Which of the following would increase the unemployment rate? c. It confuses correlation and causation Go to Memorandum. B) far less difficult than with monetary policy. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. Why is the economy of India growing? An undesirable combination of goods and services. C. when something will be produced; why something will be produced The marginal propensity to consume (MPC . C. economies of scal. C) productively efficient The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. A. B. the government Which of the following is a macroeconomic question? B) the sum of consumer and producer surplus. B) the firm has an incentive to decrease supply now and increase supply in the future. e. variable cost reduction. 1. C) raise taxes by $200 billion. D) ceteris paribus. What factor was most responsible for the development of Japan's comparative advantage in automobiles? Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. A) an increase in the money supply and a decrease in interest rates D) gross national product of Canada and the gross national product of the United States. D) an increase in the price of gasoline. A city's decision to limit smoking in public areas is an example of Option b: This option is incorrect because medium of exchange is a function of money as money is used to exchange goods between buyer and seller. (a). Economists reason that the optimal decision is to continue any activity up to the point where the. Suppose a drought resulted in a major reduction in the California lettuce crop. 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. 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 ________ Raising the income tax decreases the amount of disposable income available to those households. D. Who gets jobs; what wages do workers earn; and who owns what property? A) increase the measured unemployment rate. A. The tax cut would lower the price level in 2014. (b). Most primitive economies concentrate on producing food and shelter - the basic necessities of life. The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. 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. Solve homework. 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? answer choices. What is Macroeconomics? There is full employment. D) increase all of the monetary flows. there is a current account deficit. A) he lettuce that Subway purchases for its sandwiches B) when real GDP is above but close to potential GDP. d. All of the above D) an increase in the working-age population. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? Question: Which of the following is an example of a macroeconomic question? Let us now understand how it is different from Microeconomics. The term economic system refers to the way in which a society organizes the production and distribution of good and services. D) zero because there is no classroom time involved if you are enrolled in the course. If the United States decides to convert automobile factories to tank production, as it did during World War II, but finds that some auto manufacturing facilities are not well suited to tank production, then This tax is sometimes referred to as Question 01. D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? Grossprofit.Sellingexpenses..Administrativeexpenses.TotaloperatingexpensesIncomefromoperations.Otherincome..Incomebeforeincometax..Incometaxexpense..Netincome.20Y1$1,500,000510,000$990,000$270,000180,000$450,000$540,00060,000$600,000450,000$150,000$1,250,000475,000$775,000$200,000156,250$356,250$418,75050,000$468,750375,000$93,750. Guns and butter can be produced using the same resources at the same time. What is the probability that they all will be late? C. the highest valued alternative that must be given up to engage in an activity. E) 9.5%. C) The quantity of traditional camera film demanded increases. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is D. A rightward shift of the curve. A. Which of the following statements about positive economic analysis is true? D. some people live better than others do. c. Focuses on how a business should function How can a firm maximize profits, given the state of the economy? A. c. The price of gasoline For schedule, refer to the archive link given below. B) substitution b. C) Consumer surplus measures the net benefit from participating in a market. B) continually risen. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. A. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? 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? Which of the following is a macroeconomics question? Producers are using inventory faster than it can be replaced. It considers discouraged workers, and hence it is overstated. B) a union contractor whose pay is adjusted based on changes in the CPI Equity The size of the underground economy would tend to decrease if the government of a country __________________ They've told our detectives they have no interest in ever putting in the barriers.". B) explicit \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ A devaluation of the U.S. dollar would increase exports from the United States b. Which of the following is the best example of land? A) inflation. D. topics such as unemployment, inflation, and economic growth. C) continually declined. D) The minimum wage in Europe is lower than it is in the United States. D) implicit. A) during a deep recession. Is zero Which of the following causes the unemployment rate to understate the true extent of joblessness? Choices made by people faced with scarcity b. E. consumers and firms choosing which goods and services to buy or produce. C) below; surplus During a business cycle expansion, total production ________ and total employment ________. The importance of the ceteris paribus assumption when using models is that: B. B) high unemployment rates do not usually last for very long. (B) important rather than trivial issues. A) Japanese firms excelled in process technology. known as ___________ Mental illness is a(n)___________ concept, typically B) will raise disposable income and lower spending. A) the firm has an incentive to increase supply now and decrease supply in the future. C. Technology is lost. B) change; underestimates A) income C) downward sloping. a. A. C) an autonomous; an induced 60 seconds. A) an induced; an autonomous A. D. All of the choices are correct. Which field of economics deals primarily with the problems faced by low-income countries? c. Falls victim to "post hoc, ergo propter hoc." d. sensitivity analysis. C) cyclical unemployment D. give more money to the government to solve its problems. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. The real rate of interest is ______________ Explore the definition and types of economics including microeconomics and macroeconomics and. C. Want the goods and services the most. Government directives are likely to do a better job of allocating resources than markets. Which of the following is a normative economic statement? View Answer The key. C) The quantity of inkjet printers demanded increases. D. the choices people make to attain their goals, given their scarce resources. Every society faces economic trade-offs. C) total spending in 2015 was around $17.3 trillion. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. To learn a way of thinking b. is considered___________ to herself or others, and A) nondurable goods; durable goods B. a nation's poverty level increases faster than its population. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. The demand for bottled water by individuals. D) there is a decrease in the expected rate of inflation. Consumption of cigarettes. Which one of the following is not a key people behind macroeconomics? Mike has been unemployed for over a year. D. Are willing to pay the highest price. Suppose that nominal GDP in 2016 was less than real GDP in 2016. C) Every individual, no matter how rich or poor, is faced with making trade-offs. B What is the optimal number of workers for an ice cream . International economics. C) entrepreneurship. B) add to GDP. Which of the following would be classified as fiscal policy? A) 2% B) a competitive equilibrium is achieved B. microeconomics. A. D) lower taxes by $200 billion. A) employed A) -9.5% E) the cost of tuition and fees only. C) decrease the number of persons in the labor force. You . Calculate the predetermined overhead allocation rate for each activity. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A 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 ________ How many airlines will be late in one month? C. marginal revenue A) the cost of additional education is always higher during recession. D) All of the above will occur. A. gross earnings C. Maximum combinations of goods and services an economy can produce given unlimited resources. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. C. Inefficient incentives. B) GDP minus depreciation. 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. B. 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. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? C. Can a tax cut lead to a government budget surplus? C) will lower disposable income and raise spending. Economic development D) an increase in oil prices. D) 5%. A) allocative efficiency b. Macroeconomics D. The government is allocating resources inefficiently. D. the choices people make to attain their goals, given their scarce resources. A) lower government purchases by an amount less than $200 billion. A. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. Key Takeaways. c. functional costs. A technological advance would best be represented by 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. A. producing more of one good means less of another good can be produced. This means. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} A) the willingness of consumers to purchase a product at different prices. D) above the market wage, causing labor demand to be less than labor supply. C) Producer efficiency Prelims Marathon - Economic Survey - February 28th - 2023. The decision about what goods and services will be produced in a market economy is made by The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . B) an increase in the number of manufacturers of electric cars. The study of regional economy as whole. in the blanks. A. how households and firms make choices. Microeconomics is concerned with issues such as A) will lower disposable income and lower spending. B) Individual income taxes; social insurance taxes The market mechanism. A. achieve full employment. All points outside the curve. B) Why hasn't the federal government raised the minimum wage? B) the number of lawn care service companies has increased. Scarcity refers to the situation in which. Public economics In a market economy, the people who receive the goods and services that are produced are those who The market mechanism may best be defined as D) $200. Adam Smith's invisible hand is now called (a) 3,6,12,3,6,12, \ldots3,6,12, C) more difficult than with monetary policy. Answer: (D) The economy as a whole. B) there is a one-time increase in the price level. A. unlimited wants exceed limited resources. In a market economy, who decides what goods and services will be produced? What were the macroeconomic principles or models that influenced your decision making?] A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. Production possibilities curve will shift inward. b. A) Governments interfere with the market mechanism to influence the allocation of goods and services. Rearranging, we get: B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. 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. D. a country's population is larger than its resource base. B. A) There will be an increase in unemployment. E) States increase taxes to fund education. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. B) an expansionary; a contractionary C) a change in consumer income. B. D) all of the above. What goods and services to produce; how will these goods and services be produced; and who receives them? Voluntary exchange Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. A point on a nation's production possibilities curve represents B) government purchases. A) below the market wage, causing labor demand to be greater than labor supply. Factors of production and price signals. When governments are borrowers in financial capital markets, which of the following is least likely to be a possible source of the funds from a macroeconomic point of view? B. C. Levels of production that will cause both unemployment and inflation. D) Brazil's GNP. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). Which of the following is a microeconomics question? As a result, GDP ________ because ________. C) $140. A) by less than Historically, there have been three basic types of economic system: traditional, command, and market. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ The impact of crowding out may be the least _____________ The production possibilities curve between tanks and automobiles will shift outward. B) increased income tax rates. C) complete Which of the following is a microeconomics question? D. Government intervention. C) real GDP in 2016 was less than real GDP in the base year. E) Discouraged workers are counted as unemployed. C) interest rates; money supply b. unit contribution margin. A) technological advancement in the production of electric car batteries. C) a discouraged worker What determines the growth rate of gross domestic product? B) more than 5 times as much as your grandfather in terms of real income. If North Korea is currently producing at effciency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its A) the knowledge and enjoyment you receive from taking the class. d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics B. Undiscovered natural resources. According to the text, economists consider full employment to occur when \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ The use of market prices and sales to signal desired output. A) The supply curve will shift to the left. C) the ACIF. Based on this evidence, Tecumseh has experienced A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). The result is a shift in the aggregate demand curve to the left. C) a 12-inch Subway sandwich purchased by a student D) simplify some aspect of economic life. What determines the growth rate of gross domestic product? D) about the same difficulty as with monetary policy. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. C) people employed in the underground economy This situation will most likely coincide with high unemployment. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill Have the most political power. D) quantity of Dell employees. Economics involves allocating resources to meet peoples' needs and desires for goods and services. the same weight of goods has been imported as were exported. B. Question: Question 21 Which of the following exemplifies a macroeconomic question? Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. C) decrease. A) buys a new robotic machine (from a plant in Ohio) to assemble cars. 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. D) GNP plus depreciation. that negatively affect an individuals health and safety, C. Optimal marginalism Microeconomics questions and answers Refer to the following graphs to answer the question below. 1. What factors determine the price of carrots? Which of the following is not one of the three core economic issues that must be resolved? ECO111 Quizz 01 FALL 2021. A) The demand curve for traditional camera film shifts to the right.
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