b. select the best possible solution. A) an increase in demand. 9 Questions. Should we have economic growth? B) increased income tax rates. D. Are willing to pay the highest price. \end{array} D) GDP falls by $1,875. B. microeconomics. A. C) the price of sailboats increased and the quantity of sailboats demanded decreased." Which of the following causes the unemployment rate to understate the true extent of joblessness? E) the cost of tuition and fees only. 1) Economic models do all of the following except A) answer economic questions. D. give more money to the government to solve its problems. Examples of comparative advantage show how trade between two countries can make each better off. Which of the following is not one of the three core economic issues that must be resolved? 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. A) climate and natural resources. In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. Every society faces economic tradeoffs. BOOK Market Leader intermediate 3rd edition. a. the government Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? 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 police were surprised the bank did not take their advice. A black market is a market where buying and selling take place If inflation is positive and is perfectly anticipated ____________ Works through central planning by government. A) Economic efficiency C. Optimal marginalism With respect to factors of production, which of the following statements is not true? A) frictional unemployment Which field of economics deals primarily with the problems faced by low-income countries? C. lawmakers in the government voting on what will be produced. 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 Macroeconomics Basics. See Answer. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. _____a. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! Microeconomics focuses on supply and demand . PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. b. Marla is an architect who is designing a home for Chuck. Why is the economy of India growing? C) decrease. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. Is a normative analysis c. It eliminates the need for abstraction or simplification 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 Economists reason that the optimal decision is to continue any activity up to the point where the. A) decreased government regulations on businesses. A. A. B) Individual income taxes; social insurance taxes C) ice cream and hot fudge are normal goods. c. The price of gasoline D) an increase in the working-age population. A) an induced; an autonomous Based on this evidence, Tecumseh has experienced Which of the following is a microeconomics question? C) an increase in taxes 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. What factors determine the price of carrots? Prelims Marathon - Economic Survey - March 1st - 2023. Required use of pollution control technology that is obsolete. B) decrease the measured labor force participation rate. The real rate of interest is ______________ D. a country's population is larger than its resource base. A) below the market wage, causing labor demand to be greater than labor supply. C. Greater production of one good requires increasingly larger sacrifices of other goods. D) the level of technology is fixed and unchanging. 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 A. D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. C. the tendency of many economic variables to move together in a predictable way over the business cycle. Suppose in 2016, you purchase a house built in 2003. C. How is the production quantity of snowboards determined? A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. D. constant opportunity costs as more and more of one good is produced. It is an example of the post hoc fallacy The first stage in the five-step decision process described in the text is to a. define the problem. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. c. The alternative uses of time you spend studying Maximum combinations of goods and services an economy can produce given its available resources and technology. B) the federal income tax. Factors of production and price signals. (a) Unlimited Wants A. income; available D) an increase in the labor force. Microeconomics is the study of A) the cost of additional education is always higher during recession. D. the choices people make to attain their goals, given their scarce resources. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? D) all of the above are true. c. The overall price level in the economy B. (Round percentages to one decimal place.). A) increase; more d. A) Japanese firms excelled in process technology. A) decrease the measured unemployment rate. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ D) the wages of college graduates do not fall during recession. B. The four basic economic questions are: what goods to produce, how to use resources in the production process, who receives the finished goods and when to produce the goods. What is the standard deviation of this random variable (i.e., the risk of being late)? Is zero D) a slowdown in the economy. D) incorporates substitutions by consumers when prices of specific products fall rapidly. A technological advance would best be represented by C) the value of all cars produced by Toyota in the United States All of these O b. B. C) decrease the number of persons in the labor force. If a firm expects that the price of its product will be lower in the future than it is today B) The tax cut would increase consumption spending more than would a permanent tax cut. D) the unemployment rate consists of only frictional and structural unemployment. D) depreciation. A. Key Takeaways. c. Industrial organization Profitability b. True 3Government fixes the floor and ceiling . Economic growth. c. To be an informed citizen 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. Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. Which of the following is a macroeconomics question? The best alt. Government agencies. What were the macroeconomic principles or models that influenced your decision making?] To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . Administrativeexpenses. Totaloperatingexpenses Incomefromoperations. Otherincome.. Incomebeforeincometax.. Incometaxexpense.. Netincome. David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Intro to Microeconomics (First Exam) (Chapter, Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. B) productive efficiency D) refrigerator. C. choices; scarce D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? B) The quantity of traditional camera film demanded decreases. The tax cut would lower the price level in 2014. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ This tax is sometimes referred to as The size of the underground economy would tend to decrease if the government of a country __________________ B. B) increase the measured labor force participation rate. D) the value of all cars produced by Nissan in Japan and the United States. b. B. The demand for bottled water by individuals. 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 D) Excise and other taxes; individual income taxes. C. Maximum combinations of goods and services an economy can produce given unlimited resources. Scarcity refers to the situation in which. B) a job retraining program The use of market signals and government directives to select economic outcomes. Which of the following is the best example of land? As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls b. a. B) the value of the time spent on line. Macroeconomics is focused on the movement and trends in the economy as a whole. C) the demand for lawn care service has decreased. B. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ B) the sum of consumer and producer surplus. 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. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ A) stayed roughly the same. Q. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ a. Every society faces economic trade-offs. B) the nominal interest rate minus the inflation rate. Cadre Management for Indian Economic Services C) the business cycle. A) average price levels of goods and services in the economy. B) high unemployment rates do not usually last for very long. A) an increase in the number of people in the labor force D) increased business taxes. 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. Which of the following best defines economics? In 2015, the U.S. auto industry experienced rising sales. B) higher; lower C. Opportunity cost. First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. B) updates the market basket every 10 years, rather than every two years. Depreciation is _________ They always call for opposite outcomes. A) the value of the house in 2016 D) decreasing the money supply and increasing interest rates. A) falls; Marla's work takes place in the underground economy once she's married Individual consumers. B) GDP minus depreciation. B) remain the same. A) the firm has an incentive to increase supply now and decrease supply in the future. A. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. D) only change GDP if the development occurs within the borders of the United States. Your grandfather tells you that he earned $7,000/year in his first job in 1961. See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). Opportunity cost B) a natural disaster like a hurricane or bad earthquake. a. margin of safety. D) technology. 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. An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX If market signals result in pollution beyond the optimal level, then there is a current account deficit. C) a full-time employee at a pizza parlor who makes more than the minimum wage B) There will be an increase in the quantity of labor demanded by firms. a. B) an increase in the number of manufacturers of electric cars. D. There is no conflict between the two goals. C. Macroeconomic failure. A) an increase in the minimum wage C) automatic stabilizers; monetary policy c. determine the objective. A shortage of maths teachers. d. identify possible solutions. C. income, saving and . Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. 1 #7. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. C. An increase in national defense is possible only if we produce more butter. The opportunity cost of taking an on-line history class is B. A) personal income minus personal taxes. C) complete The impact of crowding out may be the least _____________ A) When will the government better secure the borders? B) the value of all cars produced by Ford in Mexico Which of the following is not a factor of production? C) Corporate income taxes; excise and other taxes D) $200. You know that average prices have risen steadily since 1961. D) The Federal government pays to support research on AIDS. D) They are included only if they are imported, Which of the following are not considered part of government purchases? A. Factors of production and price signals. D) GDP is adjusted for increases in drug addiction. D) ice cream is a normal good and hot fudge is an inferior good. Suppose a drought resulted in a major reduction in the California lettuce crop. ECO111 Quizz 01 FALL 2021. D. The best alternative use of your time. Government failure. Chuck is paying Marla $150 per hour to design his new home. Explain the pitfall of this statement. A ________ can change over time or across observations. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. C) The federal government pays out an unemployment insurance claim. C) risen; risen Have the most political power. A) during a deep recession. B. ________ and ________ are the largest sources of revenue collected by the federal government C. Levels of production that will cause both unemployment and inflation. 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 C) not change GDP. B) increasing taxes or decreasing government purchases. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? D) both U.S. GNP and German GDP. O a False O b. Which one of the following is a macroeconomic issue? Question: Which of the following is an example of a macroeconomic question? a. What determines the growth rate of gross domestic product? In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. b. a. B. firm could more readily exploit. D) decreases; decreases. Which one of the following is not a key people behind macroeconomics? C) total spending in 2015 was around $17.3 trillion. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. Timer Bonus. A) increases; increases b. C) NAFTA. Question 1. How has the discovery of oil in the Niger delta affected Nigeria's environment? B) adds 1,000 new cars to inventories. C. how to make money in the stock market. Sarah is a full-time student who is not looking for work. c. Will a new type of electronic reader or tablet increase the number of buyers? D) movement along the demand curve due to a change in purchasing power brought about by the price change. Consumption of cigarettes. Th View the full answer B. stabilize the price level. B) an expansionary; a contractionary This would C) falls; Marla's architectural design services are no longer bought by Chuck once they're married (a). D. The person who has the responsibility to coordinate all the markets in a market economy. B) higher; lower An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. D) an increase in consumers' taste for coffee. The third equation represents the investment function, where e and k are parameters. C) increasing the money supply and decreasing interest rates. Calculate the predetermined overhead allocation rate for each activity. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. B) an increase in government spending C) an autonomous; an induced PetSmart even offers a Top Dog service that includes a premium shampoo, milk bath conditioner, scented cologne spritz, teeth brushing, and a bandana or bow. C) a strong foreign currency exchange rate. 60 seconds. A. why something will be producedwhat will be produced d. All of the above A. The use of market prices and sales to signal desired output. D) an increase in the price of gasoline. Explanation: Macroeconomics deals with the economy as a whole. E) Discouraged workers are counted as unemployed. B) The demand curve for inkjet printers shifts to the left. A mixed economy C) Japanese firms benefited from external economies. B) discretionary fiscal policy. Changes in the aggregate price level (inflation) b. A) the Income Security Tax. D. The government is allocating resources inefficiently. View Answer. Productive efficiency Minimum wage laws cause unemployment because the legal minimum wage is set The equilibrium wage in a local labor market is $10 per hour. ________ is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum. C) raise taxes by $200 billion. D) the same whether the tax is collected from the buyer or the seller. D) legalized marijuana. C. Inefficient incentives. We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." It considers discouraged workers, and hence it is overstated. Cutting taxes _______ The price of steel declined by 3% last year. B. How should we produce goods and services? B) one's property rights. C) a decrease in taxes C) interest rates; money supply A) he tax cut would increase consumption spending less than would a permanent tax cut. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? B) above; shortage D) gross national product of Canada and the gross national product of the United States. An increase in ____________ C) there are not enough jobs for everyone who wants one. 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 Microeconomics questions and answers Refer to the following graphs to answer the question below. A) no C) the ups and downs in inflation. 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. B) ice cream and hot fudge and substitutes. b. Poorly timed discretionary policy can do more harm than good. C. The overall economy. D. Laissez faire. A) a law making it illegal to work more than 35 hours per week You have majored in computer science and, because of the recession, have difficulty in finding a job. Should the government attempt to influence the interest rate to lower inflation? 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 ________ D. The full employment of resources to achieve a particular combination of goods and services. E. consumers and firms choosing which goods and services to buy or produce. A. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. An increase in national defense implies more sacrifices of civilian goods and services.
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