A. public economics. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. D) a contractionary; an expansionary. A) the knowledge and enjoyment you receive from taking the class. International economics. What are some of the causes of desertification? A) lower government purchases by an amount less than $200 billion. C) the ups and downs in inflation. a. Question: Question 21 Which of the following exemplifies a macroeconomic question? A) a retired railroad engineer who receives a fixed income payment every month Opportunity cost c. Opportunity costs are zero D) consumer price index. D) when real GDP is below but close to potential GDP. A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. B. One can conclude that The result is a shift in the aggregate demand curve to the left. (a) 3,6,12,3,6,12, \ldots3,6,12, D) technology. Q. Should we have economic growth? B) discretionary fiscal policy; automatic stabilizers D) the wages of college graduates do not fall during recession. c. Is one-half cost of the game, as this is the second time you have played it d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern D. the government, consumers, and producers In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. Combinations of goods and services an economy is actually producing. Which of the following economic activities are included in the subject-matter of Economics? C) a decrease in the price of lithium, which is used in the electric car batteries. A. Question: Which of the following is an illustration of a macroeconomic question? C) falls; Marla's architectural design services are no longer bought by Chuck once they're married A) increase in demand; decrease in demand D) zero because there is no classroom time involved if you are enrolled in the course. D) legalized marijuana. C) gross domestic product of the United States. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. The market mechanism B. Which of the following is not a factor of production? B. All of the following are benefits of the single market except ? D) increase all of the monetary flows. D) A drug dealer reports herself as unemployed. Ford Flow (1) represents: A) wage, rent, interest, and profit income. B) substitution given up when we make a decision is called ____ of that decision Cadre Management for Indian Economic Services The production possibilities curve between tanks and automobiles will shift outward. D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending C. Decreasing opportunity costs will occur with greater automobile production. A) updates the market basket every two years, rather than every 10 years. Works through central planning by government. The tax cut would lower the price level in 2014. 60 seconds. According to a deputy commissioner of police, "Commerce does very little of what we recommend. C) consumer surplus is minimized The opportunity cost of taking an on-line history class is Markets are likely to do a better job of allocating resources than government directives. The production possibilities frontier model assumes all of the following except____________ Every society faces economic trade-offs. Is very narrow endeavor D) They are included only if they are imported, Which of the following are not considered part of government purchases? All of the above. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? The Government will decrease spending by $20 million and increase taxes by $15 million. A) the willingness of consumers to purchase a product at different prices. 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. Government failure. E) the cost of tuition and fees only. iii. 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?" D) the price of sailboats increased. D. The person who has the responsibility to coordinate all the markets in a market economy. B) the economy produces only two products. C) looking for work is your only option. C. Production of nonmilitary goods will decrease. Which of the following best describes an assumption economists make about human behavior? The income effect of a price change results in a _________ B) the value of the house in 2003 (a) Unlimited Wants The impact of crowding out may be the least _____________ C) equal to the highest value of an alternative use of the time and money spent on the class. The government should reduce the tax burden to help small business. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. It is the field of economics that studies the behavior of the entire economy. Scarcity refers to the situation in which. The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. Which one of the following is the objective of fiscal policy? 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 Microeconomics questions and answers Refer to the following graphs to answer the question below. b. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? To move the economy back to potential GDP, Congress should ______________ B) fallen; risen Macroeconomics focuses on the performance of C) GDP rises by $125. How do you go about weighing the alternatives? A shortage of maths teachers. E) raise taxes by an amount more than $200 billion. Aggregate unemployment C. society's output cannot be made available to all. B) the equilibrium quantity of sailboats increased." Assume the punctuality random variable follows a binomial distribution. Start. C) decrease. Equity D. give more money to the government to solve its problems. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ B) some people do not want a job. Annes Newton - G00378073- ECON QUIZ 2. A shift outward of the production possibilities curve. C. Government failure does not exist. C) The demand curve will shift to the right. Raising the income tax decreases the amount of disposable income available to those households. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. 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 A. E. it is easier to book holidays in member countries. The minimum wage law causes unemployment. b. C) those that hold paper money lose. Which of the following is a macroeconomic question? \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ b. real costs. d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which Productive efficiency D. People should not buy imported fruits and vegetables. The size of the underground economy would tend to decrease if the government of a country __________________ B. the government A. An undesirable combination of goods and services. A) fallen; fallen D) the value of all cars produced by Nissan in Japan and the United States. Mike has been unemployed for over a year. The marginal propensity to consume (MPC . D) an increase in the labor force. B) increase in demand; increase in quantity demanded Household income If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? C) Producer efficiency Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. B) Individual income taxes; social insurance taxes BOOK Market Leader intermediate 3rd edition. How does this affect the market for traditional inkjet printers? The money-creating potential in the banking system in the given case is computed as follows: C. A surplus of . B) far less difficult than with monetary policy. This problem has been solved! D) risen; fallen. B. C. Relies on the use of central planning by private firms rather than the government. D. Laissez faire. How were consumption and investment affected . a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. A) welfare benefits A. unlimited wants exceed limited resources. D) building an online job database that helps workers find jobs. A) real GDP Production possibilities curve will shift outward. Where in Oceania are outrigger canoes used? See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). Answering these four questions is essential for an economy to function properly. A. A. D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. A) the price of sailboats increased and the demand for sailboats decreased." C) entrepreneurship. The production possibilities curve illustrates which two of the following essential principles? A) the value of all cars produced by General Motors in the United States B) the value of the decrease in business inventory stocks. B) German GDP. (b) 81,54,36,81,54,36, \ldots81,54,36,. Prelims Marathon - Economic Survey - February 28th - 2023. B) falls; Marla's work becomes less valuable once she's married C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. d. Why do some countries grow faster than others? a. D) above the market wage, causing labor demand to be less than labor supply. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. Economists have shown that the burden of a tax is D) decrease the number of persons in the working-age population. A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. D) the unemployment rate consists of only frictional and structural unemployment. How do you go about allocating your time in a given day among competing alternatives? Administrativeexpenses. Totaloperatingexpenses Incomefromoperations. Otherincome.. Incomebeforeincometax.. Incometaxexpense.. Netincome. David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Intro to Microeconomics (First Exam) (Chapter, Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. (b). C) The federal government pays out an unemployment insurance claim. D. Works because prices serve as a means of communication between consumers and producers. When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs A. C) Corporate income taxes; excise and other taxes B) higher; lower Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. Question 12. D. Average combinations of goods and services an economy can produce given its available resources and technology. The importance of the ceteris paribus assumption when using models is that: The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. What factor was most responsible for the development of Japan's comparative advantage in automobiles? According to the text, economists consider full employment to occur when C) decrease oil prices. D. Scarcity. 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 B) protect the environment. C) a full-time employee at a pizza parlor who makes more than the minimum wage A sharp rise in the price of vegetables. C) an increase in taxes D) out of the labor force. D) 3.5% B) an increase in the unemployment rate B) Delta buys a new European-made jetliner. Which of the following events would allow the production possibilities curve to shift outward? B) a decrease in government purchases B. c. Will a new type of electronic reader or tablet increase the number of buyers? B) 3%. A) frictional unemployment 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . In a market economy, the people who receive the goods and services that are produced are those who What goods and services to produce; how will these goods and services be produced; and who receives them? B. Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods. C) interest rates; money supply ii. B. D) having an absolute advantage. ________ 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. What kind of unemployment is Sarah experiencing? D. all of the above Answer: D.all of the above 2. is considered___________ to herself or others, and D. the choices people make to attain their goals, given their scarce resources. C) Apple computer buys computer processors from Intel. 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. A) The demand curve for traditional camera film shifts to the right. 1) Economic models do all of the following except A) answer economic questions. B. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of C. how to make money in the stock market. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. C) goods and services. A city's decision to limit smoking in public areas is an example of . 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. Math is a way of solving problems by using numbers and equations. A) the unemployment rate increased. The key factors of microeconomics are as follows: Demand, supply, and equilibrium Production theory Costs of production Labour economics Examples: Individual demand, and price of a product. How should we produce goods and services? d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics (c). A. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. D. What factors determine the price of electronic cigarettes? C) What factors determine the price of Oreo cookies? See Answer. 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 B) The federal government pays the salary of an FBI agent. B) the price level in 2016 was less than the price level in the base year. C) complete C) disposable personal income plus depreciation plus personal taxes. Answer the following questions by selecting the appropriate answer from the list below. A) decrease the required reserve ratio. A. Which of the following is a government expenditure, but is not a government purchase? D) a demand curve has shifted to the right. C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? Which of the following is a macroeconomics question? Check your understanding of civil commitment by filling C) Every individual, no matter how rich or poor, is faced with making trade-offs. Which of the following is a positive economic statement? D) The "Lucky Ducky" casino buys a new crabs table for the casino floor.
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