B) adds 1,000 new cars to inventories. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. The economy has gone into a recession. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. D. The person who has the responsibility to coordinate all the markets in a market economy. A) the law of supply has been violated. although this definition differs from state to state. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. (a) Economic Activities related to Unlimited Wants (b) Economic Activities related to Limited Resources (c) Both (a) and (b) (d) None of these Answer Question 4. 1) Economic models do all of the following except A) answer economic questions. 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) implicit. How does this affect the market for traditional inkjet printers? Changes in the aggregate price level (inflation) A) automatic stabilizers. Oxford University Press | Online Resource Centre | Multiple choice B. producers deciding what society wants most. A) higher; higher 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. Advertisement Advertisement An oligopolistic industry consists of only two firms, Angel& A. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? The conclusion of this statement: Unemployment is too high. 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. Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods. B) a job retraining program a. Which of the following is a microeconomic question? a. What are the d. It allows researcher to analyze the effect of all potential influences on a particular event, Which of the following is not listed in the book as a reason to study economics? B) the sum of consumer and producer surplus. B) increases; decreases D) legalized marijuana. B) relative abundance of labor and capital. e. variable cost reduction. A) the nominal interest rate plus the inflation rate. a. d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. Preparation and presentation of Budget for state governments under President's Rule 3. C) the economic surplus received from purchasing a given quantity of a product. C) GDP is adjusted for changes in crime rates. C) any level of the two products that the economy produces is currently possible. a. Microeconomics A) Micah purchases a new wrench for his auto repair business. C) wages paid to employees by Dell. C. Market success. D. Scarcity. b. d. All of the above D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. Prelims Marathon - Economic Survey - March 1st - 2023 B) a natural disaster like a hurricane or bad earthquake. If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. Economics promotes which of the following as the way to make the best decision? D) The minimum wage in Europe is lower than it is in the United States. This means ______. C) decreases; increases Calculate the predetermined overhead allocation rate for each activity. D) The purchasing power of your salary increased between 2007 and 2016. Assume the punctuality random variable follows a binomial distribution. D) real GDP in 2016 was greater than real GDP in the base year. Maximum combinations of goods and services an economy can produce given its available resources and technology. A) There will be an increase in unemployment. A. producing more of one good means less of another good can be produced. Profits are always very high and persistent Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? c. It confuses correlation and causation Bill Gates does not face scarcity because he is a billionaire C) the demand for lawn care service has decreased. C. A surplus of . C) by the same amount as Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? D) a bridge purchased by the state government. e. None of the above. Answer the following questions by selecting the appropriate answer from the list below. A) The federal government buys a Humvee. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ Solved which of the following is NOT a macroeconomic | Chegg.com D) decreases; decreases. A) the price level in 2016 was greater than the price level in the base year. B) higher; lower Macroeconomics EC112 Flashcards | Quizlet B) total consumption of goods is greater. C) make economic ideas explicit and concrete for use by decision makers. Economics teaches how to limit our wants. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. C. economies of scal. D. Jenny's wage rate rose, and in response, she decided to work more hours. C) wages are higher. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. A. The ability to exercise control over one's own resources within the confines of the law refers to What determines the growth rate of gross domestic product? The income you could have earned Each point on a demand curve shows In this initiative, you can attempt 10 subjective MCQs on a daily basis. C. normative economics. C) decrease. B) one's property rights. Market failure. C) equity It is an example of the coincidental fallacy Household income B. Which of the following is the best example of land? P = $80 In perfect competition, P = AR = Explain. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. 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: D) the level of technology is fixed and unchanging. Which of the following is a problem inherent in centrally planned economies? B) an increase in quantity demanded. D) 3.5% \\\hline O How will the government's budget deficit be affected by public infrastructure projects? The purchasing. Go to Memorandum. C) ice cream and hot fudge are normal goods. In the market for lettuce, D. A movement from the production possibilities curve to a point inside the production possibilities curve. Guns and butter can be produced using the same resources at the same time. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. A) labor, capital, land and natural resources are fixed in quantity. Is the economy experiencing a decline in the rate of inflation? Aggregate unemployment D) gross national product of Canada and the gross national product of the United States. The economy experiences government failure. C) oil prices. B) The Federal Reserve cuts interest rates to stimulate the economy. A lassiez faire approach will reduce the level of pollution. How do you go about weighing the alternatives? a. As a result, GDP ________ because ________. Total the statement columns, compute net income (loss), and complete work sheet. a. Suppose that nominal GDP in 2016 was less than real GDP in 2016. C. There is often a tradeoff between the two. Number of employees in the steel industry You will then have 50 minutes to answer all three of the following questions. C) The federal government pays out an unemployment insurance claim. Exercise 01 - bi tp eco - Question 1 (3 points): Given the following C. income, saving and . 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. C. Eliminates market failures by government. E) too low. D) discretionary fiscal policy; conscious fiscal policy. B. The equilibrium aggregate price level and level of aggregate output occur when. B) The demand curve for inkjet printers shifts to the left. A. D) buys U.S. government bonds. D) The demand curve for traditional camera film shifts to the left. B) Japan has abundant supplies of labor. A shortage of maths teachers. Answered: Which of the following is a | bartleby Check your understanding of civil commitment by filling A) ice cream and hot fudge are complements. D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? D) the Western Trade Union. Factors of production and price signals. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ A) an increase in the number of people in the labor force C) productively efficient D) sometimes by more than and other times by less than, A change in consumption spending caused by income changes is ________ change in spending, and a change in government spending that occurs to improve roads and bridges is ________ change in spending 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. Productive efficiency A) below the market wage, causing labor demand to be greater than labor supply. B. C. Want the goods and services the most. D) incorporates substitutions by consumers when prices of specific products fall rapidly. The market mechanism may best be defined as The result is a shift in the aggregate demand curve to the left. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises 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. _____a. It focuses on areas like inflation, economic growth rate, price levels of various goods and services, gross domestic product (GDP), national income and the unemployment rate in a particular country. b. Which of the following statements is false? The production possibilities curve between tanks and automobiles will shift outward. A. D) the firm will not change supply until it knows for certain what will happen to its price. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. C) after regular office hours. C. lawmakers in the government voting on what will be produced. Which of the following is a normative economic statement? Will a cut in the interest rate increase Canadian output? D) rises; Marla becomes more productive once she's married. D) Excise and other taxes; individual income taxes. C. All points inside the curve. The term "market" in economics refers to ______________. D) a demand curve has shifted to the right. B) a competitive equilibrium is achieved D) the plastic bags that Subway purchases to wrap its sandwiches. Which of the following is a macroeconomics question? Macroeconomics Multiple Choice Questions 1. B) movement along the demand curve due to a change in relative prices. A. An outward shift of a nation's production possibilities frontier can occur due to A ________ can change over time or across observations. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? Combinations of production that are unattainable, given current technology and resources. Which of the following is an example of government failure? C) clothing Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. Expansionary fiscal policy involves A)Government must maintain the current level of defense spending to keep the nation safe B)The minimum wage should be increased to give people a decent wage C)Americans should buy American products in order to boost the national economy Lower disposable income decreases consumption at every price level. B) some people do not want a job. Producers are using inventory faster than it can be replaced. C. the tendency of many economic variables to move together in a predictable way over the business cycle. A. how households and firms make choices. B. Timer Bonus. C) less than 5 times as much as your grandfather in terms of real income. C) shift of the demand curve due to a change in purchasing power brought about by the price change. Automatic stabilizers refer to (a) 3,6,12,3,6,12, \ldots3,6,12, C) goods and services. B) the value of the time spent on line. C) Corporate income taxes; excise and other taxes The government should reduce the tax burden to help small business. Classify the following topics as relating to microeconomics or macroeconomics. A) deadweight loss is maximized d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. What is the probability that they all will be late? He faces scarcity because his resources are unlimited C) frictional c. Labor economics Suppose in 2016, you purchase a house built in 2003. A) $5. Explain how these higher income taxes will affect the aggregate demand curve. B) discretionary fiscal policy; automatic stabilizers Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? a. b. There are no problems and everyone, including consumers, is satisfied. Profitability b. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. A) will lower disposable income and lower spending. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? The system that a society chooses reflects the philosophical and political ideas on which that society is founded. ___________ (movement of disabled individuals out Is zero A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. D. What goods and services should we produce? D) Japan has abundant supplies of natural resources needed to produce automobiles. The size of the underground economy would tend to decrease if the government of a country __________________ Question 1 Multiple Choice Which of the following does macroeconomics Which of the following is a positive economic statement? A) cyclical 1. Which of the following is an example of spending on factors of production in the circular flow model? D) What determines the salaries of college professors? B) structural Economic growth. B) a union contractor whose pay is adjusted based on changes in the CPI 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. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. B. ECO 210 Ch.1 Flashcards | Quizlet B. the possibility of inefficient production. Which of the following is a macroeconomic question? B) The quantity of traditional camera film demanded decreases. They always call for opposite outcomes. B) high unemployment rates do not usually last for very long. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is A. producers For below problem geometric sequence given write the next three terms. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. c. It considers part-timers as employed, and hence it is understated. Which of the following would be the best measure of the cost of living? One can conclude that A) increasing government purchases or decreasing taxes. C. the highest valued alternative that must be given up to engage in an activity. C) legalized prostitution. of mental institutions) and ___________ (movement C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. D. Competition, Consider the following economic agents: By how much and in what direction does GDP change as a result of his efforts? B. A. consumers dictating to firms what they need most. C) Yvette pays $50 to join a softball league. Choose the correct option. D) GNP plus depreciation. C) 3% Preparation and presentation of Union Budget 2. B. the person is unable to care for himself or herself, also c. Post hoc, ergo propter hoc C) there has been a downward movement along a demand curve. D) movement along the demand curve due to a change in purchasing power brought about by the price change. C. maintain equilibrium in the Balance of Payments. D) seasonal unemployment, Structural unemployment is the result of ____________ A) allocative efficiency ECO111 Quizz 01 FALL 2021. B. marginal benefit equals the marginal cost. Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? Where in Oceania are outrigger canoes used? Which of the following causes the unemployment rate to understate the true extent of joblessness? The three fundamental questions that any economy must address are A. public economics. B) above; shortage C) complete A) the willingness of consumers to purchase a product at different prices. 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 Depreciation is _________ given up when we make a decision is called ____ of that decision D) only change GDP if the development occurs within the borders of the United States. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not ECON303exam3chp8 Flashcards by Mengna Chen | Brainscape The aggregate demand and aggregate supply curve intersect. Macroeconomics Questions and Answers | Homework.Study.com B) unemployed Which one of the following is not a key people behind macroeconomics? Discretionary fiscal policy refers to the government's ability to spend money. D. the choices people make to attain their goals, given their scarce resources. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? c. It eliminates the need for abstraction or simplification Determine whether the following question is related to microeconomics or macroeconomics: "Should I go to grad school or take a job?" What are some important facts regarding macroeconomics? A) climate and natural resources. C. How is the production quantity of snowboards determined? A) during a deep recession. [Solved] The following table contains nominal and - SolutionInn A) the value of all cars produced by General Motors in the United States The money-creating potential in the banking system in the given case is computed as follows: B) fallen; risen 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. A) greater on the buyer when the tax is collected from the buyer. 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 ________. This means. A city's decision to limit smoking in public areas is an example of C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. a. the government B) those that lend money lose. A) frictional unemployment \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ A. A shift outward of the production possibilities curve. B. D) increase all of the monetary flows. C) the price of sailboats increased and the quantity of sailboats demanded decreased." c. Is it sensible for a government to subsidize tobacco production? B. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. C. Levels of production that will cause both unemployment and inflation. B. spending, production and saving. Sarah is a full-time student who is not looking for work. D. Allocative efficiency. D. Increasing opportunity costs will occur with greater tank production. A. trade-off Which of the following is a macroeconomics question? C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. 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. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. What are some of the causes of desertification? Equity A) some cyclical unemployment always exists. Which of the following is not a macroeconomic question? A. Should the Answer: B Use the following diagram to answer questions 36-39: 36. A) change; overestimates C) a full-time employee at a pizza parlor who makes more than the minimum wage B) taxes; the money supply The real rate of interest is ______________ During a business cycle expansion, total production ________ and total employment ________. 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. All of the following events would have this effect except You . Given this information, we know for certain that ________ Is justified by the superiority of lassiez faire over government intervention. B) increased income tax rates. Examples of comparative advantage show how trade between two countries can make each better off. Quiz 1: Introduction to Macroeconomics Quiz - Quizizz b. C) entrepreneurship. Rearranging, we get: The first stage in the five-step decision process described in the text is to a. define the problem. Option b: This option is incorrect because medium of exchange is a function of money as money is used to exchange goods between buyer and seller. C) people employed in the underground economy 1. Which of the following explains why the unemployment rate could Keynesian Economics Questions and Answers - Study.com B) the value of all cars produced by Ford in Mexico If Congress passed a one-time tax cut in order to stimulate the economy in 2014, and tax rate levels returned to their pre-2014 level in 2015, how should this tax cut affect the economy? What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). Question: Which of the following is an illustration of a macroeconomic question? A) a retired railroad engineer who receives a fixed income payment every month Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year.