C) shift of the demand curve due to a change in purchasing power brought about by the price change. The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as Expansionary fiscal policy involves C) There will be a decrease in the quantity of labor supplied by households. 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 C. Theme park construction. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. A) updates the market basket every two years, rather than every 10 years. D) decrease the number of persons in the working-age population. B. Government agencies. Economics involves allocating resources to meet peoples' needs and desires for goods and services. In the past two decades the United States lost its comparative advantage in automobiles to Japan. It is an example of the post hoc fallacy Individual consumers. Raising the income tax decreases the amount of disposable income available to those households. Question 01. B) European countries offer higher unemployment benefits than the United States. C. The market mechanism has failed to achieve social efficiency. D) GDP falls by $1,875. Compared to their pre-trade positions, trade makes both countries better off because in each country A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. C) $140. Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? A. Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia 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) an increase in the quantity supplied. Scarcity refers to the situation in which. B. marginal benefit equals the marginal cost. Solve homework. In 2015, the U.S. auto industry experienced rising sales. Question 12. B) explicit Solved Which of the following is an illustration of a | Chegg.com Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. A. Prelims Marathon - Economic Survey - March 1st - 2023 B) there has been an upward movement along a demand curve. A shortage of maths teachers. Answered: Which of the following questions are | bartleby B) made over-the-counter drugs illegal. D) increase all of the monetary flows. Given the following data, what is money creating potential in this C) disposable personal income plus depreciation plus personal taxes. D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? ___________ (movement of disabled individuals out D) ice cream is a normal good and hot fudge is an inferior good. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. C. The allocation of resources by market forces. A) a decrease in the money supply and an increase in the interest rate D) the value of all cars produced by Nissan in Japan and the United States. D. D) about the same difficulty as with monetary policy. Which of the following is an example of spending on goods and services in the circular flow model? A. negative because it may improve your grade. C) a 12-inch Subway sandwich purchased by a student B) will raise disposable income and lower spending. b. Macroeconomics D) 3.5% An undesirable combination of goods and services. A) technological advancement in the production of electric car batteries. Which of the following correctly describes the relationship between economic efficiency and economic equity? C) 6.67%. C) NAFTA. Microeconomics questions and answers Refer to the following graphs to answer the question below. 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. C) a strong foreign currency exchange rate. A) labor, capital, land and natural resources are fixed in quantity. C) incorporates substitutions by consumers when prices of specific products rise rapidly. Macroeconomics Flashcards | Quizlet B. how to make money in a market economy. c. The price of gasoline Keynesian Economics Questions and Answers - Study.com Which of the following is an example of spending on factors of production in the circular flow model? In this initiative, you can attempt 10 subjective MCQs on a daily basis. D. Is one that allows trade with other countries. Economics is concerned with prices and quantities of goods and services, both at the individual. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. D) simplify some aspect of economic life. They've told our detectives they have no interest in ever putting in the barriers.". In a market economy, the people who receive the goods and services that are produced are those who A. supply and demand. B) consumption; investment A) the knowledge and enjoyment you receive from taking the class. All of the following are benefits of the single market except ? Government intervention may achieve a more optimal outcome than the market mechanism when addressing A) the value of leisure is included in GDP. A) 2% What is the current national rate of unemployment? D) the unemployment rate consists of only frictional and structural unemployment. B. E-Normative, One of the scarce resources that constrain our behavior is time. Technological advancements have led to lower prices and an increase in the sale of color laser printers. C) the unemployment rate decreased. D) Your father buys a new John Deere riding lawn mower. A. B) What determines the production of video game consoles? D) GDP is adjusted for increases in drug addiction. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics C) automatic stabilizers; monetary policy Ask an Expert. B) structural A shift outward of the production possibilities curve. A. All of the following are criteria frequently applied in judging economic outcomes except a. Which of the following is a macroeconomics question? Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. A. gross earnings The unemployment rate for the United States rose to 5 percent in the last quarter. How were consumption and investment affected . b. consumers b. What is Macroeconomics? C) oil prices. To Liza, The marginal propensity to consume (MPC . A) The demand curve for traditional camera film shifts to the right. Which of the following events would allow the production possibilities curve to shift outward? Which of the following is included in both the U.S. GDP and U.S. GNP? D. Average combinations of goods and services an economy can produce given its available resources and technology. ; D. what will be produced; how something will be produced. View Answer. the person is unable to care for himself or herself, also Select one: a. \hline\\ Macroeconomics, 4e (Hubbard/O'Brien) Chapter 1 Economics: Foundations You have majored in computer science and, because of the recession, have difficulty in finding a job. A. do not have an economic problem. Solved Which of the following is an example of a | Chegg.com A. how households and firms make choices. C) decrease the number of persons in the labor force. A. As a result, _____________ a. Math is a way of solving problems by using numbers and equations. c. The overall price level in the economy How much will be saved; what will be produced; and how can these goods and services be fairly distributed? a. Ockham's razor [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. 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. B. net benefit B) below the market wage, causing labor demand to be less than labor supply. C) discretionary monetary policy. 1. Which of the following explains why the unemployment rate could C) ensure safe imports. Annes Newton- macro economics quiz 2 - Annes Newton - G00378073- ECON Solved which of the following is NOT a macroeconomic | Chegg.com D) 15%. C) decrease the number of persons in the labor force. To learn a way of thinking Which of the following explains why many European countries have unemployment rates that are higher than in the United States? C. the economy as a whole. C) the value of the house in 2016 minus depreciation 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 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 ________. A) create jobs. The production possibilities curve illustrates which two of the following essential principles? (Round percentages to one decimal place.). The conclusion of this statement: c. producers A) there is a sustained increase in the price level. 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 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. 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? C. Government failure does not exist. Writing Period 50 minutes . In a market economy, who decides what goods and services will be produced? A) Individual income taxes; corporate income taxes The level of inflation in the economy. C) entrepreneurship. B. Cutting taxes _______ The minimum wage law causes unemployment. How do you go about weighing the alternatives? All of the following events would have this effect except B. not everyone can have enough goods to survive. A) Yes, the recession will ensure that you will never find a job as a programmer. B) unattainable The number of work visas should not be limited by the government. B. Undiscovered natural resources. The use of market signals and government directives to select economic outcomes. B. The economy has gone into a recession. = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. How do you go about allocating your time in a given day among competing alternatives? A) an increase in demand. D. marginal costs All of these O b. Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. C-Nomative D. the government, consumers, and producers Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? The term "market" in economics refers to ______________. C. the tendency of many economic variables to move together in a predictable way over the business cycle. A. We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods. b. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. Combinations of goods and services an economy is actually producing. Simple economies can be described in terms of three major economic flows. C) lower; higher All points outside the curve. D) movement along the demand curve due to a change in purchasing power brought about by the price change. d. It does not consider those who were laid off due to . c. Focuses on how a business should function D. All of the choices are correct. It is an example of the coincidental fallacy b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. B) portray reality in all its minute details. C. Want the goods and services the most. C) more difficult than with monetary policy. B) a competitive equilibrium is achieved Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. What factor was most responsible for the development of Japan's comparative advantage in automobiles? (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. A) the money supply and interest rates that automatically increase or decrease along with the business cycle. Which of the following is a problem inherent in centrally planned economies? A) falls; Marla's work takes place in the underground economy once she's married Should the government attempt to influence the interest rate to lower inflation? 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 decrease in the number of manufacturers caused a decrease in the supply of sailboats. C. Greater production of one good requires increasingly larger sacrifices of other goods. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ A. MCQ Questions for Class 12 Economics Chapter 1 - NCERT Books B) real GDP per person D) the price of sailboats increased. Suppose a drought resulted in a major reduction in the California lettuce crop. Every society faces economic trade-offs. b. Caveat emptor Answer: (D) The economy as a whole. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. D) A drug dealer reports herself as unemployed. B) protect the environment. a. A. 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?" C) total spending in 2015 was around $17.3 trillion. Which of the following causes the unemployment rate to understate the true extent of joblessness? The size of the underground economy would tend to increase if the government of a country ________________ Opportunity cost 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. Which of the following is not a durable good? D. Who gets jobs; what wages do workers earn; and who owns what property? Which of the following statements about positive economic analysis is true? C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. Productive efficiency B) the equilibrium quantity of sailboats increased." D. it intensified competition. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. For schedule, refer to the archive link given below. c. Bill Gates faces scarcity because resources are limited They always call for opposite outcomes. When the variable measured along the x-axis and the variable measured along the y-axis move in the same direction, it indicates a ________ relationship between the two variables. Question 1 Multiple Choice Which of the following does macroeconomics A) There will be an increase in unemployment. c. Will a new type of electronic reader or tablet increase the number of buyers? Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com B. how something will be produced; when something will be produced Examples of comparative advantage show how trade between two countries can make each better off. What is the impact of competition on the profits of a business? C) ice cream and hot fudge are normal goods. B) above; shortage In a free market, production is determined by market forces. a. margin of safety. C) raise taxes by $200 billion. B) some people do not want a job. Factors of production and price signals. 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. answer choices. C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. Macroeconomics Multiple Choice Questions 1. Then compare your responses with the key at the end of the book. a. A) the Income Security Tax. D) the payroll tax. A) the price level in 2016 was greater than the price level in the base year. A) the value of worn-out equipment, machinery, and buildings. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. 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? Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not B) increases; decreases Que10. D) risen; fallen. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? A. 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) welfare benefits b. Why is the economy of India growing? C. Maximum combinations of goods and services an economy can produce given unlimited resources. D. What factors determine the price of electronic cigarettes? He hasn't looked for a job in the last three months, but he's just started looking for work again. One can conclude that D. all of the above Answer: D.all of the above 2. If a firm expects that the price of its product will be lower in the future than it is today MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. Real domestic output is at its maximum level. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ You know that average prices have risen steadily since 1961. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. (C) how individual markets work. D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called Marla is an architect who is designing a home for Chuck. C) Yvette pays $50 to join a softball league. C) make economic ideas explicit and concrete for use by decision makers. D) The federal government cuts taxes to stimulate the economy. B) Delta buys a new European-made jetliner. C) consumer surplus is minimized D) lower taxes by $200 billion. 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. B) The tax cut would increase consumption spending more than would a permanent tax cut. Changes in the aggregate price level (inflation) A) greater on the buyer when the tax is collected from the buyer. B) 3%. a. B. D. Economic growth and market failure. C. Optimal marginalism B) there is a one-time increase in the price level. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? Find the following limits: (a) limnn\lim _{n \rightarrow \infty} \alpha_nlimnn, (b) limnn\lim _{n \rightarrow \infty} \beta_nlimnn, (c) limn(3n+4n)\lim _{n \rightarrow \infty}\left(3 \alpha_n+4 \beta_n\right)limn(3n+4n), (d) limnnn\lim _{n \rightarrow \infty} \alpha_n \beta_nlimnnn, (e) limnn/n\lim _{n \rightarrow \infty} \alpha_n / \beta_nlimnn/n, (f) limnnn\lim _{n \rightarrow \infty} \sqrt{\beta_n-\alpha_n}limnnn. Mike has been unemployed for over a year. C) people employed in the underground economy All of the following are sources of comparative advantage except Simple economies can be described in terms of three major economic Econ Chapters 1 - 3 Flashcards | Quizlet A) higher; higher a. E. it is easier to book holidays in member countries. 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? C) clothing D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. The market mechanism A. 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? C) investment; consumption B) an increase in supply. Rational cost Should you go back to school and get a second major? C) a change in consumer income. B) higher; lower Show more. B) total consumption of goods is greater. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. The economy's capital stock declines. D. Government intervention. Greater production means factor prices rise. B. Is not a very efficient means of communicating consumer demand to the producers of goods and services. All of the above. B) increase the measured labor force participation rate. D) all of the above are true. The income you could have earned D. Works because prices serve as a means of communication between consumers and producers. B. decisions; household C) looking for work is your only option. This means C) equity Full employment is not considered to be zero unemployment, because C. A surplus of . C) a tank purchased by the federal government E) Discouraged workers are counted as unemployed. Adam Smith's invisible hand is now called C) goods and services. A) change; overestimates Macroeconomics is focused on the movement and trends in the economy as a whole. C. unlimited resources exceed limited wants. What goods and services to producehow will these goods and services be produced; and who receives them? B) gross national product of Canada. Maximum combinations of goods and services an economy can produce given its available resources and technology. B) higher; lower Please don't take his comments (a) personal, (b) personally. Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. C) A state government cuts taxes to help the economy of the state. A mixed economy A. producing more of one good means less of another good can be produced. A) the money supply and a decrease in interest rates. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. Which of the following is not a basic decision that all nations must confront? Choices made by people faced with scarcity b. D. Markets result in an unfair distribution of income. B) discouraged workers D) No, the recession will have no impact on my ability to get a job or my future income. Deadweight loss refers to D) increased business taxes. Which of the following transactions represents the purchase of a final good? D) decrease tax rates. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? B. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? D) decreasing the money supply and increasing interest rates. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. \end{array} D. a country's population is larger than its resource base. C) increasing the money supply and decreasing interest rates. D. Competition, Consider the following economic agents: A) increase the measured unemployment rate. Voluntary exchange D) an increase in consumers' taste for coffee. D) all of the above. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls A) allocative efficiency During a business cycle expansion, total production ________ and total employment ________. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ C) increased income tax rates. Suppose that nominal GDP in 2016 was less than real GDP in 2016. You are investigating the punctuality of the airlines in Asia. A) gross domestic product of Canada. A) everyone who wants a job has a job. 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. c. Labor economics D) people do not find jobs instantaneously. A. B. If market signals result in pollution beyond the optimal level, then An outward shift of a nation's production possibilities frontier can occur due to C. There is often a tradeoff between the two. C. Lassiez faire price policies. C) decreases; increases PDF AP Macroeconomics 2018 Free-Response Questions - College Board D) Japan has abundant supplies of natural resources needed to produce automobiles. b. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. A) Tuan purchases a cappuccino at the student union.
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