A) welfare benefits The automobile industry was experiencing the effects of _______ A) increase; more Which of the following is a macroeconomics question? If a minimum wage of $15 per hour is imposed, which of the following will occur? Which of the following is a problem inherent in centrally planned economies? B. 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. Each point on a demand curve shows Historically, there have been three basic types of economic system: traditional, command, and market. C) continually declined. The tuition you pay Ford For below problem geometric sequence given write the next three terms. A. Cutting taxes _______ B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. B. the government Which of the following is not a durable good? C) decreases; increases The income effect of a price change results in a _________ D) a slowdown in the economy. Which of the following is a macroeconomics question? B. D) there is a decrease in the expected rate of inflation. C) automatic stabilizers; monetary policy D) ice cream is a normal good and hot fudge is an inferior good. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. B) relative abundance of labor and capital. D) risen; fallen. b. 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 C. Relies on the use of central planning by private firms rather than the government. d. B) The demand curve for inkjet printers shifts to the left. A) Many full time workers really want to be part time workers. C) gross domestic product of the United States. A. Use the following (partial) chart of accountsaccount numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). This would Which of the following statements about positive economic analysis is true? b. Marla is an architect who is designing a home for Chuck. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? The market mechanism You earn _________ B. Dear Friends, We are posting prelims marathon MCQs for today. C) A state government cuts taxes to help the economy of the state. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. Scarce resources and opportunity cost. C) a 12-inch Subway sandwich purchased by a student A. As a result, _____________ A) the law of supply has been violated. A. D. What goods and services should we produce? B) government purchases. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. Automatic stabilizers refer to \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ b. 1) Economic models do all of the following except A) answer economic questions. This tax is sometimes referred to as D) about the same difficulty as with monetary policy. 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: International economics. Compose a sentence using the following word. Sarah is a full-time student who is not looking for work. 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. B) movement along the demand curve due to a change in relative prices. C) an increase in taxes c. Bill Gates faces scarcity because resources are limited B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. The demand for bottled water by individuals. b. \hline\\ B) increase the measured labor force participation rate. A) taxes; interest rates In the market for lettuce, A. consumers dictating to firms what they need most. a. B) the sum of consumer and producer surplus. Which of the following would increase the unemployment rate? \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ A devaluation of the U.S. dollar would increase exports from the United States Show more. 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 In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. Factors of production and price signals. What is Macroeconomics? Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? Number of employees in the steel industry a. B) $60. The economy's capital stock declines. 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. A) the value of all cars produced by General Motors in the United States Ask an Expert. Step-by-step explanation. B) increasing taxes or decreasing government purchases. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . D. Laissez faire. B) vertical. B) an increase in government spending B. the global economy. C) not change GDP. How does the increasing use of digital cameras affect the market for traditional camera film? D. What factors determine the price of electronic cigarettes? Based on this evidence, Tecumseh has experienced C) Yvette pays $50 to join a softball league. Which one of the following is not a key people behind macroeconomics? D) real GDP in 2016 was greater than real GDP in the base year. B. stabilize the price level. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ C) Corporate income taxes; excise and other taxes Which of the following would be classified as fiscal policy? A) There will be an increase in unemployment. b. Caveat emptor B) a natural disaster like a hurricane or bad earthquake. Which of the following causes the unemployment rate to understate the true extent of joblessness? A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. A point on a nation's production possibilities curve represents A) fallen; fallen 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. B) Japan has abundant supplies of labor. The phrase "demand has increased" means that ___________ C. how to make money in the stock market. Flow (1) represents: A) wage, rent, interest, and profit income. B. 1 #7. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. B) partial D. People begin to retire at earlier ages. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. A) the knowledge and enjoyment you receive from taking the class. answer choices. 1. C) a strong foreign currency exchange rate. B. a. A) the unemployment rate increased. Prelims Marathon - Economic Survey - February 28th - 2023. 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 statements is not true? The invisible hand refers to The aggregate demand and aggregate supply curve intersect. C. Decreasing opportunity costs will occur with greater automobile production. B) there has been an upward movement along a demand curve. B) below the market wage, causing labor demand to be less than labor supply. E) States increase taxes to fund education. D. Al of the choices are correct. A) $5. Zero because you knew when you registered for the class that studying would be required. b. A) real GDP Factors of production and price signals. The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. The use of market prices and sales to signal desired output. C) a discouraged worker Which of the following is an example of spending on goods and services in the circular flow model? 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. C) increased income tax rates. Which of the following can be used to correct market failure? ii. C. Maximum combinations of goods and services an economy can produce given unlimited resources. C.. C. normative economics. C. Optimal marginalism C) a change in consumer income. c. Post hoc, ergo propter hoc C) there has been a downward movement along a demand curve. An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX b. C) entrepreneurship. During a business cycle expansion, total production ________ and total employment ________. 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 ________ Government agencies. Which of the following is a positive macroeconomic statement: a. D) decrease tax rates. Which of the following is a macroeconomic question? There are no problems and everyone, including consumers, is satisfied. C) No, the recession will most likely be short-lived and I can get a job after it is over. The importance of the ceteris paribus assumption when using models is that: B) an increase in the unemployment rate Government directives are likely to do a better job of allocating resources than markets. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. Which of the following is a positive economic statement? Report an issue. Compared to their pre-trade positions, trade makes both countries better off because in each country We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." A black market is a market where buying and selling take place C-Nomative D) an increase in oil prices. B. 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. It converts normative analysis into positive Your grandfather tells you that he earned $7,000/year in his first job in 1961. 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. C) wages paid to employees by Dell. . b. C) The quantity of inkjet printers demanded increases. a. B) Yes, the recession will lower income in my field permanently. A technological advance would best be represented by Every society faces economic tradeoffs. Calculate the predetermined overhead allocation rate for each activity. D. The person who has the responsibility to coordinate all the markets in a market economy. B) a competitive equilibrium is achieved B. net benefit occurred. Question 01. The term economic system refers to the way in which a society organizes the production and distribution of good and services. Assume the punctuality random variable follows a binomial distribution. It is an example of the coincidental fallacy answer choices. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? In a market economy, who decides what goods and services will be produced? c. It eliminates the need for abstraction or simplification 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. An increase in ____________ PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. A) marginal D) No, the recession will have no impact on my ability to get a job or my future income. What factor was most responsible for the development of Japan's comparative advantage in automobiles? Explain the pitfall of this statement. D) increased business taxes. D) increase in quantity demanded; increase in demand. C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. What are some of the causes of desertification? E) too low. National income is equal to You have majored in computer science and, because of the recession, have difficulty in finding a job. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. A) increases; increases 1. A) urniture D) less than 5 times as much as your grandfather in terms of nominal income. B. A) he lettuce that Subway purchases for its sandwiches B. A. unlimited wants exceed limited resources. C) a decrease in the unemployment rate 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 The production possibilities curve between tanks and automobiles will shift outward. Q. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? D. the choices people make to attain their goals, given their scarce resources. c. Falls victim to "post hoc, ergo propter hoc." A) -3%. D. Price regulation by government. 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. B) gross national product of Canada. (Round percentages to one decimal place.). B. A) U.S. GDP. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? C) make economic ideas explicit and concrete for use by decision makers. In terms of the production possibilities curve, inefficiency is represented by A) a reduction in unemployment. Which of the following is a macroeconomics question? of mental institutions) and ___________ (movement D. The best alternative use of your time. If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. B) increase; less C. income, saving and . B. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. D) lower taxes by $200 billion. C. Opportunity cost. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. 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? D) gross national product of Canada and the gross national product of the United States. D) no one in the economy loses. B) an increase in supply. C) decrease the number of persons in the labor force. D) The purchasing power of your salary increased between 2007 and 2016. Profit opportunities are eliminated almost instantaneously A) Japanese firms excelled in process technology. B) What determines the production of video game consoles? He is willing to pay $200 for the dozen fish, but buys them for a total of $140. (a). Key Takeaways. The Bureau of Economic Analysis calculates a number of different measures of inflation: the GDP Deflator, the Consumer Price Index, the Wholesale Price Index, etc. b. Que10. Total the statement columns, compute net income (loss), and complete work sheet. C. Market mechanisms and lassiez faire. D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. C) those that hold paper money lose. 1. A ________ can change over time or across observations. Capital, as economists use the term, refers to. The economy may be in equilibrium. C. the tendency of many economic variables to move together in a predictable way over the business cycle. d. It does not consider those who were laid off due to . D) an increase in consumers' taste for coffee. C) decrease in demand; decrease in quantity demanded Solve homework. Answering these four questions is essential for an economy to function properly. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. B) GDP minus depreciation. C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. C. economies of scal. If market signals result in pollution beyond the optimal level, then He faces scarcity because his resources are unlimited How do you go about weighing the alternatives? D) 15%. D) allocatively efficient. (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. B) the labor force participation rate decreased. D. Scarcity. B) some people do not want a job. c. Marginal cost D. constant opportunity costs as more and more of one good is produced. P = $80 In perfect competition, P = AR = \end{array} What kind of unemployment is Sarah experiencing? D) Lily purchases a new massage table for use in her therapy center. 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. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. Classify the following topics as relating to microeconomics or macroeconomics. Maximum combinations of goods and services an economy can produce given its available resources and technology. 60 seconds. A) an increase in demand. Advertisement Advertisement B) real GDP per person A) personal income minus personal taxes. A) no A. Buyers will bear the entire burden of a unit tax if the demand curve for a product is Discretionary fiscal policy refers to the government's ability to spend money. E-Normative, One of the scarce resources that constrain our behavior is time. C. do have an economic problem but are solving it. Preparation and presentation of Budget for state governments under President's Rule 3. Economic development B) the value of the decrease in business inventory stocks. . c. Will a new type of electronic reader or tablet increase the number of buyers? D) the decline in the value of the stock market, net of dividends. A. A) deadweight loss is maximized D) simplify some aspect of economic life. Explain. A) What determines the minimum wage? B) higher; lower Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring A) increasing government purchases or decreasing taxes. A) GDP rises by $1,875. A) attainable a. given up when we make a decision is called ____ of that decision Expansionary fiscal policy involves Government failure. C. choices; scarce A) the firm has an incentive to increase supply now and decrease supply in the future. B) greater on the seller when the tax is collected from the seller. An undesirable combination of goods and services. The police were surprised the bank did not take their advice. C) GDP is adjusted for changes in crime rates. d. identify possible solutions. A lassiez faire approach will reduce the level of pollution. A) above; surplus A) Tuan purchases a cappuccino at the student union. A) falls; Marla's work takes place in the underground economy once she's married From an initial long-run equilibrium, if aggregate demand grows faster than long-run and short-run aggregate supply, then Congress and the president would most likely ________ B. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. A pair of shoes that costs $80 last month costs $100 this month. C. A centrally planned economy D) $200. Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. 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. Step-by-step explanation. A. how households and firms make choices. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? A) the value of output in 2015 was around $17.3 trillion. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? b. A. a. ECO111 Quizz 01 FALL 2021. C) equity D) technology. A. These are: A. income, spending and saving. the same weight of goods has been imported as were exported. The real rate of interest is ______________ Select one: a. The minimum wage law causes unemployment. The invisible hand at work. The market mechanism at work. A) frictional unemployment c. degree of operating leverage. B) Persons who collect unemployment benefits report themselves to be searching for a job. D) only change GDP if the development occurs within the borders of the United States. a. the government A. B. B) a union contractor whose pay is adjusted based on changes in the CPI Reading Period 10 minutes . B) The supply curve will shift to the right. B. marginal benefit equals the marginal cost. B) Why hasn't the federal government raised the minimum wage? C. Greater production of one good requires increasingly larger sacrifices of other goods. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of C) 3% Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. An increase in national defense implies more sacrifices of civilian goods and services. (a) 3,6,12,3,6,12, \ldots3,6,12, B) the value of all cars produced by Ford in Mexico Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. If inflation is positive and is perfectly anticipated ____________ b. C) interest rates; money supply If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ d. Why do some countries grow faster than others? A) increase. A) the willingness of consumers to purchase a product at different prices. Which of the following is a normative economic statement? A) decrease the measured unemployment rate. C) productively efficient D) building an online job database that helps workers find jobs. b. C. Technology is lost. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . A. A) labor, capital, land and natural resources are fixed in quantity. C) Toby buys a new lawn mower to use in his lawn care business. C. How is the production quantity of snowboards determined? ___________ (movement of disabled individuals out A. negative because it may improve your grade. To reduce the bias in the consumer price index, the Bureau of Labor Statistics A shift outward of the production possibilities curve. B) Delta buys a new European-made jetliner. Then compare your responses with the key at the end of the book. C) GDP rises by $125. As a result, GDP ________ because ________. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. D) refrigerator. If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? A) will lower disposable income and lower spending. C) Apple computer buys computer processors from Intel. To move the economy back to potential GDP, Congress should ______________ E) raise taxes by an amount more than $200 billion. Persistence is A. the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth. C) implementing an unemployment insurance policy C. The overall economy. D) efficient central planning. D) The government imposes taxes on those who earn beyond a certain amount of income. B) productive efficiency See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). B) Trade Without Borders. When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. B) one's property rights. To learn a way of thinking Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? D) Producer surplus measures the total benefit received by producers from participating in a market. B. Maximum combinations of goods and services an economy can produce given its available resources and technology. C) frictional In a free market, production is determined by market forces. B) an increase in the number of manufacturers of electric cars. A. B. Given that, the question "According to the Bureau of Economic Analysis, what has been the average annual level of inflation (as measured by the GDP Deflator) over the past 10 years?" B) discretionary fiscal policy. B. B) protect the environment. Aggregate unemployment For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. O a. the person is unable to care for himself or herself, also there is a current account deficit. a. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. Public economics The exports are equal to import. 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 With respect to factors of production, which of the following statements is not true? B. how something will be produced; when something will be produced B. A) he tax cut would increase consumption spending less than would a permanent tax cut. B) change; underestimates As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises What is the standard deviation of this random variable (i.e., the risk of being late)? B) decrease government spending. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. ________ 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) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. A) an increase in the number of people in the labor force 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 ________. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. A) everyone who wants a job has a job. C. Should the government prevent the merger of two large firms? Which of the following correctly describes the relationship between economic efficiency and economic equity? Which of the following is an example of government failure? D. the choices people make to attain their goals, given their scarce resources. E. consumers and producers. D) producer surplus is minimized. D) decrease; less. C) an increase in the quantity supplied. B. decisions; household A) average price levels of goods and services in the economy. that negatively affect an individuals health and safety, B. B) above; shortage What determines the growth rate of gross domestic product? C) the value of all cars produced by Toyota in the United States A) higher; higher B) the equilibrium quantity of sailboats increased." D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. C. A surplus of . B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. C) a full-time employee at a pizza parlor who makes more than the minimum wage A. The "guns versus butter" dilemma that all nations confront is that The market mechanism. C) The demand curve will shift to the right. A. producers C. For whom should goods and services be produced? Choose 1 answer: Hors many smartphones should Samsung produce this quarter? Which of the following would reduce the labor force participation rate, all else equal? C) Consumer surplus measures the net benefit from participating in a market. Go to Memorandum. The following macroeconomic projected return models =.