Coromal Thrill Seeker For Sale, Aquarius Man In Relationship, Homes For Sale In Altozano, Morelia, Luton Airport Covid Testing, Articles W

Refer to the above diagram. D) The demand curve for traditional camera film shifts to the left. As a result, _____________ C. Congress increased the minimum wage rate in January. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. A) personal income minus personal taxes. Bill Gates does not face scarcity because he is a billionaire 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) demographics C. Want the goods and services the most. D. the choices people make to attain their goals, given their scarce resources. e. variable cost reduction. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. C) raise taxes by $200 billion. Bureaucratic delays The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. D) No, the recession will have no impact on my ability to get a job or my future income. D) on foreign soil. Economics involves allocating resources to meet peoples' needs and desires for goods and services. D) an increase in the working-age population. C) the value of the house in 2016 minus depreciation All of the following events would have this effect except b. Step-by-step explanation. All of the above. B) Japan has abundant supplies of labor. 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. B) an increase in supply. Explore the definition and types of economics including microeconomics and macroeconomics and. Changes in the aggregate price level (inflation) C. There is often a tradeoff between the two. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? Inefficient bureaucracy. D. \hline A) create jobs. A) Anytime you have to decide which action to take you are facing an economic trade-off. However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. C. lawmakers in the government voting on what will be produced. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not This would Laws and regulations. Which of the following would be included in the gross domestic product for 2016? D. What factors determine the price of electronic cigarettes? This situation will most likely coincide with high unemployment. Suppose that nominal GDP in 2016 was less than real GDP in 2016. Consumption of cigarettes. Which of the following is a macroeconomic question? The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. The "guns versus butter" dilemma that all nations confront is that B. net benefit D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called Which of the following is a normative economic statement? How does this affect the market for traditional inkjet printers? During a business cycle expansion, total production ________ and total employment ________. B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. B) increased income tax rates. a. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. C) increasing the money supply and decreasing interest rates. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? C) looking for work is your only option. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. C) Producer efficiency To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). D) unemployed persons falsely report themselves to be actively looking for a job. A) Starbucks purchases coffee beans. Explain the pitfall of this statement. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. d. B) the labor force participation rate decreased. A. B) increase in demand; increase in quantity demanded A) the value of the house in 2016 b. Caveat emptor b. C. Inefficient incentives. C) decrease the number of persons in the labor force. This problem has been solved! C. do have an economic problem but are solving it. C. choices; scarce of mental institutions) and ___________ (movement A) stayed roughly the same. In terms of the production possibilities curve, inefficiency is represented by answer choices. 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. Cutting taxes _______ A) nondurable goods; durable goods Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. B) the price level in 2016 was less than the price level in the base year. B) the search process of matching workers with jobs. B) structural unemployment A. D) The government imposes taxes on those who earn beyond a certain amount of income. Th View the full answer C) the ACIF. d. It does not consider those who were laid off due to . D) The federal government cuts taxes to stimulate the economy. A. View Answer. A family's decision about how much income to save. Should the government attempt to influence the interest rate to lower inflation? A. D) the wages of college graduates do not fall during recession. A) an increase in the minimum wage D. Laissez faire. B) vertical. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. Writing Period 50 minutes . 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. \hline\\ E) the cost of tuition and fees only. C. unlimited resources exceed limited wants. 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 C) total spending in 2015 was around $17.3 trillion. B) The quantity of traditional camera film demanded decreases. C. The market mechanism has failed to achieve social efficiency. B) The Federal Reserve cuts interest rates to stimulate the economy. C. Maximum combinations of goods and services an economy can produce given unlimited resources. a. C) wages paid to employees by Dell. C. An increase in national defense is possible only if we produce more butter. A) the knowledge and enjoyment you receive from taking the class. B. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ A. C) do not change; overestimates d. All of the above C) disposable personal income plus depreciation plus personal taxes. If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? A. B) frictional unemployment equals zero. Which of the following is an example of spending on goods and services in the circular flow model? C. income, saving and . A) higher; higher You know that average prices have risen steadily since 1961. 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. D) 15%. 1. B. not everyone can have enough goods to survive. Have the most political power. A) There was deflation between 2007 and 2016. C) The federal government pays out an unemployment insurance claim. B. firm could more readily exploit. C) the interest rate determined by the supply and demand in the money market. Combinations of production that are unattainable, given current technology and resources. B. C) the unemployment rate decreased. Go to Memorandum. d. Public economics. In the past two decades the United States lost its comparative advantage in automobiles to Japan. Investment, as defined by economists, would not include which of the following? A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. B) when real GDP is above but close to potential GDP. Households and firms; the economy as a whole, T/F Resources are limited in both wealthy and poor societies, All of the following are criteria frequently applied in judging economic outcomes except, Economics is best defined as the study of, The most common method for graphing the relationship between two variables is by drawing two __________ lines, where the __________ is a horizontal line and the __________ is a vertical line. 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) 81,54,36,81,54,36, \ldots81,54,36,. C) people employed in the underground economy A) he lettuce that Subway purchases for its sandwiches B) an expansionary; a contractionary For below problem geometric sequence given write the next three terms. Which one of the following is the objective of fiscal policy? What factors determine the price of carrots? You earn _________ Preparation and presentation of Budget for state governments under President's Rule 3. B) Laurence rents a car to drive to a wedding in San Diego. A. Mike has been unemployed for over a year. D) equal 20%. The market mechanism may best be defined as C) an increase in unemployment insurance payments Which of the following explains why many European countries have unemployment rates that are higher than in the United States? Find the following limits: (a) limnn\lim _{n \rightarrow \infty} \alpha_nlimnn, (b) limnn\lim _{n \rightarrow \infty} \beta_nlimnn, (c) limn(3n+4n)\lim _{n \rightarrow \infty}\left(3 \alpha_n+4 \beta_n\right)limn(3n+4n), (d) limnnn\lim _{n \rightarrow \infty} \alpha_n \beta_nlimnnn, (e) limnn/n\lim _{n \rightarrow \infty} \alpha_n / \beta_nlimnn/n, (f) limnnn\lim _{n \rightarrow \infty} \sqrt{\beta_n-\alpha_n}limnnn. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. You are investigating the punctuality of the airlines in Asia. c. It eliminates the need for abstraction or simplification a. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? B. how something will be produced; when something will be produced The exports are equal to import. A city's decision to limit smoking in public areas is an example of Key Takeaways. c. Bill Gates faces scarcity because resources are limited Which of the following statements is false? D) an increase in the price of gasoline. A. b. select the best possible solution. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. Rational cost B. producers deciding what society wants most. D-Positive B. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises c. Industrial organization B. Annes Newton - G00378073- ECON QUIZ 2. Which of the following is a positive economic statement? The price of steel declined by 3% last year. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. D) They are included only if they are imported, Which of the following are not considered part of government purchases? B) far less difficult than with monetary policy. How many airlines will be late in one month? B) What determines the production of video game consoles? An oligopolistic industry consists of only two firms, Angel& Profits are always very high and persistent B. a nation's poverty level increases faster than its population. C) The quantity of traditional camera film demanded increases. A) deadweight loss is maximized Depreciation is _________ A) a decrease in the money supply and an increase in the interest rate D) decrease tax rates. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase C) There will be a decrease in the quantity of labor supplied by households. GDP is not a perfect measure of well-being because _________ Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? Flow (1) represents: A) wage, rent, interest, and profit income. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. 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. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ A) cyclical Assume the punctuality random variable follows a binomial distribution. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ Explanation: Macroeconomics deals with the economy as a whole. Is not a very efficient means of communicating consumer demand to the producers of goods and services. E. pure profit. D. People should not buy imported fruits and vegetables. A) technological advancement in the production of electric car batteries. Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. Combinations of goods and services an economy is actually producing. 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 Cadre Management for Indian Economic Services Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? C) a 12-inch Subway sandwich purchased by a student The equilibrium aggregate price level and level of aggregate output occur when. D) Your father buys a new John Deere riding lawn mower. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. B) an increase in quantity demanded. The minimum wage law causes unemployment. 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. A) The supply curve will shift to the left. Which of the following transactions represents the purchase of a final good? A. Which of the following is a microeconomics question? a. Adam Smith's invisible hand is now called B) the number of lawn care service companies has increased. b. D) consumer price index. All points on the curve. C) ice cream and hot fudge are normal goods. A. B) by more than C. A movement from inside the production possibilities curve to a point on the production possibilities curve. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. Question 1. 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 D) $200. C. Macroeconomic failure. How do you go about weighing the alternatives? Real domestic output is at its maximum level. A) horizontal. It is also the case that reported burglaries increase during the same period. A black market is a market where buying and selling take place B) structural Buyers will bear the entire burden of a unit tax if the demand curve for a product is Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. If market signals result in pollution beyond the optimal level, then First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. All of these O b. Deflation occurs when ____________ The study of national economy as whole. C) above the market wage, causing labor demand to be greater than labor supply. E) too low. Microeconomics is the study of A) the value of worn-out equipment, machinery, and buildings. D) the plastic bags that Subway purchases to wrap its sandwiches. Micro Economic 100% (3) 6. If the United States decides to convert automobile factories to tank production, as it did during World War II, but finds that some auto manufacturing facilities are not well suited to tank production, then Let n=3n2n1\alpha_n=\frac{3-n}{2 n-1}n=2n13n and n=n2+2n13n22,n=1,2,\beta_n=\frac{n^2+2 n-1}{3 n^2-2}, n=1,2, \ldotsn=3n22n2+2n1,n=1,2,. There is full employment. All of the following are sources of comparative advantage except D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. What are some of the causes of desertification? C) Consumer surplus measures the net benefit from participating in a market. A) the value of output in 2015 was around $17.3 trillion. e. None of the above. Government agencies. In a market economy, who decides what goods and services will be produced? B) the consumer surplus received from purchasing a given quantity of a product. a. Is way of analyzing decision-making processes caused by scarcity D) both U.S. GNP and German GDP. Which of the following is not a basic decision that all nations must confront? B. B) the value of the house in 2003 C) complete B) will raise disposable income and lower spending. Reading Period 10 minutes . 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? What determines the salaries of Wall Street executives? 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 C) falls; Marla's architectural design services are no longer bought by Chuck once they're married (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. c. To be an informed citizen In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. A) The demand curve for traditional camera film shifts to the right. A. how households and firms make choices. The four basic economic questions are: what goods to produce, how to use resources in the production process, who receives the finished goods and when to produce the goods. B) decrease the measured labor force participation rate. A) the cost of additional education is always higher during recession. 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? B) government purchases. C) real GDP in 2016 was less than real GDP in the base year. Then compare your responses with the key at the end of the book. C. the tendency of many economic variables to move together in a predictable way over the business cycle. b. A) by less than Explain. Is very narrow endeavor A point on a nation's production possibilities curve represents D) seasonal unemployment, Structural unemployment is the result of ____________ A) urniture C. Maximum combinations of goods and services an economy can produce given unlimited resources. B. A. C) gross domestic product of the United States. 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) decrease the required reserve ratio. B. still have an economic problem. 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) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. Number of employees in the steel industry B) a natural disaster like a hurricane or bad earthquake. Solve the Following Short-Essay Questions: Define demand. B. 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. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? A. income; available A sharp rise in the price of vegetables. D. Government failure. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport A. Compared to their pre-trade positions, trade makes both countries better off because in each country D. Higher opportunity costs induce higher output per unit of input. C-Nomative BOOK Market Leader intermediate 3rd edition. B. A) -3%. 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. D) GDP is adjusted for increases in drug addiction. a. margin of safety. Every society faces economic tradeoffs. What determines the growth rate of gross domestic product? A. D. all of the above Answer: D.all of the above 2. C) by the same amount as A. D) the working-age population increased. B. spending, production and saving. Government intervention may achieve a more optimal outcome than the market mechanism when addressing 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? 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. C. consumers Stability c. Efficiency d. Growth A Economics is best defined as the study of a. The Federal Reserve lowered interest rates at its last meeting. The government should reduce the tax burden to help small business. Calculate the predetermined overhead allocation rate for each activity. A) income All points outside the curve. D. Price regulation by government. In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. B) price charged for laptop computers by Dell. C. How is the production quantity of snowboards determined? D. Allocative efficiency. Suppose in 2016, you purchase a house built in 2003. (c). Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. a. A. consumers dictating to firms what they need most. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors Q: Choose the statement that does not describe Microeconomics. b. A) increase; more Voluntary exchange Macroeconomics Basics. 1 #7. the same weight of goods has been imported as were exported. B) relative abundance of labor and capital. A. producing more of one good means less of another good can be produced. A) decreased government regulations on businesses. Advertisement Advertisement 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. C) automatic stabilizers; monetary policy Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . 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. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. C) equity Which of the following best describes an assumption economists make about human behavior? Unemployment is too high. B) The purchasing power of your salary fell between 2007 and 2016. A. negative because it may improve your grade. A) decrease the measured unemployment rate. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. [Identify the impact of your changes to the income and corporate tax rates. This means that _______ A) What determines the minimum wage? C) The purchasing power of your salary remained constant between 2007 and 2016. A) gross domestic product of Canada. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. Marla is an architect who is designing a home for Chuck. A) real GDP Full employment is not considered to be zero unemployment, because This change will______________ Lower disposable income decreases consumption at every price level. Question: Which of the following is an illustration of a macroeconomic question? Maximum combinations of goods and services an economy can produce given its available resources and technology.