Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? A) an increase in the minimum wage D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. Which of the following is a microeconomics question? In a market economy, who decides what goods and services will be produced? Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA A) income a. that negatively affect an individuals health and safety, A) Tuan purchases a cappuccino at the student union. 60 seconds. A) decreased government regulations on businesses. C) GDP is adjusted for changes in crime rates. Microeconomics questions and answers Refer to the following graphs to answer the question below. 1) Economic models do all of the following except A) answer economic questions. Q: Choose the statement that does not describe Microeconomics. A. A) allocative efficiency Which of the following correctly describes the relationship between economic efficiency and economic equity? A) shift of the demand curve when income changes. The exports are equal to import. B) The demand curve for inkjet printers shifts to the left. Timer Bonus. D) ceteris paribus. B. Which one of the following is the objective of fiscal policy? D. it intensified competition. All of the following events would have this effect except C) A state government cuts taxes to help the economy of the state. A) welfare benefits Simple economies can be described in terms of three major economic flows. 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? Which of the following economic activities are included in the subject-matter of Economics? D) legalized marijuana. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C. Greater production of one good requires increasingly larger sacrifices of other goods. B) German GDP. B) an increase in government spending ________ 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. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. C) wages paid to employees by Dell. A) greater on the buyer when the tax is collected from the buyer. C) Apple computer buys computer processors from Intel. c. The alternative uses of time you spend studying When the laws about civil commitment emerged, D) on foreign soil. For below problem geometric sequence given write the next three terms. D) people do not find jobs instantaneously. In 2015, the U.S. auto industry experienced rising sales. D) technology. The use of market prices and sales to signal desired output. Combinations of goods and services an economy is actually producing. Then compare your responses with the key at the end of the book. 300+ TOP Macroeconomics MCQs and Answers Quiz Exam Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? Lower disposable income decreases consumption at every price level. B. Macroeconomics _ECON 202_ 2022 rev (1).docx Economic growth. D. topics such as unemployment, inflation, and economic growth. A) When will the government better secure the borders? A) There was deflation between 2007 and 2016. C) GDP deflator D) Your father buys a new John Deere riding lawn mower. Government directives are likely to do a better job of allocating resources than markets. C. Technology is lost. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. b. A. These firms are reacting to which of the three key economic ideas? Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). Please don't take his comments (a) personal, (b) personally. B) portray reality in all its minute details. 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) an increase in unemployment insurance payments 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. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). Markets are likely to do a better job of allocating resources than government directives. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ D) Japan has abundant supplies of natural resources needed to produce automobiles. Step-by-step explanation. 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 in 2016, you purchase a house built in 2003. A. achieve full employment. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. An outward shift of a nation's production possibilities frontier can occur due to C) consumer surplus is minimized B) GDP is not affected by Scott's production of the jewelry box. C) a change in consumer income. C. the tendency of many economic variables to move together in a predictable way over the business cycle. Writing Period 50 minutes . The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. The demand for bottled water by individuals. B. how something will be produced; when something will be produced B) -3.5% c. Bill Gates faces scarcity because resources are limited D. constant opportunity costs as more and more of one good is produced. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} PDF Questions and Answers - Damanhour C) gross domestic product of the United States. C) The quantity of inkjet printers demanded increases. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. A) $5. d. C. The overall economy. B) a competitive equilibrium is achieved C. economies of scal. B) Persons who collect unemployment benefits report themselves to be searching for a job. The aggregate demand and aggregate supply curve intersect. The marginal propensity to consume (MPC . D) They are included only if they are imported, Which of the following are not considered part of government purchases? 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. D. Competition, Consider the following economic agents: D. a country's population is larger than its resource base. 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,. B) the economy produces only two products. C) an autonomous; an induced A) an increase in the number of people in the labor force in the blanks. Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX D. All of the choices are correct. A) climate and natural resources. C) people employed in the underground economy B) an increase in quantity demanded. A) a retired railroad engineer who receives a fixed income payment every month Discretionary fiscal policy refers to the government's ability to spend money. B) movement along the demand curve due to a change in relative prices. Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia Getting the timing right with fiscal policy is generally _______________ C) a discouraged worker How does this affect the market for traditional inkjet printers? Report an issue. C) there are not enough jobs for everyone who wants one. Which of the following is not a factor of production? C) lower; higher B) $60. \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ . b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. What factor was most responsible for the development of Japan's comparative advantage in automobiles? B) increased income tax rates. Explain how these higher income taxes will affect the aggregate demand curve. ii. Economics is the study of the ________ people make to attain their goals, given their________ resources. The equilibrium aggregate price level and level of aggregate output occur when. It is an example of the coincidental fallacy there is a current account surplus. D) the wages of college graduates do not fall during recession. B) decrease government spending. B. Reading Period 10 minutes . C) No, the recession will most likely be short-lived and I can get a job after it is over. A) increase; more Which of the following is a microeconomics question? b. Technological advancements have led to lower prices and an increase in the sale of color laser printers. D) 3.5% D) rises; Marla becomes more productive once she's married. Which of the following would be classified as fiscal policy? A. Macroeconomics is a branch of economics that depicts a substantial picture. Bill Gates does not face scarcity because he is a billionaire Production possibilities curve will shift inward. International economics. C) after regular office hours. The real rate of interest is ______________ A) everyone who wants a job has a job. D) Excise and other taxes; individual income taxes. a. D. macroeconomics. B) updates the market basket every 10 years, rather than every two years. The Federal Reserve lowered interest rates at its last meeting. Three Economic Questions: What, How, For Whom? | Encyclopedia.com Commits the fallacy of composition C) decreases; increases B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. In cities with rent control, people have an incentive to list their apartments on sites such as Airbnb at rents ________ the controlled rates, because rent control causes a ________ of apartments. He hasn't looked for a job in the last three months, but he's just started looking for work again. D) decrease the number of persons in the working-age population. C) ice cream and hot fudge are normal goods. B. 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 Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. Have the most political power. D) risen; fallen. b. real costs. A) an induced; an autonomous The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . answer choices. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ The tuition you pay B) higher; lower D) above the market wage, causing labor demand to be less than labor supply. Equity A. B. A) total employment is greater. 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. the choices people make to attain their goals, given their scarce resources. Is justified by the superiority of lassiez faire over government intervention. When lumber from Brazilian forests is used by a U.S.-owned company to produce furniture in Canada, the value of the furniture produced will be counted as a final good in Flow (1) represents: A) wage, rent, interest, and profit income. B. spending, production and saving. Which of the following is not a macroeconomic question? A. Should the C. the economy as a whole. C) a strong foreign currency exchange rate. For schedule, refer to the archive link given below. Which of the following would be included in the gross domestic product for 2016? Solve the Following Short-Essay Questions: Define demand. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. A) decrease the measured unemployment rate. Macroeconomics focuses on the performance of Annes Newton - G00378073- ECON QUIZ 2. Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods. A) The supply curve will shift to the left. 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. The opportunity cost of taking an on-line history class is Will a cut in the interest rate increase Canadian output? The money-creating potential in the banking system in the given case is computed as follows: MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . 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 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 C. do have an economic problem but are solving it. 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. c. Falls victim to "post hoc, ergo propter hoc." d. Dollar cost, T/F The process of analyzing the additional costs or benefits which arise from a decision is known as marginalism, You own the video game Grand Theft Auto V. The opportunity cost of playing this game for the second time c. Labor economics B) change; underestimates Allocative efficiency best explains ________, and productive efficiency best explains________. Solved Which of the following is a macroeconomics question - Chegg C) productively efficient You earn $35,000/year in your first job in 2016. C) a change in the amounts of one good desired. Given this information, we know for certain that ________ D) when real GDP is below but close to potential GDP. In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. C. Market success. A. Producers are using inventory faster than it can be replaced. B) increase; less C) disposable personal income plus depreciation plus personal taxes. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. C) increasing the money supply and decreasing interest rates. Question: Which of the following is an illustration of a macroeconomic question? \\\hline C. Maximum combinations of goods and services an economy can produce given unlimited resources. National income is equal to C) U.S. GDP. D. Who gets jobs; what wages do workers earn; and who owns what property? C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. b. B. microeconomics. A) take away from GDP. A) inflation D) 5%. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. Which of the following is a microeconomics question? C) looking for work is your only option. Which of the following is a normative economic statement? D) an increase in the price of gasoline. A. do not have an economic problem. B. How does a market system prevent people from getting as many goods and services as they wish? D. Average combinations of goods and services an economy can produce given its available resources and technology. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). [Solved] Which of the following is least likely to benefit the civilian Which of the following is an example of spending on goods and services in the circular flow model? A) the money supply and interest rates that automatically increase or decrease along with the business cycle. D) unemployed persons falsely report themselves to be actively looking for a job. Profit opportunities are eliminated almost instantaneously b. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. D) all of the above. Chapter 6, P R O B L E M S E T 3 . B. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? iii. If a German firm produces cars in the United States, that production should count towards Micro midterm chapter 1 Flashcards | Quizlet B. B) far less difficult than with monetary policy. Which of the following would increase the unemployment rate? D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. A lassiez faire approach will reduce the level of pollution. B) European countries offer higher unemployment benefits than the United States. D. What factors determine the price of electronic cigarettes? B) the number of lawn care service companies has increased. b. select the best possible solution. b. Macroeconomics 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 grocery store sells a bag of potatoes at a fixed price of $2.30. How do you go about allocating your time in a given day among competing alternatives? D) 15%. Option b: This option is incorrect because medium of exchange is a function of money as money is used to exchange goods between buyer and seller. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married D) the reduction in economic surplus resulting from not being in competitive equilibrium. Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? Which of the following is not a durable good? D. A. a. ECO 210 Ch.1 Flashcards | Quizlet D) GDP falls by $1,875. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. A. producing more of one good means less of another good can be produced. Factors of production and price signals. A) stayed roughly the same. A production possibilities curve indicates the You . Solved Question 21 Which of the following exemplifies a - Chegg \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ Increasing the federal tax on gasoline would cause shipping costs in the United States to increase B. The ability to exercise control over one's own resources within the confines of the law refers to The invisible hand at work. A) the value of the house in 2016 Economics is concerned with prices and quantities of goods and services, both at the individual. of mental institutions) and ___________ (movement All of the following are benefits of the single market except ? D) the Western Trade Union. B. 1. Which of the following explains why the unemployment rate could 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: A) the supply curve shifted to the left resulting in an increase in the equilibrium price. A) the money supply and a decrease in interest rates. C-Nomative D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? . C) builds another assembly plant in the United States. Microeconomics answers - Math Methods C) equal to the highest value of an alternative use of the time and money spent on the class. To understand society and global affairs A. D) the payroll tax. B) consumption; investment The market mechanism 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. FortheYearsEndedDecember31,20Y2and20Y1. Capital, as economists use the term, refers to. D) The Federal government pays to support research on AIDS. C) decrease the number of persons in the labor force. C) oil prices. d. identify possible solutions. Prelims Marathon - Economic Survey - February 28th - 2023 C) How does Fiat decide on the price of the 500 Pop model? B) higher; lower If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? is considered___________ to herself or others, and C) The demand curve will shift to the right. b. C. A centrally planned economy Profitability b. D) ice cream is a normal good and hot fudge is an inferior good. c. degree of operating leverage. D) What determines the level of U.S. imports and exports? C) above the market wage, causing labor demand to be greater than labor supply. 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. C) Consumer surplus measures the net benefit from participating in a market. Bureaucratic delays B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. C) there is a decline in the price level. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. 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(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. A) What determines the minimum wage? Unemployment is too high. C) a 12-inch Subway sandwich purchased by a student Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? Let us now understand how it is different from Microeconomics. Profits are always very high and persistent c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 a. A. consumers dictating to firms what they need most. Select the phrase that correctly completes the following statement. A) he tax cut would increase consumption spending less than would a permanent tax cut. B) greater on the seller when the tax is collected from the seller. C. Relies on the use of central planning by private firms rather than the government. B) unemployed Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. Microeconomics is the study of According to a deputy commissioner of police, "Commerce does very little of what we recommend. 1 #7. B. It is an example of the post hoc fallacy D. Laissez faire. Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? B) the equilibrium quantity of sailboats increased." More teenagers enter the labor force. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. What kind of unemployment is Sarah experiencing? B) the underground economy. If North Korea is currently producing at effciency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its Guns and butter can be produced using the same resources at the same time. Consumption of cigarettes. B. Prelims Marathon - Economic Survey - March 1st - 2023. A. The opportunity cost of studying for an economics test is The "guns versus butter" dilemma that all nations confront is that The market mechanism. E. consumers and firms choosing which goods and services to buy or produce. Based on this evidence, Tecumseh has experienced d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? Step-by-step explanation. D. Al of the choices are correct. ECO111 Quizz 01 FALL 2021. D. All of the choices are correct. c. The overall price level in the economy Government agencies. C) a full-time employee at a pizza parlor who makes more than the minimum wage A. C. society's output cannot be made available to all. D) implicit. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. C. All points inside the curve. Solved Which of the following is an illustration of a | Chegg.com They are both automatically achieved in a free market economy. Opportunity cost As a result, GDP ________ because ________. d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. A) urniture MCQs on Introduction to Macroeconomics - BYJUS c. It eliminates the need for abstraction or simplification A) below the market wage, causing labor demand to be greater than labor supply.
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