A. D) the level of technology is fixed and unchanging. A. negative because it may improve your grade. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . Solved Which of the following is a macroeconomics question - Chegg D) the unemployment rate consists of only frictional and structural unemployment. D) out of the labor force. What were the macroeconomic principles or models that influenced your decision making?] C. unlimited resources exceed limited wants. 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. C) automatic stabilizers; monetary policy b. a. Microeconomics What determines the salaries of Wall Street executives? You . D. Government failure. A. why something will be producedwhat will be produced a. B) a competitive equilibrium is achieved The market mechanism 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. D) the Western Trade Union. A. unlimited wants exceed limited resources. A point on a nation's production possibilities curve represents Writing Period 50 minutes . C) after regular office hours. A) lower government purchases by an amount less than $200 billion. You have majored in computer science and, because of the recession, have difficulty in finding a job. Macroeconomics Multiple Choice Questions 1. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. B) structural The unemployment rate for the United States rose to 5 percent in the last quarter. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. D) a slowdown in the economy. B. B. A) the free market. C) continually declined. Macroeconomics | Economics Quiz - Quizizz C) the demand curve shifted to the right resulting in an increase in the equilibrium price. Select the phrase that correctly completes the following statement. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. b. consumers An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. B. B. Automatic stabilizers refer to By how much and in what direction does GDP change as a result of his efforts? Depreciation is _________ D. The full employment of resources to achieve a particular combination of goods and services. B) The quantity of traditional camera film demanded decreases. A) the value of worn-out equipment, machinery, and buildings. The equilibrium wage in a local labor market is $10 per hour. C) the business cycle. E) too low. Which of the following is not a microeconomics topic? (Select all that B. Macroeconomics _ECON 202_ 2022 rev (1).docx This tax is sometimes referred to as A. D) What determines the level of U.S. imports and exports? b. c. Florida should devote all revenues from its state lottery to improving public education B) the labor force participation rate decreased. A) U.S. GDP. All of the following are criteria frequently applied in judging economic outcomes except a. [Solved] Which of the following is least likely to benefit the civilian Economics teaches how to limit our wants. C) a strong foreign currency exchange rate. C) Every individual, no matter how rich or poor, is faced with making trade-offs. B) discretionary fiscal policy; automatic stabilizers C) investment; consumption A shift outward of the production possibilities curve. Answer the following questions by selecting the appropriate answer from the list below. C. Can a tax cut lead to a government budget surplus? D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. 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. B. B) remain the same. B) What determines the production of video game consoles? Which one of the following is not a key people behind macroeconomics? C) less than 5 times as much as your grandfather in terms of real income. Macroeconomics Flashcards | Quizlet b. B) the underground economy. A) U.S. GNP. Macroeconomics EC112 Flashcards | Quizlet D) on foreign soil. A. Which of the following is a normative economic statement? D) The government imposes taxes on those who earn beyond a certain amount of income. Question: Which of the following is macroeconomic issue ? - Mcqs Clouds Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? Rearranging, we get: B) increased income tax rates. C) by the same amount as Combinations of goods and services an economy is actually producing. B) The federal government pays the salary of an FBI agent. the person is unable to care for himself or herself, also i. A) average price levels of goods and services in the economy. D) unemployed persons falsely report themselves to be actively looking for a job. D) GDP falls by $1,875. What determines the growth rate of gross domestic product? Which of the following is a macroeconomics question? a. How many A. of disabled individuals to a less restrictive facility) also To learn a way of thinking Rational cost C) below; surplus C) lower; higher A. The third equation represents the investment function, where e and k are parameters. B) far less difficult than with monetary policy. A) The supply curve will shift to the left. c. Will a new type of electronic reader or tablet increase the number of buyers? Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . B) the price level in 2016 was less than the price level in the base year. Which of the following is not a function of money? Group of C) the demand for lawn care service has decreased. B. D) All of the above will occur. B) frictional unemployment equals zero. A) welfare benefits Guns and butter can be produced using the same resources at the same time. Lower disposable income decreases consumption at every price level. Que11. B) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. C. choices; scarce 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? A) Starbucks purchases coffee beans. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. The production possibilities curve between tanks and automobiles will appear as a straight line. Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. B) an increase in the number of manufacturers of electric cars. Economists have shown that the burden of a tax is The exports are equal to import. C) frictional C) above the market wage, causing labor demand to be greater than labor supply. D) ice cream is a normal good and hot fudge is an inferior good. Basic questions of economics - Economics Help D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. b. unit contribution margin. Real domestic output is at its maximum level. A) $5. There are no problems and everyone, including consumers, is satisfied. Is a normative analysis D) Brazil's GNP. 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? A technological advance would best be represented by A lassiez faire approach will reduce the level of pollution. Cutting taxes _______ b. 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? D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called B) there has been an upward movement along a demand curve. C) increased income tax rates. 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. Is way of analyzing decision-making processes caused by scarcity A) marginal b. (Round percentages to one decimal place.). B. Utilizes both market and non market signals to allocate goods and services. C) complete By definition, economics is the study of 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 ________. C) risen; risen C) the price of sailboats increased and the quantity of sailboats demanded decreased." D) The demand curve for traditional camera film shifts to the left. A) Anytime you have to decide which action to take you are facing an economic trade-off. (d). More teenagers enter the labor force. a. [Identify the impact of your changes to the income and corporate tax rates. B) GDP minus depreciation. First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. D) simplify some aspect of economic life. A) increasing government purchases or decreasing taxes. (b) the level of aggregate demand determines production, employment,. B) real GDP per person Which of the following is not a durable good? Factors of production and price signals. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. It allows researchers to isolate the effect of one event on another without the influence of outside variables The opportunity cost of studying for an economics test is d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics 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. -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? Which of the following is a positive macroeconomic statement: a. B. c. Falls victim to "post hoc, ergo propter hoc." A) greater on the buyer when the tax is collected from the buyer. C) the sum of frictional unemployment and structural unemployment equals zero. C) the interest rate determined by the supply and demand in the money market. A) increase. Sarah is a full-time student who is not looking for work. D) about the same difficulty as with monetary policy. A. e. None of the above. Which of the following is not a macroeconomic question? A. Should the A. it allows countries to exploit their comparative advantage, more fully. D) people do not find jobs instantaneously. D) upward sloping. A) the knowledge and enjoyment you receive from taking the class. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. Answered: Which of the following is a | bartleby D) They are included only if they are imported, Which of the following are not considered part of government purchases? A. All points on the curve. B) Why hasn't the federal government raised the minimum wage? 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. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married Electric car enthusiasts want to buy more electric cars at a lower price. PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. C) an increase in the quantity supplied. Q. An oligopolistic industry consists of only two firms, Angel& Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. A. Which of the following would increase the unemployment rate? If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. How should we produce goods and services? \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ D) all of the above. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. B) increase; less C. the economy as a whole. 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 Unemployment is too high. C) the value of the house in 2016 minus depreciation The economy may be in equilibrium. Scarce resources and opportunity cost. 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. The automobile industry was experiencing the effects of _______ D) A drug dealer reports herself as unemployed. A) the value of leisure is included in GDP. \\\hline For below problem geometric sequence given write the next three terms. What kind of unemployment is Sarah experiencing? Which of the following is a macroeconomic question? A. What determines C. Opportunity cost. B. the possibility of inefficient production. Works through central planning by government. Maximum combinations of goods and services an economy can produce given its available resources and technology. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). A) a decrease in supply. C) The federal government pays out an unemployment insurance claim. A. MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . B. spending, production and saving. Concept why study macroeconomics 16 which statement E) 9.5%. Microeconomics is concerned with issues such as Ford Preparation and presentation of Union Budget 2. Answering these four questions is essential for an economy to function properly. Which of the following can be used to correct market failure? Question 1 Multiple Choice Which of the following does macroeconomics 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: Dear Friends, We are posting prelims marathon MCQs for today. A) There will be an increase in unemployment. We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." The production possibilities curve illustrates which two of the following essential principles? Simple economies can be described in terms of three major economic C) a change in the amounts of one good desired. C) Discouraged workers are not counted as unemployed. B. B. A) higher; higher B) updates the market basket every 10 years, rather than every two years. You are investigating the punctuality of the airlines in Asia. B) 2.5% Economics is concerned with prices and quantities of goods and services, both at the individual. d. All of the above A) frictional unemployment B) the economy produces only two products. A) automatic stabilizers; discretionary fiscal policy According to the text, economists consider full employment to occur when Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill A tax is imposed on employers and workers that are used to fund Social Security and Medicare. D) efficient central planning. A) take away from GDP. D) above the market wage, causing labor demand to be less than labor supply. \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ Raising the income tax decreases the amount of disposable income available to those households. C) U.S. GDP. If a firm expects that the price of its product will be lower in the future than it is today To understand society and global affairs Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. A: Economics is the study of production, distribution, and consumption when the resources are scarce in. Productive efficiency All of the following events would have this effect except Q. D) gross national product of Canada and the gross national product of the United States. Each point on a demand curve shows D) refrigerator. C) the ACIF. c. The overall price level in the economy To reduce the bias in the consumer price index, the Bureau of Labor Statistics D) Lily purchases a new massage table for use in her therapy center. Is justified by the superiority of lassiez faire over government intervention. D) no one in the economy loses. 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? A. gross earnings 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. C. Inefficient incentives. In the market for lettuce, C) not change GDP. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. A. C) ensure safe imports. Please don't take his comments (a) personal, (b) personally. 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. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? C) interest rates; money supply Solved Which of the following is an example of a | Chegg.com It converts normative analysis into positive A) higher; higher b. Caveat emptor C) there are not enough jobs for everyone who wants one. A) an induced; an autonomous A. D. Laissez faire. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? Adam Smith's invisible hand is now called It is the field of economics that studies the behavior of the entire economy. B. Where in Oceania are outrigger canoes used? A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. Maximum combinations of goods and services an economy can produce given its available resources and technology. (C) how individual markets work. answer choices. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000.