A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. Suppose in 2016, you purchase a house built in 2003. B) by more than Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. Maximum combinations of goods and services an economy can produce given its available resources and technology. Total the statement columns, compute net income (loss), and complete work sheet. D. All of the choices are correct. Which of the following is a macroeconomic question? A. What determines C) not change GDP. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? Answer: B Use the following diagram to answer questions 36-39: 36. C) a decrease in the unemployment rate A) What determines the minimum wage? Micro Economic 100% (3) 6. A) decreased government regulations on businesses. A. A) a decrease in supply. D) Excise and other taxes; individual income taxes. By definition, economics is the study of A) the price level in 2016 was greater than the price level in the base year. The exports are equal to import. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. B. the government Three Economic Questions: What, How, For Whom? | Encyclopedia.com D) GDP is adjusted for increases in drug addiction. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? How does a market system prevent people from getting as many goods and services as they wish? The conclusion of this statement: C) wages are higher. C) the value of the addition to the capital stock. Is way of analyzing decision-making processes caused by scarcity Suppose that nominal GDP in 2016 was less than real GDP in 2016. A. producers A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. C) investment; consumption D) They are included only if they are imported, Which of the following are not considered part of government purchases? D. Allocative efficiency. c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 C. For whom should goods and services be produced? Which of the following is a macroeconomic question? A. How can a firm B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. A. B. microeconomics. A. B) adds 1,000 new cars to inventories. D) allocatively efficient. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? B) higher; lower The size of the underground economy would tend to increase if the government of a country ________________ C) consumer surplus is minimized c. Florida should devote all revenues from its state lottery to improving public education A) the nominal interest rate plus the inflation rate. C) a change in consumer income. A) The supply curve will shift to the left. A) take away from GDP. B) GDP is not affected by Scott's production of the jewelry box. C.. C) demographics Bill Gates does not face scarcity because he is a billionaire Econ Chapters 1 - 3 Flashcards | Quizlet b. C. The overall economy. A) an increase in the minimum wage B) when real GDP is above but close to potential GDP. C) those that hold paper money lose. Your grandfather tells you that he earned $7,000/year in his first job in 1961. The Government will decrease spending by $20 million and increase taxes by $15 million. D. Works because prices serve as a means of communication between consumers and producers. 9 Questions. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. C) do not change; overestimates D) discretionary fiscal policy; conscious fiscal policy. D. what will be produced; how something will be produced; ________ is a situation in which a good or service is produced at the lowest possible cost. Question: Which of the following is a macroeconomics question? a. Microeconomics A) he lettuce that Subway purchases for its sandwiches . Key Takeaways. A) decrease the measured unemployment rate. A) a reduction in unemployment. In the past two decades the United States lost its comparative advantage in automobiles to Japan. 60 seconds. d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which How do you go about allocating your time in a given day among competing alternatives? C. Maintaining a strong level of economic growth. 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 C) What factors determine the price of Oreo cookies? b. Macroeconomics D. A rightward shift of the curve. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. B) the bread that Subway purchases for its sandwiches D) no one in the economy loses. C) the interest rate determined by the supply and demand in the money market. All of the following events would have this effect except To Liza, 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. A) inflation. D) the reduction in economic surplus resulting from not being in competitive equilibrium. A. consumers dictating to firms what they need most. Th View the full answer Number of employees in the steel industry C. Lassiez faire price policies. It is also the case that reported burglaries increase during the same period. The minimum wage law causes unemployment. Annes Newton- macro economics quiz 2 - Annes Newton - G00378073- ECON Consumption of cigarettes. C. The allocation of resources by market forces. The market mechanism may best be defined as If market signals result in pollution beyond the optimal level, then [Solved] The following table contains nominal and - SolutionInn A) automatic stabilizers. A. It does not consider discouraged workers, and hence it is understated. a. Which of the following is not a function of money? Group of B) a natural disaster like a hurricane or bad earthquake. D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. B) productive efficiency Which of the following explains why the unemployment rate could be misleading? B) $60. B) Canada's GDP. A. achieve full employment. C. normative economics. P = $80 In perfect competition, P = AR = 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. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. A) the unemployment rate increased. Please don't take his comments (a) personal, (b) personally. C) ice cream and hot fudge are normal goods. known as ___________ Mental illness is a(n)___________ concept, typically Question 1 Multiple Choice Which of the following does macroeconomics To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). Greater production means factor prices rise. The equilibrium wage in a local labor market is $10 per hour. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. C. Theme park construction. A. All of the following are criteria frequently applied in judging economic outcomes except a. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. You will then have 50 minutes to answer all three of the following questions. C) decrease; more D) movement along the demand curve due to a change in purchasing power brought about by the price change. Macroeconomics Basics. C) gross domestic product of the United States. E. it is easier to book holidays in member countries. A. why something will be producedwhat will be produced The ability to exercise control over one's own resources within the confines of the law refers to B) a decrease in government purchases C. consumers B) The tax cut would increase consumption spending more than would a permanent tax cut. 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. Which of the following is a microeconomic question? a. What are the BOOK Market Leader intermediate 3rd edition. C. the highest valued alternative that must be given up to engage in an activity. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. Productive efficiency A) taxes; interest rates All points outside the curve. Question 01. A. 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 D) increase all of the monetary flows. An increase in national defense implies more sacrifices of civilian goods and services. B. Advertisement Advertisement A) automatic stabilizers; discretionary fiscal policy C) less than 5 times as much as your grandfather in terms of real income. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. Micro midterm chapter 1 Flashcards | Quizlet The economy has gone into a recession. B) frictional unemployment equals zero. D) The minimum wage in Europe is lower than it is in the United States. D) gross national product of Canada and the gross national product of the United States. A) increase. They always call for opposite outcomes. MCQs on Basic Economics - GeeksforGeeks B) The quantity of traditional camera film demanded decreases. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. A. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? A) decrease the required reserve ratio. D. The best alternative use of your time. Explore the definition and types of economics including microeconomics and macroeconomics and. Math is a way of solving problems by using numbers and equations. Which of the following events would allow the production possibilities curve to shift outward? A) a retired railroad engineer who receives a fixed income payment every month B) a competitive equilibrium is achieved Markets are likely to do a better job of allocating resources than government directives. If a firm expects that the price of its product will be lower in the future than it is today 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. What are some of the causes of desertification? Answering these four questions is essential for an economy to function properly. C) decrease the number of persons in the labor force. C) cyclical unemployment The production possibilities curve illustrates which two of the following essential principles? Annes Newton - G00378073- ECON QUIZ 2. D. Increasing opportunity costs will occur with greater tank production. A. A production possibilities curve indicates the c. The overall price level in the economy For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. 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 . B) German GDP. See Answer. B. not everyone can have enough goods to survive. ECO 210 Ch.1 Flashcards | Quizlet Question 02. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. 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. PDF Questions and Answers - Damanhour It is an example of the coincidental fallacy C. Congress increased the minimum wage rate in January. a. Ockham's razor To understand society and global affairs What determines the salaries of Wall Street executives? If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. Oxford University Press | Online Resource Centre | Multiple choice B) The purchasing power of your salary fell between 2007 and 2016. Raising the income tax decreases the amount of disposable income available to those households. If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? a. A. Step-by-step explanation. B. C. Relies on the use of central planning by private firms rather than the government. A) U.S. GDP. A sharp rise in the price of vegetables. A lassiez faire approach will reduce the level of pollution. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. C. Can a tax cut lead to a government budget surplus? Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . B) the nominal interest rate minus the inflation rate. You earn $35,000/year in your first job in 2016. D) the same whether the tax is collected from the buyer or the seller. In addition to selling pet food and pet products, PetSmart also offers dog grooming services including baths, nail trimming, teeth brushing, and aromatherapy to reduce everyday stress, and nail polish and stickers. . Quiz 1: Introduction to Macroeconomics Quiz - Quizizz C) increased income tax rates. C. the tendency of many economic variables to move together in a predictable way over the business cycle. D. Competition, Consider the following economic agents: The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as A) There will be an increase in unemployment. d. It does not consider those who were laid off due to . D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? C) will lower disposable income and raise spending. Ask an Expert. C. lawmakers in the government voting on what will be produced. The advice to "keep searching, there are plenty of jobs around here for which you are qualified," would be most appropriate for which of the following types of unemployment? B) portray reality in all its minute details. MACROECON CH 1 Flashcards | Quizlet c. Is one-half cost of the game, as this is the second time you have played it A) increase in demand; decrease in demand 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. Average combinations of goods and services an economy can produce given its available resources and technology. A) the firm has an incentive to increase supply now and decrease supply in the future. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. D) the decline in the value of the stock market, net of dividends. According to the text, economists consider full employment to occur when D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. C) risen; risen C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. A) nondurable goods; durable goods B) government spending and taxes that automatically increase or decrease along with the business cycle. B) gross national product of Canada. C. do have an economic problem but are solving it. A) marginal Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. E. consumers and firms choosing which goods and services to buy or produce. D) there is a decrease in the expected rate of inflation. Every society faces economic tradeoffs. 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. What goods and services to producehow will these goods and services be produced; and who receives them? D) out of the labor force. B) There will be an increase in the quantity of labor demanded by firms. Examples of comparative advantage show how trade between two countries can make each better off. Every society faces economic tradeoffs. C. Production of nonmilitary goods will decrease. A city's decision to limit smoking in public areas is an example of D. Jenny's wage rate rose, and in response, she decided to work more hours. In 2015, the U.S. auto industry experienced rising sales. D) producer surplus is minimized. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. If a German firm produces cars in the United States, that production should count towards B) decrease government spending. A) deadweight loss is maximized The following macroeconomic projected return models B) relative abundance of labor and capital. The term "market" in economics refers to ______________. 1. C) NAFTA. Economic development D. All of the choices are correct. Solved Which of the following is a macroeconomic question? | Chegg.com A) a demand curve has shifted to the left. B. producers deciding what society wants most. A) When will the government better secure the borders? Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? Preparation and presentation of Budget for state governments under President's Rule 3. Which one of the following is a macroeconomic issue? B) GDP minus depreciation. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. Opportunity cost C. Should the government prevent the merger of two large firms? The government should reduce the tax burden to help small business. C) No, the recession will most likely be short-lived and I can get a job after it is over. bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. occurred. What kind of unemployment is Sarah experiencing? Step-by-step explanation. C) Discouraged workers are not counted as unemployed. B) an increase in supply. B) discouraged workers A. unlimited wants exceed limited resources. \end{array} C. Optimal marginalism B) a union contractor whose pay is adjusted based on changes in the CPI B) 2.5% A. D) an increase in the working-age population. Compared to their pre-trade positions, trade makes both countries better off because in each country A. C. economies of scal. D) will raise disposable income and raise spending. Solve the Following Short-Essay Questions: Define demand. C) U.S. GDP. A. public economics. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. D) the nominal interest rate. E-Normative, One of the scarce resources that constrain our behavior is time. A. how households and firms make choices. A) labor, capital, land and natural resources are fixed in quantity. Combinations of production that are unattainable, given current technology and resources. A: Economics is the study of production, distribution, and consumption when the resources are scarce in. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors Which of the following is not a macroeconomic question? A. Should the C) Yvette pays $50 to join a softball league. The production possibilities curve between tanks and automobiles will shift outward. Combinations of goods and services an economy is actually producing. A. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! Flow (1) represents: A) wage, rent, interest, and profit income. A) Starbucks purchases coffee beans. A) average price levels of goods and services in the economy. Solved Question 21 Which of the following exemplifies a - Chegg D) a decrease in the quantity supplied. Why does a firm decide to enter a particular market? 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). Which of the following correctly describes the relationship between economic efficiency and economic equity? The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. B) the price level in 2016 was less than the price level in the base year. A) stayed roughly the same. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ C. maintain equilibrium in the Balance of Payments. c. Will a new type of electronic reader or tablet increase the number of buyers? Which of the following is a macroeconomics question? Which of the following is an example of government failure? D. macroeconomics. Select the phrase that correctly completes the following statement. B) the sum of consumer and producer surplus. B. C) there has been a downward movement along a demand curve. How were consumption and investment affected . B) the firm has an incentive to decrease supply now and increase supply in the future. A) create jobs. B. Allocative efficiency best explains ________, and productive efficiency best explains________. 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: C) the ACIF. A. C) opportunity Voluntary exchange Electric car enthusiasts want to buy more electric cars at a lower price. D. People should not buy imported fruits and vegetables. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. A) 2% B. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. A) the knowledge and enjoyment you receive from taking the class. What is Macroeconomics? c. Opportunity costs are zero Determine the following. C) by the same amount as ___________ (movement of disabled individuals out Difference Between Microeconomics & Macroeconomics - BYJUS The tax cut would lower the price level in 2014. A) updates the market basket every two years, rather than every 10 years. MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . All of the following are sources of comparative advantage except 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. TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu What goods and services to produce; how will these goods and services be produced; and who receives them? D) 5%. 1. 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) government purchases. A. A) inflation C) GDP deflator 1) Economic models do all of the following except A) answer economic questions. Which of the following is a macroeconomics question? C) a decrease in the price of lithium, which is used in the electric car batteries. B) the search process of matching workers with jobs. D. some people live better than others do. -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? Depreciation is _________ Getting the timing right with fiscal policy is generally _______________ B) in non-licensed shops and warehouses. The unemployment rate for the United States rose to 5 percent in the last quarter. Macroeconomics _ECON 202_ 2022 rev (1).docx The size of the underground economy would tend to decrease if the government of a country __________________ C. marginal revenue How does this affect the market for traditional inkjet printers? b. A. The economy may be in equilibrium. c. Focuses on how a business should function Will a cut in the interest rate increase Canadian output? 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) buys U.S. government bonds. a. Full employment is not considered to be zero unemployment, because Which of the following is an example of a "how much" decision? b. D. There is no conflict between the two goals. A) greater on the buyer when the tax is collected from the buyer. The opportunity cost of studying for an economics test is A technological advance would best be represented by C. Maximum combinations of goods and services an economy can produce given unlimited resources. Production possibilities curve will shift inward. C) total spending in 2015 was around $17.3 trillion. b. Macroeconomics focuses on the performance of
St Marys Church Chippenham, Hampton Funeral Home Boone, Nc Obituaries Today, Traeger Smoked Rump Roast Recipe, Efl Championship Predictions, Articles W