Why is the typical person in the United States today more than 10 times richer than the typical person in the United States a century ago? answer choices. A. b. Solved Which of the following is an example of a | Chegg.com A) an induced; an autonomous Question 1 Multiple Choice Which of the following does macroeconomics Household income 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. Electric car enthusiasts want to buy more electric cars at a lower price. A) greater on the buyer when the tax is collected from the buyer. A) employed D. People should not buy imported fruits and vegetables. C) oil prices. Works through central planning by government. B) an increase in quantity demanded. C) $140. The police were surprised the bank did not take their advice. B) total income in 2015 was around $17.3 trillion. A) decreased government regulations on businesses. Show more. Which of the following is a normative economic statement? Is a normative analysis Rearranging, we get: GDP is not a perfect measure of well-being because _________ D. The best alternative use of your time. A ________ can change over time or across observations. The ability to exercise control over one's own resources within the confines of the law refers to B) discretionary fiscal policy; automatic stabilizers Question 12. B) a decrease in government purchases b. View Answer. Which of the following is not one of the three core economic issues that must be resolved? b. real costs. D) a contractionary; an expansionary. B) the value of all cars produced by Ford in Mexico 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. Select the phrase that correctly completes the following statement. A. achieve full employment. It considers discouraged workers, and hence it is overstated. D) when real GDP is below but close to potential GDP. It is an example of the post hoc fallacy 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. If the BLS counted persons that are on active military service in the totals for employment, the labor force, or the working-age population, this would _______________ B. the government A) labor, capital, land and natural resources are fixed in quantity. A) during a deep recession. B. D) the working-age population increased. D) above the market wage, causing labor demand to be less than labor supply. D. Competition, Consider the following economic agents: PetSmart even offers a Top Dog service that includes a premium shampoo, milk bath conditioner, scented cologne spritz, teeth brushing, and a bandana or bow. Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. B) adds 1,000 new cars to inventories. Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. D. All of the choices are correct. Which of the following statements is not true? Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. D) taxes; expenditures, Active changes in tax and spending by government intended to smooth out the business cycle are called ________, and changes in taxes and spending that occur passively over the business cycle are called ________ B. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. In this initiative, you can attempt 10 subjective MCQs on a daily basis. D) Japan has abundant supplies of natural resources needed to produce automobiles. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." A) $5. 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. Expansionary fiscal policy involves D) an increase in oil prices. C) gross domestic product of the United States. c. Labor economics A. A. B) price charged for laptop computers by Dell. C) opportunity A) increase. A) Yes, the recession will ensure that you will never find a job as a programmer. D. Scarcity. A) higher; higher a. B) in non-licensed shops and warehouses. C) Every individual, no matter how rich or poor, is faced with making trade-offs. d. All of the above 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. D) The purchasing power of your salary increased between 2007 and 2016. B) increase; less D) lower taxes by $200 billion. A) Economic efficiency Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia A) What determines the minimum wage? A) Tuan purchases a cappuccino at the student union. A. C) risen; risen Explain how these higher income taxes will affect the aggregate demand curve. d. identify possible solutions. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. C) disposable personal income plus depreciation plus personal taxes. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ The aggregate demand and aggregate supply curve intersect. A. unlimited wants exceed limited resources. 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. A. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. 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. BOOK Market Leader intermediate 3rd edition. C) any level of the two products that the economy produces is currently possible. To understand society and global affairs The size of the underground economy would tend to increase if the government of a country ________________ Report an issue. C) equal to the highest value of an alternative use of the time and money spent on the class. A) Anytime you have to decide which action to take you are facing an economic trade-off. To move the economy back to potential GDP, Congress should ______________ 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 Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. A) increase in demand; decrease in demand What is the current national rate of unemployment? C) the economic surplus received from purchasing a given quantity of a product. Check your understanding of civil commitment by filling C) a tank purchased by the federal government b. A) inflation B. 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. For whom should goods and services be produced? An increase in national defense implies more sacrifices of civilian goods and services. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! A) the firm has an incentive to increase supply now and decrease supply in the future. A. B. C. Relies on the use of central planning by private firms rather than the government. The first stage in the five-step decision process described in the text is to a. define the problem. The higher price caused the supply of sailboats to increase.". a. B. microeconomics. a. the government Economic development The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. A) he tax cut would increase consumption spending less than would a permanent tax cut. From an initial long-run equilibrium, if aggregate demand grows faster than long-run and short-run aggregate supply, then Congress and the president would most likely ________ D) increase in quantity demanded; increase in demand. A. producing more of one good means less of another good can be produced. Economics promotes which of the following as the way to make the best decision? The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. (D) the economy as a whole. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who have become more health conscious and wish to monitor various health conditions. D) decrease tax rates. You are investigating the punctuality of the airlines in Asia. D) Excise and other taxes; individual income taxes. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. The conclusion of this statement: Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? B) an increase in the unemployment rate D) incorporates substitutions by consumers when prices of specific products fall rapidly. D. Increasing opportunity costs will occur with greater tank production. C) decrease the number of persons in the labor force. D. All of the choices are correct. Macroeconomics is focused on the movement and trends in the economy as a whole. D) risen; fallen. Suppose a drought resulted in a major reduction in the California lettuce crop. MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . A) nondurable goods; durable goods You earn _________ D) the Western Trade Union. 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: The output of U.S. citizens who work in Canada would be included in the _____________ a. Which of the following would be the best measure of the cost of living? C. Theme park construction. D) The demand curve for traditional camera film shifts to the left. This month, the company supplied the same quantity of binders at $4 per unit. How were consumption and investment affected . Prelims Marathon - Economic Survey - March 1st - 2023 D) taxes. A) the price level in 2016 was greater than the price level in the base year. C) those that hold paper money lose. Production possibilities curve will shift outward. In a market economy, the people who receive the goods and services that are produced are those who C) there is a decline in the price level. This means ______. Administrativeexpenses. Totaloperatingexpenses Incomefromoperations. Otherincome.. Incomebeforeincometax.. Incometaxexpense.. Netincome. David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Intro to Microeconomics (First Exam) (Chapter, Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. In the market for lettuce, B. MCQs on Introduction to Macroeconomics - BYJUS A) increase; more D) increased business taxes. Given the following data, what is money creating potential in this B. Undiscovered natural resources. B) increase in demand; increase in quantity demanded E. pure profit. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . E. it is easier to book holidays in member countries. Government directives are likely to do a better job of allocating resources than markets. iii. C) decreases; increases The doctrine of lassiez faire is based on the belief that Factors of production and price signals. Question: Which of the following is macroeconomic issue ? - Mcqs Clouds A pair of shoes that costs $80 last month costs $100 this month. 9 Questions. Concept why study macroeconomics 16 which statement Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? A) There was deflation between 2007 and 2016. This situation will most likely coincide with high unemployment. The study of regional economy as whole. A) an increase in the number of people in the labor force 1) Economic models do all of the following except A) answer economic questions. B) the search process of matching workers with jobs. b. B) The tax cut would increase consumption spending more than would a permanent tax cut. d. Congress extends the maximum duration for the collection of unemployment benefits from 26-52 weeks, T/F The collection and use of data to test economic theory is called empirical economics, To analyze the relationship between two variables while holding the values of other variables unchanged is a device known as D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. A. B) increases; decreases You . B. D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? Annes Newton - G00378073- ECON QUIZ 2. Macroeconomics Flashcards | Quizlet A. income; available Capital, as economists use the term, refers to. A) he lettuce that Subway purchases for its sandwiches B) Laurence rents a car to drive to a wedding in San Diego. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not D) increase all of the monetary flows. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. B. stabilize the price level. B) lower government purchases by $200 billion. Every society faces economic tradeoffs. Greater production means factor prices rise. A. B) structural unemployment . PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. A) The supply curve will shift to the left. A) the money supply and interest rates that automatically increase or decrease along with the business cycle. A) everyone who wants a job has a job. D) unemployed persons falsely report themselves to be actively looking for a job. Combinations of goods and services an economy is actually producing. Equity The money-creating potential in the banking system in the given case is computed as follows: Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. The market mechanism. What factors determine the price of carrots? Which of the following is not a factor of production? A. B) GDP minus depreciation. The tax cut would lower the price level in 2014. D) seasonal unemployment, Structural unemployment is the result of ____________ (Round percentages to one decimal place.). Which of the following statements about positive economic analysis is true? ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. You will then have 50 minutes to answer all three of the following questions. If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. C) by the same amount as Government agencies. b. Marco's consumer surplus from the purchase is You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. This means. A lassiez faire approach will reduce the level of pollution. Where in Oceania are outrigger canoes used? A. negative because it may improve your grade. A) a reduction in unemployment. Which of the following is a positive macroeconomic statement: a. a. He faces scarcity because his resources are unlimited Why does a firm decide to enter a particular market? Equity Microeconomics answers - Math Methods 1. of disabled individuals to a less restrictive facility) also Chapter 6, P R O B L E M S E T 3 . D. Who gets jobs; what wages do workers earn; and who owns what property? 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 Writing Period 50 minutes . B) explicit A) the unemployment rate increased. Fill in the columns for the GDP deflator and for the percent . C. maintain equilibrium in the Balance of Payments. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . In a free market, production is determined by market forces. The impact of crowding out may be the least _____________ In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. 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 Combinations of production that are unattainable, given current technology and resources. D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. By definition, economics is the study of d. Everyone always gets what they want, T/F Macroeconomics deal with the function of individual industries and the behavior of firms and households, All of the following are examples of topics examined in macroeconomics except Your grandfather tells you that he earned $7,000/year in his first job in 1961. Prelims Marathon - Economic Survey - February 28th - 2023. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. B) German GDP. b. Macroeconomics B) real GDP per person If inflation is positive and is perfectly anticipated ____________ The invisible hand refers to B) The quantity of traditional camera film demanded decreases. As a result, GDP ________ because ________. B. B) the equilibrium quantity of sailboats increased." B. how to make money in a market economy. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ B) consumption; investment (a). E) Discouraged workers are counted as unemployed. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. B) vertical. D. all of the above Answer: D.all of the above 2. Step-by-step explanation. B) the price level in 2016 was less than the price level in the base year. Please don't take his comments (a) personal, (b) personally. D) the value of all cars produced by Nissan in Japan and the United States. C. The allocation of resources by market forces. 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 \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 A. how households and firms make choices. O How will the government's budget deficit be affected by public infrastructure projects? A) the nominal interest rate plus the inflation rate. ECO 210 Ch.1 Flashcards | Quizlet C. the tendency of many economic variables to move together in a predictable way over the business cycle. A) the law of supply has been violated. C) clothing Which of the following is an example of spending on factors of production in the circular flow model? B) the consumer surplus received from purchasing a given quantity of a product. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? Which of the following is a macroeconomics question? Answering these four questions is essential for an economy to function properly. The equilibrium aggregate price level and level of aggregate output occur when. D) No, the recession will have no impact on my ability to get a job or my future income. Poorly timed discretionary policy can do more harm than good. C) Yvette pays $50 to join a softball league. What were the macroeconomic principles or models that influenced your decision making?] C) the ups and downs in inflation. B) The demand curve for inkjet printers shifts to the left. d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics All of the following are sources of comparative advantage except b. 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. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} A. In terms of the production possibilities curve, inefficiency is represented by D) on foreign soil. It does not consider discouraged workers, and hence it is understated. Econ Chapters 1 - 3 Flashcards | Quizlet 1. Which of the following explains why the unemployment rate could C) there has been a downward movement along a demand curve. 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. Therefore, exercising daily causes people to eat kale. Ask an Expert. TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu C. The process by which the production possibilities curve shifts inward. B. Real domestic output is at its maximum level. D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. PDF AP Macroeconomics 2018 Free-Response Questions - College Board 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. there is a current account deficit. The importance of the ceteris paribus assumption when using models is that: B) when real GDP is above but close to potential GDP. A. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. Which of the following events would allow the production possibilities curve to shift outward? C) an increase in taxes A. C) increasing the money supply and decreasing interest rates. A) The federal government passes tax cuts to encourage firms to reduce air pollution. b. D. the choices people make to attain their goals, given their scarce resources. MCQ Questions for Class 12 Economics Chapter 1 - NCERT Books B) decrease government spending. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. Answer-Consider the following Statements. (i) As part of AtmaNirbhar Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? C) frictional A) Micah purchases a new wrench for his auto repair business. How do you go about weighing the alternatives? It is also the case that reported burglaries increase during the same period. A) attainable 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. B. producers deciding what society wants most. C. income, saving and . Basic questions of economics - Economics Help How does this affect the market for traditional inkjet printers? C) Corporate income taxes; excise and other taxes B. If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. C. society's output cannot be made available to all. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? A production possibilities curve indicates the 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.
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