B) the economy produces only two products. B. how to make money in a market economy. B. D) discretionary fiscal policy; conscious fiscal policy. C-Nomative Is not a very efficient means of communicating consumer demand to the producers of goods and services. Compared to their pre-trade positions, trade makes both countries better off because in each country D. give more money to the government to solve its problems. Economics is the study of the ________ people make to attain their goals, given their________ resources. D. Scarcity. They always call for opposite outcomes. D) the decline in the value of the stock market, net of dividends. A. A) above; surplus This month, the company supplied the same quantity of binders at $4 per unit. Question 1. D. All of the choices are correct. The following macroeconomic projected return models =. D) a contractionary; an expansionary. C. Technology is lost. The market mechanism at work. D. Increasing opportunity costs will occur with greater tank production. B) increase; less Economic development A) create jobs. All of these O b. Nonetheless, you continue along your career path looking for a new job because _____________ of disabled individuals to a less restrictive facility) also [Solved] Which of the following is least likely to benefit the civilian Which of the following is a microeconomics question? B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. A) the Income Security Tax. View Answer. TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu (b) the level of aggregate demand determines production, employment,. D) the plastic bags that Subway purchases to wrap its sandwiches. C. Market success. Which one of the following is not a key people behind macroeconomics? Solved which of the following is NOT a macroeconomic | Chegg.com Works through central planning by government. 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. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. C) productively efficient True 3Government fixes the floor and ceiling . The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. B) a decrease in government purchases A: Economics is the study of production, distribution, and consumption when the resources are scarce in. C) ensure safe imports. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. C) people employed in the underground economy D. Are willing to pay the highest price. c. The overall price level in the economy A. producing more of one good means less of another good can be produced. 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. \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ D. Price regulation by government. C) Every individual, no matter how rich or poor, is faced with making trade-offs. b. (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. Decreasing opportunity costs will occur with greater automobile production. C) the price of sailboats increased and the quantity of sailboats demanded decreased." B) far less difficult than with monetary policy. B) -3.5% A) decreased government regulations on businesses. Which of the following is not a macroeconomic statement? You have majored in computer science and, because of the recession, have difficulty in finding a job. D. The full employment of resources to achieve a particular combination of goods and services. D. Markets result in an unfair distribution of income. An increase in national defense implies more sacrifices of civilian goods and services. C. marginal revenue Annes Newton - G00378073- ECON QUIZ 2. What determines the salaries of Wall Street executives? meaning severe emotional or thought disturbances Maximum combinations of goods and services an economy can produce given its available resources and technology. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A C) consumer surplus is minimized 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? D) a bridge purchased by the state government. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. . D) the wages of college graduates do not fall during recession. How can a firm maximize profits, given the state of the economy? C) the ups and downs in inflation. Solved Which of the following is a macroeconomic question? | Chegg.com A) automatic stabilizers. He faces scarcity because his resources are unlimited Scarce resources and opportunity cost. Given the following data, what is money creating potential in this A) those that borrow money lose. D. Average combinations of goods and services an economy can produce given its available resources and technology. B) What determines the production of video game consoles? d. sensitivity analysis. D) a decrease in the quantity supplied. Which of the following is not a macroeconomic question? A. Should the Explain how these higher income taxes will affect the aggregate demand curve. C. how to make money in the stock market. All of the following events would have this effect except A. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. Q. The invisible hand refers to A. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? D) The federal government cuts taxes to stimulate the economy. B) will raise disposable income and lower spending. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. Changes in the aggregate price level (inflation) C) a decrease in the price of lithium, which is used in the electric car batteries. A) The federal government passes tax cuts to encourage firms to reduce air pollution. Macroeconomics Basics. The economy experiences government failure. D) Brazil's GNP. A sharp rise in the price of vegetables. 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? (C) how individual markets work. B) substitution D) 5%. C) equity B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? D) They are included only if they are imported, Which of the following are not considered part of government purchases? The president has proposed increasing the marginal tax rate for people whose annual earnings exceed $275,000 and lowering the marginal tax rate for those who earn less than $275,000 If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. A) the price level in 2016 was greater than the price level in the base year. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? Prelims Marathon - Economic Survey - March 1st - 2023. In terms of the production possibilities curve, inefficiency is represented by Which of the following is a microeconomics question? D) GDP falls by $1,875. Which of the following accurately compares discretionary fiscal Is the economy experiencing a decline in the rate of inflation? a. c. Marginal cost ; D. what will be produced; how something will be produced. A. C) those that hold paper money lose. The production possibilities curve between tanks and automobiles will appear as a straight line. B) an increase in supply. When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. C) The purchasing power of your salary remained constant between 2007 and 2016. This means ______. Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. B) fallen; risen Which of the following is not one of the three core economic issues that must be resolved? C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. B) partial Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. A. why something will be producedwhat will be produced See Answer. C) There will be a decrease in the quantity of labor supplied by households. B. Que10. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. Why is the economy of India growing? ________ increases economic efficiency because it forces firms to produce and sell goods and services as long as the additional benefit to consumers is greater than the additional cost of production. 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) everyone who wants a job has a job. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? 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? c. Florida should devote all revenues from its state lottery to improving public education A) real GDP a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. b. real costs. A shortage of maths teachers. of mental institutions) and ___________ (movement CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. D) The minimum wage in Europe is lower than it is in the United States. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase A) 5 times as much as your grandfather in terms of real income. D. None of these choices are correct. Grossprofit.Sellingexpenses..Administrativeexpenses.TotaloperatingexpensesIncomefromoperations.Otherincome..Incomebeforeincometax..Incometaxexpense..Netincome.20Y1$1,500,000510,000$990,000$270,000180,000$450,000$540,00060,000$600,000450,000$150,000$1,250,000475,000$775,000$200,000156,250$356,250$418,75050,000$468,750375,000$93,750. A) Tuan purchases a cappuccino at the student union. Individual consumers. C. Theme park construction. A) average price levels of goods and services in the economy. The economy may be in equilibrium. Which of the following is a macroeconomic question? A. How can a firm 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. B) the value of the house in 2003 A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. 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 A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. PDF Questions and Answers - Damanhour D) Japan has abundant supplies of natural resources needed to produce automobiles. D) producer surplus is minimized. A) the law of supply has been violated. Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia Report an issue. D) movement along the demand curve due to a change in purchasing power brought about by the price change. 60 seconds. The unemployment rate for the United States rose to 5 percent in the last quarter. It allows researchers to isolate the effect of one event on another without the influence of outside variables B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. Which field of economics deals primarily with the problems faced by low-income countries? D. What factors determine the price of electronic cigarettes? d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? \\\hline C) there has been a downward movement along a demand curve. C) legalized prostitution. A pair of shoes that costs $80 last month costs $100 this month. C) entrepreneurship. Macroeconomics MCQ: Multiple Choice Questions D) The government imposes taxes on those who earn beyond a certain amount of income. C) the demand for lawn care service has decreased. Macroeconomics Multiple Choice Questions 1. ________ and ________ are the largest sources of revenue collected by the federal government How do you go about allocating your time in a given day among competing alternatives? B. Macroeconomics Flashcards | Quizlet C) 1.5% D) equal 20%. C. decreasing opportunity costs as more and more of one good is produced. Which of the following is a microeconomic question? a. What are the c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 Reading Period 10 minutes . Step-by-step explanation. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? The higher price caused the supply of sailboats to increase.". 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. Econ Chapters 1 - 3 Flashcards | Quizlet Preparation and presentation of Budget for state governments under President's Rule 3. D) the firm will not change supply until it knows for certain what will happen to its price. A. c. Industrial organization Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? What goods and services to produce; how will these goods and services be produced; and who receives them? A. public economics. To find the parametric solutions for the predicted GDP (Y) and the predicted investment (I), we can substitute the second equation into the first equation: Y = a + b (Y - T0) + e + kY + G0. Determine the following. C) the interest rate determined by the supply and demand in the money market. B. D. the choices people make to attain their goals, given their scarce resources. MACROECON CH 1 Flashcards | Quizlet 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) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ D) will raise disposable income and raise spending. Production possibilities curve will shift outward. B) automobile Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. . A) higher; higher The purchasing. D) taxes. E. consumers and producers. B) falls; Marla's work becomes less valuable once she's married D. The government is allocating resources inefficiently. d. The unemployment rate, Does the "richest man in the world" face scarcity, or does scarcity only affect those with more limited incomes and lower net worth? In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. Which of the following is a macroeconomics question? The study of regional economy as whole. a. If a minimum wage of $15 per hour is imposed, which of the following will occur? Expected inflation is 2.3% and actual inflation may be greater by 0.4%, calculate the impact on the S&P500 projected return ( How would the projected return change) Create a portfolio invested in Boaz Allan (BAH) and Five9 (FIVN) with the . The Federal Reserve lowered interest rates at its last meeting. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. D) all of the above. Which of the following would increase the unemployment rate? B. The market mechanism. B. B. Which of the following would be the best measure of the cost of living? (d). D. There is no conflict between the two goals. A. producing more of one good means less of another good can be produced. A. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. How were consumption and investment affected . This tax is sometimes referred to as 60 seconds. Ch. 1 Microeconomics Homework Flashcards | Quizlet Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. D) the level of technology is fixed and unchanging. How does a market system prevent people from getting as many goods and services as they wish? If your nominal wage rises faster than the price level, we can say your real wage has ________ and the purchasing power of your income has ________ Which of the following events would allow the production possibilities curve to shift outward? A) -3%. c. Bill Gates faces scarcity because resources are limited A. A. A) Starbucks purchases coffee beans. 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 Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. The use of market prices and sales to signal desired output. 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? 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . The real rate of interest is ______________ 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. b. A. C) frictional B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. It converts normative analysis into positive It is an example of the coincidental fallacy Prelims Marathon - Economic Survey - February 28th - 2023. A) take away from GDP. A) the willingness of consumers to purchase a product at different prices. C. lawmakers in the government voting on what will be produced. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. A) the firm has an incentive to increase supply now and decrease supply in the future. A) The supply curve will shift to the left. A. A. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? Question 1 Multiple Choice Which of the following does macroeconomics C. Eliminates market failures by government. He hasn't looked for a job in the last three months, but he's just started looking for work again. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. Which of the following is an example of spending on goods and services in the circular flow model? a. d. It does not consider those who were laid off due to . C) disposable personal income plus depreciation plus personal taxes. If a German firm produces cars in the United States, that production should count towards ECON303exam3chp8 Flashcards by Mengna Chen | Brainscape B) a competitive equilibrium is achieved Que11. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. A. A. A) increase in demand; decrease in demand Need the goods and services the most. It is also the case that reported burglaries increase during the same period. During a business cycle expansion, total production ________ and total employment ________. A. A. do not have an economic problem. d. B and C only, T/F On a time series graph, time is measured along the vertical scale, People who eat kale on a regular basis are more likely to exercise every day than people who do not eat kale. 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 On which base structure of economic problems has been installed? C) gross domestic product of the United States. A) a reduction in unemployment. Which of the following is a macroeconomic question? A. What determines C) greater on the buyer when the tax is collected from the seller and greater on the seller when the tax is collected from the buyer. a. Microeconomics Which of the following is not a function of money? Group of Which of the following is a positive macroeconomic statement: a. Choices made by people faced with scarcity b. D) buys U.S. government bonds. C) the economic surplus received from purchasing a given quantity of a product. B) the federal income tax. c. It confuses correlation and causation A) change; overestimates C) by the same amount as A) total employment is greater. B) The tax cut would increase consumption spending more than would a permanent tax cut. D) an increase in the labor force. [Identify the impact of your changes to the income and corporate tax rates. Is way of analyzing decision-making processes caused by scarcity B. The production possibilities curve illustrates which two of the following essential principles? C) goods and services. B. decisions; household The system that a society chooses reflects the philosophical and political ideas on which that society is founded. 3. The following questions relate to long-run macroeconomic A. achieve full employment. B) movement along the demand curve due to a change in relative prices. The market mechanism Every society faces economic trade-offs. A) the knowledge and enjoyment you receive from taking the class. Suppose in 2016, you purchase a house built in 2003. Answer: B Use the following diagram to answer questions 36-39: 36. Which of the following is included in both the U.S. GDP and U.S. GNP? B What is the optimal number of workers for an ice cream . b. B) consumption; investment A) climate and natural resources. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ although this definition differs from state to state. C) a decrease in the unemployment rate C) the sum of frictional unemployment and structural unemployment equals zero. Preparation and presentation of Union Budget 2. If market signals result in pollution beyond the optimal level, then B) Delta buys a new European-made jetliner. Combinations of goods and services an economy is actually producing. A) he lettuce that Subway purchases for its sandwiches A) updates the market basket every two years, rather than every 10 years. To learn a way of thinking B) one's property rights. B) Why hasn't the federal government raised the minimum wage? C. the tendency of many economic variables to move together in a predictable way over the business cycle. b. D. Works because prices serve as a means of communication between consumers and producers. C) decrease in demand; decrease in quantity demanded