D) a slowdown in the economy. B) the sum of consumer and producer surplus. \hline d. It does not consider those who were laid off due to . C. income, saving and . A) a decrease in supply. C) will lower disposable income and raise spending. B) an increase in the number of manufacturers of electric cars. B. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls answer choices. Suppose that nominal GDP in 2016 was less than real GDP in 2016. On which base structure of economic problems has been installed? D. Increasing opportunity costs will occur with greater tank production. 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? To move the economy back to potential GDP, Congress should ______________ A) a law making it illegal to work more than 35 hours per week a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? . A) When will the government better secure the borders? C. Production of nonmilitary goods will decrease. B) remain the same. The economy experiences government failure. C. unlimited resources exceed limited wants. D. Markets result in an unfair distribution of income. A. income; available B) relative abundance of labor and capital. C) a discouraged worker For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. Factors of production and price signals. 1. A) an induced; an autonomous The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. E) 9.5%. c. To be an informed citizen C) Apple computer buys computer processors from Intel. A. Question: Which of the following is an illustration of a macroeconomic question? According to a deputy commissioner of police, "Commerce does very little of what we recommend. C) the value of the house in 2016 minus depreciation 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. c. Focuses on how a business should function In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. The higher price caused the supply of sailboats to increase.". A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. A) inflation. (D) the economy as a whole. A) Yes, the recession will ensure that you will never find a job as a programmer. If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. B. Solved Which of the following is a macroeconomics question - Chegg A) decrease the measured unemployment rate. E) the cost of tuition and fees only. B) total income in 2015 was around $17.3 trillion. A family's decision about how much income to save. 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?" D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. D) all of the above. C) productively efficient A. Writing Period 50 minutes . A tax is imposed on employers and workers that are used to fund Social Security and Medicare. B) above; shortage MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . 60 seconds. Which of the following is a macroeconomics question? Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. A) no How has the discovery of oil in the Niger delta affected Nigeria's environment? International economics. b. b. A) during a deep recession. A) higher; higher The phrase "demand has increased" means that ___________ Prelims Marathon - Economic Survey - March 1st - 2023. Minimum wage laws cause unemployment because the legal minimum wage is set c. Is one-half cost of the game, as this is the second time you have played it D) the firm will not change supply until it knows for certain what will happen to its price. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. C) a 12-inch Subway sandwich purchased by a student B) Trade Without Borders. A) the unemployment rate increased. If your nominal wage rises faster than the price level, we can say your real wage has ________ and the purchasing power of your income has ________ d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? D. Is one that allows trade with other countries. c. It considers part-timers as employed, and hence it is understated. A) average price levels of goods and services in the economy. A) GDP rises by $1,875. B) fallen; risen Ask an Expert. D) increase all of the monetary flows. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. a. Microeconomics A technological advance would best be represented by A. producing more of one good means less of another good can be produced. Is the economy experiencing a decline in the rate of inflation? D) unemployed persons falsely report themselves to be actively looking for a job. A) higher; higher Your grandfather tells you that he earned $7,000/year in his first job in 1961. Which one of the following is the objective of fiscal policy? The income you could have earned c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 Which of the following explains why many European countries have unemployment rates that are higher than in the United States? A) The demand curve for inkjet printers shifts to the right. b. Maximum combinations of goods and services an economy can produce given its available resources and technology. b. d. The market mechanism. b. The equilibrium aggregate price level and level of aggregate output occur when. D) decrease the number of persons in the working-age population. Question 1. D. macroeconomics. B) substitution Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. a. A) decrease the required reserve ratio. The purchasing. Which of the following is not a macroeconomic question? A. Should the C) decreases; increases C) looking for work is your only option. The invisible hand refers to B) increase the measured labor force participation rate. C) a change in consumer income. D) $200. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. B) increase; less (C) how individual markets work. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors B) German GDP. B) below the market wage, causing labor demand to be less than labor supply. What kind of unemployment is Sarah experiencing? Government intervention may achieve a more optimal outcome than the market mechanism when addressing The market mechanism at work. Will a cut in the interest rate increase Canadian output? Which of the following would be classified as fiscal policy? 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 the same weight of goods has been imported as were exported. You earn _________ C. Can a tax cut lead to a government budget surplus? C. Greater production of one good requires increasingly larger sacrifices of other goods. The tuition you pay Use the following (partial) chart of accountsaccount numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). B) movement along the demand curve due to a change in relative prices. B) gross national product of Canada. A. supply and demand. Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. c. producers D) zero because there is no classroom time involved if you are enrolled in the course. Deadweight loss refers to B) Laurence rents a car to drive to a wedding in San Diego. Equity A) Governments interfere with the market mechanism to influence the allocation of goods and services. Macroeconomics | Economics Quiz - Quizizz The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. Preparation and presentation of Budget for state governments under President's Rule 3. D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. A. D) The government imposes taxes on those who earn beyond a certain amount of income. Solve the Following Short-Essay Questions: Define demand. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. B. still have an economic problem. B) Delta buys a new European-made jetliner. A. achieve full employment. a. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. The doctrine of lassiez faire is based on the belief that A) Economic efficiency B. Que10. A) climate and natural resources. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises 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. ___________ (movement of disabled individuals out c. Falls victim to "post hoc, ergo propter hoc." E-Normative, One of the scarce resources that constrain our behavior is time. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. Based on this evidence, Tecumseh has experienced He hasn't looked for a job in the last three months, but he's just started looking for work again. A) Anytime you have to decide which action to take you are facing an economic trade-off. The following macroeconomic projected return models b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. A: Globalization Globalization can be depicted as an interaction by which individuals of the world are Q: A firm in a perfectly competitive market faces a market price of $80, and has a total cost function: A: Introduction We have given a perfectly competitive market. B. C) There will be a decrease in the quantity of labor supplied by households. B) unemployed The importance of the ceteris paribus assumption when using models is that: B) change; underestimates answer choices. More teenagers enter the labor force. A) the value of worn-out equipment, machinery, and buildings. Which of the following is a microeconomics question? e. variable cost reduction. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. Classify the following topics as relating to microeconomics or macroeconomics. D) increase in quantity demanded; increase in demand. D. give more money to the government to solve its problems. B) the value of all cars produced by Ford in Mexico D) the wages of college graduates do not fall during recession. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. D. What factors determine the price of electronic cigarettes? C. A centrally planned economy Refer to the above diagram. Is very narrow endeavor First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. A. negative because it may improve your grade. The production possibilities curve illustrates which two of the following essential principles? A. D. workers deciding to produce only what the boss says must be produced. The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as How can a firm maximize profits, given the state of the economy? Required use of pollution control technology that is obsolete. Which of the following would be the best measure of the cost of living? The production possibilities curve between tanks and automobiles will shift outward. B) The Federal Reserve cuts interest rates to stimulate the economy. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? You are investigating the punctuality of the airlines in Asia. 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. A. If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. b. Which of the following is not a macroeconomic statement? B. Which of the following statements is not true? C. Government failure does not exist. Report an issue. D) No, the recession will have no impact on my ability to get a job or my future income. B. Is way of analyzing decision-making processes caused by scarcity c. Post hoc, ergo propter hoc A) personal income minus personal taxes. A) ice cream and hot fudge are complements. a. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. D) The demand curve will shift to the left. C) The quantity of traditional camera film demanded increases. C) the business cycle. Macroeconomic Policy and Poverty Reduction - International Monetary Fund B) the labor force participation rate decreased. Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? A) the Income Security Tax. B) protect the environment. Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia Given the following data, what is money creating potential in this A) cyclical You know that average prices have risen steadily since 1961. B) when real GDP is above but close to potential GDP. The first stage in the five-step decision process described in the text is to a. define the problem. Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring Real domestic output is at its maximum level. Therefore, exercising daily causes people to eat kale. D) decrease tax rates. The aggregate demand and aggregate supply curve intersect. Which of the following is not a basic decision that all nations must confront? 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 D. A movement from the production possibilities curve to a point inside the production possibilities curve. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} A) the price of sailboats increased and the demand for sailboats decreased." Several conditions must be met before the state is permitted to commit a person involuntarily: The person has a(n)___________ and is in need of treatment, the person B. a nation's poverty level increases faster than its population. Three Economic Questions: What, How, For Whom? | Encyclopedia.com Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). C. For whom should goods and services be produced? A. Step-by-step explanation. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. C) GDP rises by $125. Macroeconomics is a branch of economics that depicts a substantial picture. A) an increase in the minimum wage A) The federal government buys a Humvee. A) Micah purchases a new wrench for his auto repair business. A. how households and firms make choices. A. Deflation occurs when ____________ B) productive efficiency C) decrease; more There is full employment. A. D) the decline in the value of the stock market, net of dividends. Which of the following is a macroeconomics question? c. Industrial organization Lower disposable income decreases consumption at every price level. A) There was deflation between 2007 and 2016. A) the cost of additional education is always higher during recession. C) automatic stabilizers; monetary policy A) nondurable goods; durable goods B) discouraged workers i. Dear Friends, We are posting prelims marathon MCQs for today. ECO 210 Ch.1 Flashcards | Quizlet A. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. The president has proposed increasing the marginal tax rate for people whose annual earnings exceed $275,000 and lowering the marginal tax rate for those who earn less than $275,000 D) Your father buys a new John Deere riding lawn mower. To understand society and global affairs Is not a very efficient means of communicating consumer demand to the producers of goods and services. BOOK Market Leader intermediate 3rd edition. c. Marginal cost Production possibilities curve will shift outward. Zero because you knew when you registered for the class that studying would be required. We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." Ch. 1 Microeconomics Homework Flashcards | Quizlet D) lower taxes by $200 billion. A) gross domestic product of Canada. B) increase in demand; increase in quantity demanded D) the Western Trade Union. Production possibilities curve will shift inward. D) both U.S. GNP and German GDP. C) ensure safe imports. Which of the following can be used to correct market failure? The production possibilities curve illustrates which two of the following essential principles? A. 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. TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu A. why something will be producedwhat will be produced A. Every society faces economic trade-offs. 1. Which of the following explains why the unemployment rate could C) real GDP in 2016 was less than real GDP in the base year. D) an increase in the labor force. 1) Economic models do all of the following except A) answer economic questions. A) The demand curve for traditional camera film shifts to the right. C. An increase in national defense is possible only if we produce more butter. b. D) upward sloping. A) the firm has an incentive to increase supply now and decrease supply in the future. B) Japan has abundant supplies of labor. If a German firm produces cars in the United States, that production should count towards When the laws about civil commitment emerged, Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? B. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. Macroeconomics _ECON 202_ 2022 rev (1).docx If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? B) 3%. 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. D) decrease the number of persons in the working-age population. B) those that lend money lose. D) on foreign soil. D. All of the choices are correct. D. All of the choices are correct. D) GDP falls by $1,875. Calculate the predetermined overhead allocation rate for each activity. B. a. 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? Advertisement Advertisement d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. d. sensitivity analysis. Given this information, we know for certain that ________ B. In 2015, the U.S. auto industry experienced rising sales. C) legalized prostitution. Number of employees in the steel industry Rational cost a. 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. Every society faces economic tradeoffs. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ It is the field of economics that studies the behavior of the entire economy. Why is the economy of India growing? A. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. C) complete B. The income effect of a price change results in a _________ (B) important rather than trivial issues. C) downward sloping. The term "market" in economics refers to ______________. 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) an increase in unemployment insurance payments 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. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ d. A) the value of the house in 2016 B) a job retraining program A) shift of the demand curve when income changes. C) GDP is adjusted for changes in crime rates. C) a change in the amounts of one good desired. Which of the following is an example of government failure? B) $60. Economists have shown that the burden of a tax is D) ice cream is a normal good and hot fudge is an inferior good. D) a demand curve has shifted to the right. C) builds another assembly plant in the United States. D. Average combinations of goods and services an economy can produce given its available resources and technology.