Combinations of goods and services an economy is actually producing. B. C. The money you spent on tuition for the class. Step-by-step explanation. a. B) the firm has an incentive to decrease supply now and increase supply in the future. B) movement along the demand curve due to a change in relative prices. C) shift of the demand curve due to a change in purchasing power brought about by the price change. Expansionary fiscal policy involves c. Will a new type of electronic reader or tablet increase the number of buyers? A) he tax cut would increase consumption spending less than would a permanent tax cut. Prelims Marathon - Economic Survey - February 28th - 2023 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 Microeconomics is concerned with issues such as Which of the following is the best example of land? C) disposable personal income plus depreciation plus personal taxes. B What is the optimal number of workers for an ice cream . Which of the following is a macroeconomic question? A. How can a firm We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." C) above the market wage, causing labor demand to be greater than labor supply. \hline\\ A) increase in demand; decrease in demand Solve the Following Short-Essay Questions: Define demand. Solved Which of the following is a macroeconomics question - Chegg C) builds another assembly plant in the United States. 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. B) high unemployment rates do not usually last for very long. 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. C.. B) Laurence rents a car to drive to a wedding in San Diego. c. It considers part-timers as employed, and hence it is understated. C) increased income tax rates. B) government spending and taxes that automatically increase or decrease along with the business cycle. C) ice cream and hot fudge are normal goods. Need the goods and services the most. 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 D) buys U.S. government bonds. c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 C. Relies on the use of central planning by private firms rather than the government. A. supply and demand. The study of national economy as whole. D) a slowdown in the economy. A. In terms of the production possibilities curve, inefficiency is represented by D) when real GDP is below but close to potential GDP. C) an increase in the quantity supplied. For below problem geometric sequence given write the next three terms. B. marginal benefit equals the marginal cost. C. income, saving and . 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 A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. Macroeconomics Multiple Choice Questions 1. A) The federal government buys a Humvee. B. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. A production possibilities curve indicates the 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. Prelims Marathon - Economic Survey - March 1st - 2023 If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? Basic questions of economics - Economics Help A) inflation A. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} D) The government imposes taxes on those who earn beyond a certain amount of income. The tuition you pay A. B) total income in 2015 was around $17.3 trillion. Which of the following is a macroeconomics question? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. How were consumption and investment affected . The phrase "demand has increased" means that ___________ Answer: B Use the following diagram to answer questions 36-39: 36. A) Governments interfere with the market mechanism to influence the allocation of goods and services. [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. D. macroeconomics. According to the text, economists consider full employment to occur when Macroeconomic Questions Flashcards | Quizlet D. What goods and services should we produce? Given this information, we know for certain that ________ D) consumer price index. D. All of the choices are correct. This means that _______ All points outside the curve. D. some people live better than others do. Go to Memorandum. 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 ________ Is zero B) a decrease in government purchases D. Works because prices serve as a means of communication between consumers and producers. A) updates the market basket every two years, rather than every 10 years. B) a natural disaster like a hurricane or bad earthquake. D) lower taxes by $200 billion. A) taxes; interest rates 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. b. unit contribution margin. C. Levels of production that will cause both unemployment and inflation. How should we produce goods and services? A) decreased government regulations on businesses. TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu A) total employment is greater. C) decrease the number of persons in the labor force. Productive efficiency The production possibilities curve between tanks and automobiles will appear as a straight line. C) frictional Quiz 1: Introduction to Macroeconomics Quiz - Quizizz They are both automatically achieved in a free market economy. The doctrine of lassiez faire is based on the belief that B) Japan has abundant supplies of labor. Que10. B) continually risen. A) ice cream and hot fudge are complements. C) U.S. GDP. All of the following are sources of comparative advantage except Production possibilities curve will shift inward. Number of employees in the steel industry b. D. The government is allocating resources inefficiently. D) The Federal government pays to support research on AIDS. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. A) Consumer surplus measures the difference between the highest price a consumer is willing to pay for a product and the price she actually pays. B) an increase in the unemployment rate Which of the following is a macroeconomic question? For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. D) decrease; less. A) $5. C. Decreasing opportunity costs will occur with greater automobile production. Commits the fallacy of composition c. determine the objective. . These firms are reacting to which of the three key economic ideas? D) on foreign soil. A) Starbucks purchases coffee beans. A. Math is a way of solving problems by using numbers and equations. C) consumer surplus is minimized C) discretionary monetary policy. The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill D. Price regulation by government. A) There will be an increase in unemployment. D. a country's population is larger than its resource base. Reading Period 10 minutes . C. the highest valued alternative that must be given up to engage in an activity. C) NAFTA. 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 ________. D) Lily purchases a new massage table for use in her therapy center. B) Delta buys a new European-made jetliner. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. Answering these four questions is essential for an economy to function properly. B) structural Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. 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. Which of the following is a problem inherent in centrally planned economies? c. degree of operating leverage. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. ii. 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 E) the cost of tuition and fees only. D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. A) a demand curve has shifted to the left. C. how to make money in the stock market. A) average price levels of goods and services in the economy. Should you go back to school and get a second major? C) lower; higher C. Lassiez faire price policies. C) Every individual, no matter how rich or poor, is faced with making trade-offs. D) real GDP in 2016 was greater than real GDP in the base year. D) GNP plus depreciation. B) taxes; the money supply b. C) any level of the two products that the economy produces is currently possible. Annes Newton- macro economics quiz 2 - Annes Newton - G00378073- ECON Guns and butter can be produced using the same resources at the same time. Given the following data, what is money creating potential in this B. C. There is often a tradeoff between the two. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? D) the firm will not change supply until it knows for certain what will happen to its price. A) Tuan purchases a cappuccino at the student union. C) complete The tax cut would lower the price level in 2014. B. a. The government should reduce the tax burden to help small business. C. The allocation of resources by market forces. A: Economics is the study of production, distribution, and consumption when the resources are scarce in. C. unlimited resources exceed limited wants. You have majored in computer science and, because of the recession, have difficulty in finding a job. d. B and C only, T/F On a time series graph, time is measured along the vertical scale, People who eat kale on a regular basis are more likely to exercise every day than people who do not eat kale. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? A shift outward of the production possibilities curve. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. A) will lower disposable income and lower spending. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. C) goods and services. The production possibilities curve between tanks and automobiles will shift outward. C. society's output cannot be made available to all. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). D) allocatively efficient. D) movement along the demand curve due to a change in purchasing power brought about by the price change. 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. B. B. microeconomics. occurred. Which one of the following is the objective of fiscal policy? A. consumers dictating to firms what they need most. The economy may be in equilibrium. D. People begin to retire at earlier ages. B) What determines the production of video game consoles? FortheYearsEndedDecember31,20Y2and20Y1. It is also the case that reported burglaries increase during the same period. Q. B) the federal income tax. Let us now understand how it is different from Microeconomics. An outward shift of a nation's production possibilities frontier can occur due to d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. Which of the following best describes an assumption economists make about human behavior? A) Japanese firms excelled in process technology. B) an increase in government spending C. when something will be produced; why something will be produced A) -3%. D. Increasing opportunity costs will occur with greater tank production. How has the discovery of oil in the Niger delta affected Nigeria's environment? For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. C) implementing an unemployment insurance policy B) when real GDP is above but close to potential GDP. Deflation occurs when ____________ B) an expansionary; a contractionary A. negative because it may improve your grade. C) the business cycle. You know that average prices have risen steadily since 1961. A. C) 1.5% D. Are willing to pay the highest price. C. A centrally planned economy A mixed economy 60 seconds. Flow (1) represents: A) wage, rent, interest, and profit income. 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 How can a firm maximize profits, given the state of the economy? A) take away from GDP. A black market is a market where buying and selling take place They always call for opposite outcomes. C) an increase in unemployment insurance payments D) upward sloping. You are investigating the punctuality of the airlines in Asia. The term economic system refers to the way in which a society organizes the production and distribution of good and services. A. Combinations of goods and services an economy is actually producing. C. Macroeconomic failure. a. Microeconomics A) an induced; an autonomous Each point on a demand curve shows What are some of the causes of desertification? \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ Q: Choose the statement that does not describe Microeconomics. Microeconomics is the study of If a minimum wage of $15 per hour is imposed, which of the following will occur? An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX D. The person who has the responsibility to coordinate all the markets in a market economy. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. C. Maximum combinations of goods and services an economy can produce given unlimited resources. Every society faces economic tradeoffs. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. 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. Economics involves allocating resources to meet peoples' needs and desires for goods and services. E. pure profit. B. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport A) real GDP Is the economy experiencing a decline in the rate of inflation? Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring A. producers Is the value of the alternative use of the time you spend of playing this game D) will raise disposable income and raise spending. The study of regional economy as whole. The money-creating potential in the banking system is simply the amount of new money that can be created using the excess reserves of the bank. A grocery store sells a bag of potatoes at a fixed price of $2.30. Your grandfather tells you that he earned $7,000/year in his first job in 1961. A ________ can change over time or across observations. D) Producer surplus measures the total benefit received by producers from participating in a market. Question: Question 21 Which of the following exemplifies a macroeconomic question? although this definition differs from state to state. 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 . C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. A) 2% B. Explain. 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. C. Market mechanisms and lassiez faire. 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. A) he lettuce that Subway purchases for its sandwiches A) a decrease in supply. ECO 210 Ch.1 Flashcards | Quizlet Economic development there is a current account surplus. If market signals result in pollution beyond the optimal level, then Start. The market mechanism. A) higher; higher The size of the underground economy would tend to increase if the government of a country ________________ He hasn't looked for a job in the last three months, but he's just started looking for work again. a. A. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. Macroeconomics is a branch of economics that depicts a substantial picture. D) a bridge purchased by the state government. D) no one in the economy loses. C) The federal government pays out an unemployment insurance claim. Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia Solved Question 21 Which of the following exemplifies a - Chegg D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. For schedule, refer to the archive link given below. D. Government intervention. d. sensitivity analysis. C. consumers Household income ________ increases economic efficiency because it forces firms to produce and sell goods and services as long as the additional benefit to consumers is greater than the additional cost of production. Report an issue. B) increasing taxes or decreasing government purchases. Is justified by the superiority of lassiez faire over government intervention. Is way of analyzing decision-making processes caused by scarcity A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. A. A) lower government purchases by an amount less than $200 billion. Economics is concerned with prices and quantities of goods and services, both at the individual. What goods and services to produce; how will these goods and services be produced; and who receives them? C) the demand curve shifted to the right resulting in an increase in the equilibrium price. b. d. Why do some countries grow faster than others? If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is d. It does not consider those who were laid off due to . Macroeconomics Questions and Answers | Homework.Study.com The market mechanism B) the economy produces only two products. The exports are equal to import. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. b. The minimum wage law causes unemployment. Which of the following statements about positive economic analysis is true? If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. 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. A. it allows countries to exploit their comparative advantage, more fully. The "guns versus butter" dilemma that all nations confront is that C) an increase in taxes Which of the following individuals would be most negatively affected by anticipated inflation? D) there is a decrease in the expected rate of inflation. E) States increase taxes to fund education. B. A. how households and firms make choices. B) price charged for laptop computers by Dell. c. Florida should devote all revenues from its state lottery to improving public education C. A movement from inside the production possibilities curve to a point on the production possibilities curve. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? Government directives are likely to do a better job of allocating resources than markets. b. Caveat emptor D) The purchasing power of your salary increased between 2007 and 2016. E) too low. Scarce resources and opportunity cost. C) ensure safe imports. b. c. To be an informed citizen A. producing more of one good means less of another good can be produced. Should we have economic growth? D) No, the recession will have no impact on my ability to get a job or my future income.

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