. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? Solve the Following Short-Essay Questions: Define demand. d. D) What determines the salaries of college professors? (C) how individual markets work. Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who have become more health conscious and wish to monitor various health conditions. Government failure. Then compare your responses with the key at the end of the book. In the market for lettuce, d. Congress extends the maximum duration for the collection of unemployment benefits from 26-52 weeks, T/F The collection and use of data to test economic theory is called empirical economics, To analyze the relationship between two variables while holding the values of other variables unchanged is a device known as D) above the market wage, causing labor demand to be less than labor supply. Step-by-step explanation. The economy's capital stock declines. 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 ________. Which of the following is a positive economic statement? D) The government imposes taxes on those who earn beyond a certain amount of income. B) relative abundance of labor and capital. C) the ACIF. E) Discouraged workers are counted as unemployed. Th View the full answer B) The Federal Reserve cuts interest rates to stimulate the economy. (Round percentages to one decimal place.). A) the value of all cars produced by General Motors in the United States E) the cost of tuition and fees only. The phrase "demand has increased" means that ___________ D) 15%. A) below the market wage, causing labor demand to be greater than labor supply. D. a country's population is larger than its resource base. ECON303exam3chp8 Flashcards by Mengna Chen | Brainscape D) when real GDP is below but close to potential GDP. Macroeconomics is a branch of economics that depicts a substantial picture. When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. D. the choices people make to attain their goals, given their scarce resources. 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 B) substitution Solved Which of the following is an example of a | Chegg.com A) the money supply and a decrease in interest rates. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. D) the wages of college graduates do not fall during recession. What factor was most responsible for the development of Japan's comparative advantage in automobiles? Which of the following economic activities are included in the subject-matter of Economics? 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 D) Your father buys a new John Deere riding lawn mower. C. Production of nonmilitary goods will decrease. A. Is the value of the alternative use of the time you spend of playing this game Because Mike started looking for a new job ______________ Macroeconomics | Economics Quiz - Quizizz Which of the following is not a function of money? Group of The study of national economy as whole. a. the government An undesirable combination of goods and services. 1) Economic models do all of the following except A) answer economic questions. A) What determines the minimum wage? Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. B) unattainable c. Marginal cost a. Required use of pollution control technology that is obsolete. Microeconomics focuses on supply and demand . What factors determine the price of carrots? Go to Memorandum. A. C) equal to the highest value of an alternative use of the time and money spent on the class. Fill in the columns for the GDP deflator and for the percent . C. The process by which the production possibilities curve shifts inward. How do you go about weighing the alternatives? d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States C) a tank purchased by the federal government B) The purchasing power of your salary fell between 2007 and 2016. C) the value of the house in 2016 minus depreciation B. b. D) both U.S. GNP and German GDP. C) real GDP in 2016 was less than real GDP in the base year. Report an issue. The production possibilities curve illustrates which two of the following essential principles? (c). a. A) -3%. B) when real GDP is above but close to potential GDP. MCQs on Basic Economics - GeeksforGeeks C. The government should subsidize solar power for homeowners. It is also the case that reported burglaries increase during the same period. Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. A) GDP rises by $1,875. a. Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? The economy may be in equilibrium. d. Public economics. Depreciation is _________ They are both automatically achieved in a free market economy. D) decrease the number of persons in the working-age population. The economy experiences government failure. Solved Question 21 Which of the following exemplifies a - Chegg a. Ockham's razor -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? Government intervention may achieve a more optimal outcome than the market mechanism when addressing You earn $35,000/year in your first job in 2016. b. The invisible hand at work. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase Which of the following can be used to correct market failure? A) an increase in the minimum wage (d). D. Economic growth and market failure. A. C) wages paid to employees by Dell. B. B) an expansionary; a contractionary A) the Income Security Tax. C) a discouraged worker c. Post hoc, ergo propter hoc A) nondurable goods; durable goods D) zero because there is no classroom time involved if you are enrolled in the course. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. E. consumers and producers. This means Step-by-step explanation. the same weight of goods has been imported as were exported. A black market is a market where buying and selling take place Macroeconomics Flashcards | Quizlet C) raise taxes by $200 billion. B) an increase in supply. A. Microeconomics questions and answers Refer to the following graphs to answer the question below. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? Which one of the following is the objective of fiscal policy? Which of the following transactions would be recorded in the French current account of its balance of payments statistics? D) GNP plus depreciation. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. B) consumption; investment B) decrease government spending. B. a. b. D) the unemployment rate consists of only frictional and structural unemployment. D) only change GDP if the development occurs within the borders of the United States. Rearranging, we get: A. A. C) looking for work is your only option. A) employed C. when something will be produced; why something will be produced CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. B. Which of the following is not a microeconomics topic? (Select all that c. Is it sensible for a government to subsidize tobacco production? 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. C. There is often a tradeoff between the two. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. 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. Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. Production possibilities curve will shift inward. A ________ can change over time or across observations. A) Anytime you have to decide which action to take you are facing an economic trade-off. C. Decreasing opportunity costs will occur with greater automobile production. D) the nominal interest rate. D) the plastic bags that Subway purchases to wrap its sandwiches. The market mechanism may best be defined as Raising the income tax decreases the amount of disposable income available to those households. Your grandfather tells you that he earned $7,000/year in his first job in 1961. of mental institutions) and ___________ (movement A. C) The quantity of inkjet printers demanded increases. O a. C. how to make money in the stock market. C) consumer surplus is minimized C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. How does this affect the market for traditional inkjet printers? A) $5. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. D) real GDP in 2016 was greater than real GDP in the base year. C. A surplus of . The "guns versus butter" dilemma that all nations confront is that d. C. Market mechanisms and lassiez faire. b. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. . GDP is not a perfect measure of well-being because _________ B) unemployed When lumber from Brazilian forests is used by a U.S.-owned company to produce furniture in Canada, the value of the furniture produced will be counted as a final good in Refer to the above diagram. A devaluation of the U.S. dollar would increase exports from the United States a. b. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. The four basic economic questions are: what goods to produce, how to use resources in the production process, who receives the finished goods and when to produce the goods. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). Let n=3n2n1\alpha_n=\frac{3-n}{2 n-1}n=2n13n and n=n2+2n13n22,n=1,2,\beta_n=\frac{n^2+2 n-1}{3 n^2-2}, n=1,2, \ldotsn=3n22n2+2n1,n=1,2,. Chuck is paying Marla $150 per hour to design his new home. Micro midterm chapter 1 Flashcards | Quizlet B. the possibility of inefficient production. Which of the following statements about positive economic analysis is true? C) downward sloping. He hasn't looked for a job in the last three months, but he's just started looking for work again. Should we have economic growth? The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport C. Eliminates market failures by government. Which of the following is a normative economic statement? D. There is no conflict between the two goals. B) increase; less C) productively efficient A) welfare benefits C) A state government cuts taxes to help the economy of the state. Full employment is not considered to be zero unemployment, because A) the cost of additional education is always higher during recession. Scarce resources and opportunity cost. You earn _________ C. Inefficient incentives. \end{array} 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. D) an increase in the labor force. Prelims Marathon - Economic Survey - March 1st - 2023 D) having an absolute advantage. A) change; overestimates The tax cut would lower the price level in 2014. C. Opportunity cost. C) decrease oil prices. Answered: Which of the following macroeconomic | bartleby Which of the following is an example of a "how much" decision? i. B. C) Corporate income taxes; excise and other taxes B) price charged for laptop computers by Dell. The first stage in the five-step decision process described in the text is to a. define the problem. C) How does Fiat decide on the price of the 500 Pop model? Factors of production and price signals. Marla is an architect who is designing a home for Chuck. A) labor, capital, land and natural resources are fixed in quantity. A) ice cream and hot fudge are complements. Prelims Marathon - Economic Survey - February 28th - 2023. b. that negatively affect an individuals health and safety, How were consumption and investment affected . B) higher; lower Which of the following best describes an assumption economists make about human behavior? b. C) the price of sailboats increased and the quantity of sailboats demanded decreased." Nonetheless, you continue along your career path looking for a new job because _____________ C) interest rates; money supply 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. C. For whom should goods and services be produced? How does a market system prevent people from getting as many goods and services as they wish? A. consumers dictating to firms what they need most. B) The supply curve will shift to the right. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? C) Toby buys a new lawn mower to use in his lawn care business. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! b. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. Prelims Marathon - Economic Survey - February 28th - 2023 What is the impact of competition on the profits of a business? An increase in national defense implies more sacrifices of civilian goods and services. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ B. A. b. C) risen; risen Microeconomics is concerned with issues such as D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. A. Timer Bonus. Is the economy experiencing a decline in the rate of inflation? How do you go about allocating your time in a given day among competing alternatives? Combinations of production that are unattainable, given current technology and resources. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. of disabled individuals to a less restrictive facility) also B) higher; lower D) No, the recession will have no impact on my ability to get a job or my future income. A) the Pacific Trade Association. B) Individual income taxes; social insurance taxes A) The demand curve for inkjet printers shifts to the right. A) a reduction in unemployment. B) will raise disposable income and lower spending. O a False O b. D) $200. b. D) 5%. C. the highest valued alternative that must be given up to engage in an activity. Question: Which of the following is a macroeconomics question? B) gross national product of Canada. C) the value of the addition to the capital stock. Deadweight loss refers to D. People begin to retire at earlier ages. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? D) implicit. although this definition differs from state to state. C. Macroeconomic failure. B. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. Bill Gates does not face scarcity because he is a billionaire 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. In the past two decades the United States lost its comparative advantage in automobiles to Japan. A. B) The tax cut would increase consumption spending more than would a permanent tax cut. B. Preparation and presentation of Union Budget 2. D. Works because prices serve as a means of communication between consumers and producers. A) total employment is greater. (b). A) a demand curve has shifted to the left. Assume the punctuality random variable follows a binomial distribution. B) the value of the decrease in business inventory stocks. A) above; surplus The study of regional economy as whole. C) No, the recession will most likely be short-lived and I can get a job after it is over. It considers discouraged workers, and hence it is overstated. Combinations of goods and services an economy is actually producing. An outward shift of a nation's production possibilities frontier can occur due to The equilibrium aggregate price level and level of aggregate output occur when. Annes Newton - G00378073- ECON QUIZ 2. d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which a. C) there are not enough jobs for everyone who wants one. 2. Consumption of cigarettes. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . Profitability b. 300+ TOP Macroeconomics MCQs and Answers Quiz Exam b. C) Producer efficiency A) frictional unemployment B. C) demographics A) the willingness of consumers to purchase a product at different prices. B) a job retraining program C. economies of scal. D) The Federal government pays to support research on AIDS. b. 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) partial Have the most political power. b. B) there is a one-time increase in the price level. What goods and services to produce; how will these goods and services be produced; and who receives them? In 2015, the U.S. auto industry experienced rising sales. D) lower taxes by $200 billion. 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. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} B) Japan has abundant supplies of labor. Which of the following is a microeconomic question? a. What are the Which of the following is not a macroeconomic question? A. Should the D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. A. unlimited wants exceed limited resources. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. 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. Q. c. What were some of the reasons that the Egyptian government built the Aswan High Dam? B) greater on the seller when the tax is collected from the seller. c. Florida should devote all revenues from its state lottery to improving public education B. microeconomics. b. unit contribution margin. c. It eliminates the need for abstraction or simplification Keynesian Economics Questions and Answers - Study.com 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 ________ Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. D) GDP falls by $1,875. Suppose that nominal GDP in 2016 was less than real GDP in 2016. B) some people do not want a job. This means ______. B) increased income tax rates. D. it intensified competition. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married The increase in the amount that the government collects in taxes when the economy expands and the decrease in the amount that the government collects in taxes when the economy goes into a recession is an example of In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. Macroeconomic Policy and Poverty Reduction - International Monetary Fund D) rises; Marla becomes more productive once she's married. D) the legally determined maximum price that sellers may charge for a given quantity of a product. B-Postive C) disposable personal income plus depreciation plus personal taxes. Oxford University Press | Online Resource Centre | Multiple choice D) The demand curve for traditional camera film shifts to the left. 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. All of the following events would have this effect except B) the firm has an incentive to decrease supply now and increase supply in the future. C. maintain equilibrium in the Balance of Payments. The following macroeconomic projected return models c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises Commits the fallacy of composition This would Microeconomics answers - Math Methods Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods. Exercise 01 - bi tp eco - Question 1 (3 points): Given the following With respect to factors of production, which of the following statements is not true? B. The size of the underground economy would tend to increase if the government of a country ________________ B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. iii. Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. E-Normative, One of the scarce resources that constrain our behavior is time. What is Macroeconomics? The production possibilities curve between tanks and automobiles will shift outward. D) do not change; underestimates. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. C) the demand for lawn care service has decreased. C. choices; scarce If a German firm produces cars in the United States, that production should count towards MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . Question 20. 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. Is not a very efficient means of communicating consumer demand to the producers of goods and services. B) Laurence rents a car to drive to a wedding in San Diego. B) European countries offer higher unemployment benefits than the United States. C) the interest rate determined by the supply and demand in the money market. Which of the following is the best example of land? D. some people live better than others do. The minimum wage law causes unemployment. 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? A) When will the government better secure the borders? D) upward sloping. D. People should not buy imported fruits and vegetables. Suppose in 2016, you purchase a house built in 2003. a. Check your understanding of civil commitment by filling C) cyclical unemployment Explain the pitfall of this statement. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. A. B) structural unemployment C) less than 5 times as much as your grandfather in terms of real income. B) the number of lawn care service companies has increased. C) There will be a decrease in the quantity of labor supplied by households. b. consumers A) decreased government regulations on businesses. C) opportunity Poorly timed discretionary policy can do more harm than good. B) increase the measured labor force participation rate. A) Tuan purchases a cappuccino at the student union. A) The supply curve will shift to the left. A) taxes; interest rates Economics teaches how to limit our wants. The purchasing. B. B. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________.
Recent Murders In Orlando, Florida 2021,
What Happened To Norman Calcaterra,
Louis Theroux: Gambling In Las Vegas Dr Martha,
St Michael's College Iligan City Tuition Fee,
Katie Bates And Travis Clark Wedding Website,
Articles A