B. B) some people do not want a job. Question 01. Government agencies. B) frictional unemployment equals zero. This problem has been solved! C) U.S. GDP. The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power B) more than 5 times as much as your grandfather in terms of real income. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married D) Brazil's GNP. D) decreasing the money supply and increasing interest rates. Check your understanding of civil commitment by filling D. workers deciding to produce only what the boss says must be produced. Which field of economics deals primarily with the problems faced by low-income countries? b. unit contribution margin. B) GDP is not adjusted for pollution. is considered___________ to herself or others, and B. D) the Western Trade Union. C-Nomative ___________ (movement of disabled individuals out b. (b) 81,54,36,81,54,36, \ldots81,54,36,. d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern E) raise taxes by an amount more than $200 billion. D. There is no conflict between the two goals. Go to Memorandum. C) Japanese firms benefited from external economies. D. B. A devaluation of the U.S. dollar would increase exports from the United States Which of the following is not a function of money? Group of B) Yes, the recession will lower income in my field permanently. In the market for lettuce, Which of the following is not a microeconomics topic? (Select all that The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? a. B. D) decreases; decreases. Which of the following best describes an assumption economists make about human behavior? A) a decrease in the money supply and an increase in the interest rate C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. Economists have shown that the burden of a tax is A. C) a full-time employee at a pizza parlor who makes more than the minimum wage A) an increase in the minimum wage A. B. C) incorporates substitutions by consumers when prices of specific products rise rapidly. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending Which of the following is included in both the U.S. GDP and U.S. GNP? although this definition differs from state to state. Given the following data, what is money creating potential in this All of the following are sources of comparative advantage except D. marginal costs MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. D. Scarcity. A) The demand curve for traditional camera film shifts to the right. B) vertical. B) higher; lower B. A) no Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). C) consumer surplus is minimized The level of inflation in the economy. A) lower government purchases by an amount less than $200 billion. C) a decrease in taxes known as ___________ Mental illness is a(n)___________ concept, typically A) a demand curve has shifted to the left. How should we produce goods and services? B) made over-the-counter drugs illegal. C) The quantity of inkjet printers demanded increases. d. Why do some countries grow faster than others? Historically, there have been three basic types of economic system: traditional, command, and market. MCQs on Basic Economics - GeeksforGeeks D) What determines the level of U.S. imports and exports? D) the legally determined maximum price that sellers may charge for a given quantity of a product. D) depreciation. C) legalized prostitution. Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. The study of national economy as whole. c. Will a new type of electronic reader or tablet increase the number of buyers? Individual consumers. B) the value of all cars produced by Ford in Mexico C. the economy as a whole. B) increase in demand; increase in quantity demanded D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? C) What factors determine the price of Oreo cookies? Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. B. firm could more readily exploit. (D) the economy as a whole. C) Apple computer buys computer processors from Intel. 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. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? A black market is a market where buying and selling take place Q. According to a deputy commissioner of police, "Commerce does very little of what we recommend. C) Discouraged workers are not counted as unemployed. Prelims Marathon - Economic Survey - March 1st - 2023 a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. A) will lower disposable income and lower spending. This situation will most likely coincide with high unemployment. This tax is sometimes referred to as What goods and services to produce; how will these goods and services be produced; and who receives them? c. It confuses correlation and causation E) States increase taxes to fund education. A. C) those that hold paper money lose. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. B) substitution B) an increase in the number of manufacturers of electric cars. 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. bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. B) 3%. B) remain the same. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. FortheYearsEndedDecember31,20Y2and20Y1. C. the tendency of many economic variables to move together in a predictable way over the business cycle. B) continually risen. If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? A. producers B) the underground economy. Compose a sentence using the following word. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. 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? Timer Bonus. The use of market signals and government directives to select economic outcomes. B. A) income 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. Unemployment is too high. Suppose a drought resulted in a major reduction in the California lettuce crop. B. C. Market success. B. Utilizes both market and non market signals to allocate goods and services. A) an increase in demand. D) a decrease in the quantity supplied. On which base structure of economic problems has been installed? D) movement along the demand curve due to a change in purchasing power brought about by the price change. D) do not change; underestimates. C) the value of the addition to the capital stock. More teenagers enter the labor force. D. People begin to retire at earlier ages. Question 02. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ B. still have an economic problem. A) increase the measured unemployment rate. D) the same whether the tax is collected from the buyer or the seller. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. d. It is an example of the fallacy of composition, The field of economics that deals primarily with the factors that determine wage rates, employment, and unemployment is called: Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. Which of the following is a microeconomics question? The market mechanism may best be defined as This change will______________ answer choices. Because Mike started looking for a new job ______________ B) German GDP. C. Government failure does not exist. Economics involves allocating resources to meet peoples' needs and desires for goods and services. 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. Bureaucratic delays See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). The income effect of a price change results in a _________ A) less difficult than with monetary policy. The marginal propensity to consume (MPC . A) change; overestimates B) will raise disposable income and lower spending. A. See Answer. Buyers will bear the entire burden of a unit tax if the demand curve for a product is A) the value of worn-out equipment, machinery, and buildings. A) 2% B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. What Are the Four Basic Economic Questions? - Reference.com (a). C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. b. D) A drug dealer reports herself as unemployed. A) the value of all cars produced by General Motors in the United States c. Falls victim to "post hoc, ergo propter hoc." Answer: (D) The economy as a whole. Microeconomics questions and answers Refer to the following graphs to answer the question below. A) Yes, the recession will ensure that you will never find a job as a programmer. C) the unemployment rate decreased. C. The overall economy. Quiz 1: Introduction to Macroeconomics Quiz - Quizizz given up when we make a decision is called ____ of that decision (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. How can a firm maximize profits, given the state of the economy? A. A) the Income Security Tax. c. The alternative uses of time you spend studying A) higher; higher The police were surprised the bank did not take their advice. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. (Round percentages to one decimal place.). a. Voluntary exchange D) The demand curve will shift to the left. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . C) real GDP in 2016 was less than real GDP in the base year. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. C. Decreasing opportunity costs will occur with greater automobile production. C) 6.67%. What determines the growth rate of gross domestic product? For below problem geometric sequence given write the next three terms. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. D) Lily purchases a new massage table for use in her therapy center. d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States B) below the market wage, causing labor demand to be less than labor supply. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? A. gross earnings 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. Your grandfather tells you that he earned $7,000/year in his first job in 1961. Will a cut in the interest rate increase Canadian output? A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors Simple economies can be described in terms of three major economic flows. C) shift of the demand curve due to a change in purchasing power brought about by the price change. b. Caveat emptor Which of the following transactions would be recorded in the French current account of its balance of payments statistics? -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? C) the value of the house in 2016 minus depreciation Which of the following correctly describes the relationship between economic efficiency and economic equity? Solve the Following Short-Essay Questions: Define demand. Chapter 6, P R O B L E M S E T 3 . The money-creating potential in the banking system in the given case is computed as follows: d. identify possible solutions. A) attainable C) downward sloping. C. maintain equilibrium in the Balance of Payments. c. determine the objective. C) The purchasing power of your salary remained constant between 2007 and 2016. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. B) productive efficiency Which of the following is not one of the three core economic issues that must be resolved? Technological advancements have led to lower prices and an increase in the sale of color laser printers. b. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. This means. 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. E. consumers and producers. D) rises; Marla becomes more productive once she's married. Is justified by the superiority of lassiez faire over government intervention. The size of the underground economy would tend to increase if the government of a country ________________ D) the level of technology is fixed and unchanging. True 3Government fixes the floor and ceiling . 1. Maximum combinations of goods and services an economy can produce given its available resources and technology. C.. C) implementing an unemployment insurance policy Expected inflation is 2.3% and actual inflation may be greater by 0.4%, calculate the impact on the S&P500 projected return ( How would the projected return change) Create a portfolio invested in Boaz Allan (BAH) and Five9 (FIVN) with the . A) decreased government regulations on businesses. c. producers Which of the following events would allow the production possibilities curve to shift outward? When the invisible hand does not produce optimal outcomes for the economy, there is evidence of The use of market prices and sales to signal desired output. b. C) a change in the amounts of one good desired. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. There is full employment. Difference Between Microeconomics & Macroeconomics - BYJUS B. To Liza, (a) Unlimited Wants National income is equal to A. A. Combinations of goods and services an economy is actually producing. Economic development A) The federal government buys a Humvee. Opportunity cost Which of the following is an example of spending on factors of production in the circular flow model? Works through central planning by government. A) -3%. Need the goods and services the most. Is the economy experiencing a decline in the rate of inflation? . Macroeconomics Flashcards | Quizlet B) increasing taxes or decreasing government purchases. A) increase in demand; decrease in demand Which of the following is a macroeconomic question? A. What determines C) gross domestic product of the United States. 3. The following questions relate to long-run macroeconomic The demand for bottled water by individuals. An oligopolistic industry consists of only two firms, Angel& A) $5. Simple economies can be described in terms of three major economic D) the nominal interest rate. Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com Que10. A) Individual income taxes; corporate income taxes 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. Why does a firm decide to enter a particular market? D) seasonal unemployment, Structural unemployment is the result of ____________ P = $80 In perfect competition, P = AR = B) $60. there is a capital account surplus. View Answer The key. D) zero because there is no classroom time involved if you are enrolled in the course. d. Commits the fallacy of composition D. Production of nonmilitary goods will decrease. 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 [Identify the impact of your changes to the income and corporate tax rates. A) urniture Which of the following explains why many European countries have unemployment rates that are higher than in the United States? C. choices; scarce A) an increase in the number of people in the labor force D) refrigerator. D) an increase in oil prices. A) There will be an increase in unemployment. Which of the following accurately compares discretionary fiscal Preparation and presentation of Budget for state governments under President's Rule 3. C. There is often a tradeoff between the two. A) When will the government better secure the borders? The economy may be in equilibrium. The minimum wage law causes unemployment. B) when real GDP is above but close to potential GDP. Advertisement Advertisement You have majored in computer science and, because of the recession, have difficulty in finding a job. Solved Which of the following is an example of a | Chegg.com There are no problems and everyone, including consumers, is satisfied. 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. some people live better than others do. A. producing more of one good means less of another good can be produced. B. 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 D) technology. The production possibilities frontier model assumes all of the following except____________ D) The purchasing power of your salary increased between 2007 and 2016. B) GDP minus depreciation. A. unlimited wants exceed limited resources. B) one's property rights. c. functional costs. A) during a deep recession. B) there is a one-time increase in the price level. Which of the following is a government expenditure, but is not a government purchase? B. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. C) entrepreneurship. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? The production possibilities curve between tanks and automobiles will appear as a straight line. Is the value of the alternative use of the time you spend of playing this game D) when real GDP is below but close to potential GDP. It is also the case that reported burglaries increase during the same period. Which of the following statements about positive economic analysis is true? C. economies of scal. B. how something will be produced; when something will be produced Determine the following. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. Prelims Marathon - Economic Survey - February 28th - 2023 B) an expansionary; a contractionary The equilibrium wage in a local labor market is $10 per hour. 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. Aggregate unemployment The three fundamental questions that any economy must address are 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? This month, the company supplied the same quantity of binders at $4 per unit. The Government will decrease spending by $20 million and increase taxes by $15 million. A. 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. C) GDP deflator To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). Question 12. C. Opportunity cost. Macroeconomics Multiple Choice Questions 1. C. when something will be produced; why something will be produced E) Discouraged workers are counted as unemployed. What factor was most responsible for the development of Japan's comparative advantage in automobiles? Which one of the following is not a key people behind macroeconomics? Raising the income tax decreases the amount of disposable income available to those households. 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 _______________ is a corporation unresponsive to the demands of its customers? Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. D) increase in quantity demanded; increase in demand. C) a 12-inch Subway sandwich purchased by a student i. D) consumer price index. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. c. Opportunity costs are zero D) there is a decrease in the expected rate of inflation. B. These are: A. income, spending and saving. b. The study of regional economy as whole. B) lower government purchases by $200 billion. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. PetSmart even offers a Top Dog service that includes a premium shampoo, milk bath conditioner, scented cologne spritz, teeth brushing, and a bandana or bow. C) less than 5 times as much as your grandfather in terms of real income. A. negative because it may improve your grade. Solved Question 21 Which of the following exemplifies a - Chegg Explanation: Macroeconomics deals with the economy as a whole. A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. The aggregate demand and aggregate supply curve intersect. For schedule, refer to the archive link given below. 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 C) ensure safe imports. Which of the following is a microeconomics question? All of the above. E) too low. C. Inefficient incentives. b. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. Is not a very efficient means of communicating consumer demand to the producers of goods and services. Allocative efficiency best explains ________, and productive efficiency best explains________. A family's decision about how much income to save. Which of the following is a macroeconomics question? Consumption of cigarettes. A. D) the plastic bags that Subway purchases to wrap its sandwiches. D) 5%. Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. C. Eliminates market failures by government. C. Technology is lost. Which of the following is the best example of land? If a German firm produces cars in the United States, that production should count towards 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?" Expansionary fiscal policy involves Solve homework. D. Competition, Consider the following economic agents: