B. B) the value of the house in 2003 A) shift of the demand curve when income changes. B) What determines the production of video game consoles? A) the firm has an incentive to increase supply now and decrease supply in the future. A) Economic efficiency a. How does this affect the market for traditional inkjet printers? e. As a public safety measure, the state of Texas should not pass legislation that allows people with concealed handgun permits to carry concealed weapons on college campuses, A-Positive a. Equity Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? Which of the following would be the best measure of the cost of living? D) What determines the salaries of college professors? B) there is a one-time increase in the price level. The invisible hand refers to Select one: a. Economic growth. A) an increase in the money supply and a decrease in interest rates Determine the following. D. Markets result in an unfair distribution of income. B. marginal benefit equals the marginal cost. C) do not change; overestimates Historically, there have been three basic types of economic system: traditional, command, and market. D) both U.S. GNP and German GDP. Have the most political power. c. To be an informed citizen D. All of the choices are correct. C) The quantity of traditional camera film demanded increases. A. 60 seconds. C. For whom should goods and services be produced? a. The production possibilities frontier model assumes all of the following except____________ Real domestic output is at its maximum level. Rearranging, we get: For below problem geometric sequence given write the next three terms. A. The conclusion of this statement: Which of the following economic activities are included in the subject-matter of Economics? D) the firm will not change supply until it knows for certain what will happen to its price. The market mechanism. ; D. what will be produced; how something will be produced. The production possibilities curve between tanks and automobiles will appear as a straight line. D. People should not buy imported fruits and vegetables. A) ice cream and hot fudge are complements. C) ice cream and hot fudge are normal goods. B) some people do not want a job. B. C) looking for work is your only option. Market failure. Your grandfather tells you that he earned $7,000/year in his first job in 1961. C) Apple computer buys computer processors from Intel. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? A) below the market wage, causing labor demand to be greater than labor supply. B What is the optimal number of workers for an ice cream . View Answer The key. B) the number of lawn care service companies has increased. Automatic stabilizers refer to a. B. 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. C) decrease the number of persons in the labor force. First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. B) above; shortage B. C-Nomative A. A. is considered___________ to herself or others, and B) total income in 2015 was around $17.3 trillion. The Federal Reserve lowered interest rates at its last meeting. B) the underground economy. All of the following events would have this effect except If a minimum wage of $15 per hour is imposed, which of the following will occur? Which of the following is a positive economic statement? CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. C. Technology is lost. Opportunity cost i. C) by the same amount as A) the money supply and a decrease in interest rates. The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. Macroeconomics Basics. D. the choices people make to attain their goals, given their scarce resources. A. trade-off B. stabilize the price level. D) the Western Trade Union. Math is a way of solving problems by using numbers and equations. b. They are both automatically achieved in a free market economy. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. answer choices. A. A. Micro Economic 100% (2) 176. Explain. B) an increase in quantity demanded. The best alt. When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. 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 third equation represents the investment function, where e and k are parameters. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? c. Will a new type of electronic reader or tablet increase the number of buyers? Which of the following is a microeconomics question? B) an increase in government spending D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. 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 D) $200. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. 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. To move the economy back to potential GDP, Congress should ______________ B) Yes, the recession will lower income in my field permanently. A) the value of worn-out equipment, machinery, and buildings. D) increased business taxes. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. C) decrease. Which of the following would be classified as fiscal policy? A) The federal government passes tax cuts to encourage firms to reduce air pollution. Which of the following correctly describes the relationship between economic efficiency and economic equity? Capital, as economists use the term, refers to. A. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ C) a discouraged worker C) ensure safe imports. D) below; shortage. B) The Federal Reserve cuts interest rates to stimulate the economy. A. B) 2.5% The price of steel declined by 3% last year. Ask an Expert. Deflation occurs when ____________ B) an increase in supply. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. Government agencies. B. Macroeconomics Multiple Choice Questions 1. C. society's output cannot be made available to all. Greater production means factor prices rise. Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. B. producers deciding what society wants most. D) zero because there is no classroom time involved if you are enrolled in the course. 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) frictional unemployment equals zero. A) Yes, the recession will ensure that you will never find a job as a programmer. Minimum wage laws cause unemployment because the legal minimum wage is set A) Tuan purchases a cappuccino at the student union. You are investigating the punctuality of the airlines in Asia. b. How should we produce goods and services? a. A mixed economy A. producers D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? C. Maximum combinations of goods and services an economy can produce given unlimited resources. The importance of the ceteris paribus assumption when using models is that: A) What determines the minimum wage? D) refrigerator. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. B. All of these O b. D) decreasing the money supply and increasing interest rates. Which of the following statements is false? D. Higher opportunity costs induce higher output per unit of input. C. Want the goods and services the most. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. is a corporation unresponsive to the demands of its customers? -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? A. A) increase. A. negative because it may improve your grade. B. microeconomics. D) less than 5 times as much as your grandfather in terms of nominal income. When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs B) -3.5% D) legalized marijuana. D. There is no conflict between the two goals. (b). Which of the following best describes an assumption economists make about human behavior? National income is equal to there is a current account surplus. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." B. Factors of production and price signals. C) GDP deflator Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? C) a decrease in the price of lithium, which is used in the electric car batteries. A) the knowledge and enjoyment you receive from taking the class. C) The demand curve will shift to the right. This means that _______ B) structural (a) Unlimited Wants C. The money you spent on tuition for the class. They've told our detectives they have no interest in ever putting in the barriers.". C) GDP is adjusted for changes in crime rates. A. Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. C) demographics The use of market signals and government directives to select economic outcomes. If inflation is positive and is perfectly anticipated ____________ C. The government should subsidize solar power for homeowners. D. the government, consumers, and producers b. Caveat emptor B) taxes; the money supply The aggregate demand and aggregate supply curve intersect. 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. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. 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. C) a 12-inch Subway sandwich purchased by a student c. It eliminates the need for abstraction or simplification Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. D. constant opportunity costs as more and more of one good is produced. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? The unemployment rate for the United States rose to 5 percent in the last quarter. C) the interest rate determined by the supply and demand in the money market. A) deadweight loss is maximized C) increased income tax rates. Which of the following can be used to correct market failure? A. A. C) investment; consumption A) an increase in the number of people in the labor force Factors of production and price signals. b. Government intervention may achieve a more optimal outcome than the market mechanism when addressing b. A. consumers dictating to firms what they need most. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. D. A movement from the production possibilities curve to a point inside the production possibilities curve. This would A) increase the measured unemployment rate. What is Macroeconomics? d. The exports are equal to import. D) The Federal government pays to support research on AIDS. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? An outward shift of a nation's production possibilities frontier can occur due to 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? Will a cut in the interest rate increase Canadian output? The higher price caused the supply of sailboats to increase.". Economists reason that the optimal decision is to continue any activity up to the point where the. Is the economy experiencing a decline in the rate of inflation? Preparation and presentation of Union Budget 2. The Bureau of Economic Analysis calculates a number of different measures of inflation: the GDP Deflator, the Consumer Price Index, the Wholesale Price Index, etc. A. E. consumers and firms choosing which goods and services to buy or produce. D) incorporates substitutions by consumers when prices of specific products fall rapidly. A. C) consumer surplus is minimized A) Governments interfere with the market mechanism to influence the allocation of goods and services. Solve homework. Scarce resources and opportunity cost. A) take away from GDP. 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. GDP is not a perfect measure of well-being because _________ The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. The market mechanism at work. C) U.S. GDP. D) the price of sailboats increased. B. Undiscovered natural resources. B) below the market wage, causing labor demand to be less than labor supply. Changes in the aggregate price level (inflation) C) lower; higher B) relative abundance of labor and capital. D) efficient central planning. D) Producer surplus measures the total benefit received by producers from participating in a market. When graphing two variables, the point at which the graph intersects the horizontal axis is called the, T/F Opportunity costs are another name for marginal costs. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married Should the government put a tax on alcohol in an attempt to reduce highway fatalities? Preparation and presentation of Budget for state governments under President's Rule 3. that negatively affect an individuals health and safety, Lower disposable income decreases consumption at every price level. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. c. Is it sensible for a government to subsidize tobacco production? A) horizontal. d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which A) allocative efficiency See Answer. Question: Which of the following is a macroeconomics question? 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . ________ and ________ are the largest sources of revenue collected by the federal government A technological advance would best be represented by Commits the fallacy of composition What goods and services to producehow will these goods and services be produced; and who receives them? Allocative efficiency best explains ________, and productive efficiency best explains________. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. A. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. \\\hline B) a decrease in government purchases Which of the following causes the unemployment rate to understate the true extent of joblessness? C. The overall economy. C) Japanese firms benefited from external economies. 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. These are: A. income, spending and saving. C) automatic stabilizers; monetary policy B. the possibility of inefficient production. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. 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. A. how households and firms make choices. By definition, economics is the study of The study of national economy as whole. The level of inflation in the economy. D) decrease the number of persons in the working-age population. The market mechanism. of disabled individuals to a less restrictive facility) also A. it allows countries to exploit their comparative advantage, more fully. A pair of shoes that costs $80 last month costs $100 this month. c. Florida should devote all revenues from its state lottery to improving public education Advertisement Advertisement A. achieve full employment. known as ___________ Mental illness is a(n)___________ concept, typically Question 02. A. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. (d). D. The best alternative use of your time. C. Can a tax cut lead to a government budget surplus? B) Japan has abundant supplies of labor. You have majored in computer science and, because of the recession, have difficulty in finding a job. C) will lower disposable income and raise spending. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. A) the free market. Microeconomics focuses on supply and demand . C. Government failure does not exist. A) U.S. GDP. Which of the following is a government expenditure, but is not a government purchase? However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. D) about the same difficulty as with monetary policy. If a German firm produces cars in the United States, that production should count towards 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. 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 A) Japanese firms excelled in process technology. Economics teaches how to limit our wants. B) government spending and taxes that automatically increase or decrease along with the business cycle. c. The overall price level in the economy B) a competitive equilibrium is achieved Prelims Marathon - Economic Survey - February 28th - 2023. A. why something will be producedwhat will be produced C) entrepreneurship. B) by more than 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.
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