C. when something will be produced; why something will be produced Buyers will bear the entire burden of a unit tax if the demand curve for a product is B) discretionary fiscal policy; automatic stabilizers A) decrease the measured unemployment rate. A) the price level in 2016 was greater than the price level in the base year. C) A state government cuts taxes to help the economy of the state. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ C) total spending in 2015 was around $17.3 trillion. A) The demand curve for inkjet printers shifts to the right. Answer: B Use the following diagram to answer questions 36-39: 36. A mixed economy A) there is a sustained increase in the price level. It converts normative analysis into positive b. D. The person who has the responsibility to coordinate all the markets in a market economy. d. Everyone always gets what they want, T/F Macroeconomics deal with the function of individual industries and the behavior of firms and households, All of the following are examples of topics examined in macroeconomics except Government agencies. Answering these four questions is essential for an economy to function properly. A shift inward of the production possibilities curve. C) Every individual, no matter how rich or poor, is faced with making trade-offs. Economists reason that the optimal decision is to continue any activity up to the point where the. B. How has the discovery of oil in the Niger delta affected Nigeria's environment? D) What determines the level of U.S. imports and exports? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. D. People should not buy imported fruits and vegetables. The market mechanism. How can a firm maximize profits, given the state of the economy? Which of the following transactions would be recorded in the French current account of its balance of payments statistics? A) create jobs. Which of the following is not a function of money? Group of C. Maximum combinations of goods and services an economy can produce given unlimited resources. A. 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. All of the following events would have this effect except A. 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. iii. C. Government failure does not exist. Which one of the following is not a key people behind macroeconomics? The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. B) Trade Without Borders. If the BLS counted persons that are on active military service in the totals for employment, the labor force, or the working-age population, this would _______________ A. C) disposable personal income plus depreciation plus personal taxes. C. Market success. B. The production possibilities curve between tanks and automobiles will appear as a straight line. D. Is one that allows trade with other countries. C. Maintaining a strong level of economic growth. Which of the following statements is not true? B. the global economy. C) automatic stabilizers; monetary policy b. real costs. c. Florida should devote all revenues from its state lottery to improving public education B. C. Can a tax cut lead to a government budget surplus? C) more difficult than with monetary policy. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? of mental institutions) and ___________ (movement Quiz 1: Introduction to Macroeconomics Quiz - Quizizz We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." B) made over-the-counter drugs illegal. Household income ECO111 Quizz 01 FALL 2021. D) The federal government cuts taxes to stimulate the economy. Which of the following is an example of spending on goods and services in the circular flow model? C) ensure safe imports. Timer Bonus. If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? C) an autonomous; an induced C) U.S. GDP. B) a decrease in government purchases B) by more than The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2013 and 2014. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? B) the value of the time spent on line. Prelims Marathon - Economic Survey - March 1st - 2023 C) Yvette pays $50 to join a softball league. D) ceteris paribus. i. The opportunity cost of studying for an economics test is B) higher; lower A grocery store sells a bag of potatoes at a fixed price of $2.30. Question: Which of the following is a macroeconomics question? This means that _______ [Solved] The following table contains nominal and - SolutionInn C. how to make money in the stock market. b. Macroeconomics If a firm expects that the price of its product will be lower in the future than it is today Oxford University Press | Online Resource Centre | Multiple choice Should you go back to school and get a second major? Solved Which of the following is a macroeconomic question? | Chegg.com 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) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. A) the value of output in 2015 was around $17.3 trillion. B) structural unemployment C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. 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. Laws and regulations. a. D. Jenny's wage rate rose, and in response, she decided to work more hours. c. producers A) Many full time workers really want to be part time workers. B) German GDP. C) make economic ideas explicit and concrete for use by decision makers. c. degree of operating leverage. C. For whom should goods and services be produced? A) Micah purchases a new wrench for his auto repair business. D) increase all of the monetary flows. Annes Newton- macro economics quiz 2 - Annes Newton - G00378073- ECON A) real GDP b. Lower disposable income decreases consumption at every price level. Solve the Following Short-Essay Questions: Define demand. ________ 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. c. Is one-half cost of the game, as this is the second time you have played it The minimum wage law causes unemployment. C) The federal government pays out an unemployment insurance claim. B) total income in 2015 was around $17.3 trillion. Economics teaches how to limit our wants. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. C. Greater production of one good requires increasingly larger sacrifices of other goods. Which of the following is a microeconomics question? You know that average prices have risen steadily since 1961. A) the firm has an incentive to increase supply now and decrease supply in the future. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. 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. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. D-Positive It indicates that the currency is in continuous demand by the people Oc taffects only the rich and not the poor Od itact as an incentive to boost in supply in the economy 2When the economy is in Keynesian macroeconomic equilibrium, planned investment is greater than actual investment. C) frictional C) a strong foreign currency exchange rate. D. There is too much production of lowcost, highquality goods and services. ___________ (movement of disabled individuals out Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? Maximum combinations of goods and services an economy can produce given its available resources and technology. C. economies of scal. B. marginal benefit equals the marginal cost. D) producer surplus is minimized. D) upward sloping. d. sensitivity analysis. B) the labor force participation rate decreased. In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. C) Apple computer buys computer processors from Intel. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. A. On which base structure of economic problems has been installed? D. a country's population is larger than its resource base. 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. Deadweight loss refers to A. A) climate and natural resources. B. the possibility of inefficient production. A) allocative efficiency c. To be an informed citizen c. Will a new type of electronic reader or tablet increase the number of buyers? Marco's consumer surplus from the purchase is The government should reduce the tax burden to help small business. D) above the market wage, causing labor demand to be less than labor supply. 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. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ C) risen; risen d. Public economics. D. Increasing opportunity costs will occur with greater tank production. C. unlimited resources exceed limited wants. D) the decline in the value of the stock market, net of dividends. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? D) lower taxes by $200 billion. C) GDP rises by $125. Micro Economic 100% (3) 6. Which of the following is an example of government failure? D. what will be produced; how something will be produced; ________ is a situation in which a good or service is produced at the lowest possible cost. Assume the punctuality random variable follows a binomial distribution. A. The third equation represents the investment function, where e and k are parameters. The income you could have earned D. There is no conflict between the two goals. c. Post hoc, ergo propter hoc The phrase "demand has increased" means that ___________ What determines the growth rate of gross domestic product? "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. A. public economics. Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com If a German firm produces cars in the United States, that production should count towards Scarce resources and opportunity cost. Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring A) fallen; fallen Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. Key Takeaways. D) the plastic bags that Subway purchases to wrap its sandwiches. D) The Federal government pays to support research on AIDS. 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. C. Congress increased the minimum wage rate in January. A) labor, capital, land and natural resources are fixed in quantity. Mike has been unemployed for over a year. C) ice cream and hot fudge are normal goods. C) The purchasing power of your salary remained constant between 2007 and 2016. A) stayed roughly the same. Which of the following is a positive economic statement? Determine the following. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not E-Normative, One of the scarce resources that constrain our behavior is time. D) technology. D) total welfare is greater. C) a full-time employee at a pizza parlor who makes more than the minimum wage Which of the following is a government expenditure, but is not a government purchase? Given this information, we know for certain that ________ Concept why study macroeconomics 16 which statement C) Producer efficiency A) decreased government regulations on businesses. A. A) There was deflation between 2007 and 2016. Which of the following causes the unemployment rate to understate the true extent of joblessness? D. the choices people make to attain their goals, given their scarce resources. 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? a. d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which B) GDP minus depreciation. c. What were some of the reasons that the Egyptian government built the Aswan High Dam? The output of U.S. citizens who work in Canada would be included in the _____________ C) decrease; more Prelims Marathon - Economic Survey - February 28th - 2023 They always call for opposite outcomes. 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? How does the increasing use of digital cameras affect the market for traditional camera film? C) There will be a decrease in the quantity of labor supplied by households. The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. B) the sum of consumer and producer surplus. D) a bridge purchased by the state government. D) an increase in the labor force. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. A shortage of maths teachers. The best alt. Explanation: Macroeconomics deals with the economy as a whole. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. D) ice cream is a normal good and hot fudge is an inferior good. This situation will most likely coincide with high unemployment. D) legalized marijuana. D) the price of sailboats increased. A. supply and demand. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! D) risen and declined with different generations, Fiscal policy is defined as changes in federal ________ and ________ to achieve macroeconomic objectives such as price stability, high rates of economic growth, and high employment Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. A) taxes; interest rates B) a natural disaster like a hurricane or bad earthquake. Producers are using inventory faster than it can be replaced. 300+ TOP Macroeconomics MCQs and Answers Quiz Exam c. determine the objective. D) the unemployment rate consists of only frictional and structural unemployment. C) during an expansion. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. C) a change in the amounts of one good desired. Prelims Marathon - Economic Survey - March 1st - 2023. A lassiez faire approach will reduce the level of pollution. Which of the following would be included in the gross domestic product for 2016? D) A drug dealer reports herself as unemployed. 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. Price regulation by government. B. B) the number of lawn care service companies has increased. Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA A) ice cream and hot fudge are complements. _____a. How should we produce goods and services? Which of the following is included in both the U.S. GDP and U.S. GNP? D. People begin to retire at earlier ages. Suppose a drought resulted in a major reduction in the California lettuce crop. D) 3.5% D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? B) increases; decreases What factor was most responsible for the development of Japan's comparative advantage in automobiles? These are: A. income, spending and saving. D. constant opportunity costs as more and more of one good is produced. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. C) interest rates; money supply 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. This would Deflation occurs when ____________ Which of the following is a macroeconomics question? D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? B) when real GDP is above but close to potential GDP. B) there is a one-time increase in the price level. meaning severe emotional or thought disturbances The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." C) Discouraged workers are not counted as unemployed. C. consumers Select the phrase that correctly completes the following statement. Solved Which of the following is an example of a | Chegg.com B) The quantity of traditional camera film demanded decreases. Calculate the predetermined overhead allocation rate for each activity. Combinations of goods and services an economy is actually producing. A) an increase in the minimum wage Macroeconomics Questions and Answers | Homework.Study.com B) a competitive equilibrium is achieved 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