B. still have an economic problem. Which of the following is a positive economic statement? D) below; shortage. D) What determines the level of U.S. imports and exports? Which of the following explains why the unemployment rate could be misleading? A) create jobs. 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? = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. How do you go about allocating your time in a given day among competing alternatives? B) vertical. 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. 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 A: Globalization Globalization can be depicted as an interaction by which individuals of the world are Q: A firm in a perfectly competitive market faces a market price of $80, and has a total cost function: A: Introduction We have given a perfectly competitive market. D) an increase in the price of gasoline. D. topics such as unemployment, inflation, and economic growth. Which of the following events would allow the production possibilities curve to shift outward? B. not everyone can have enough goods to survive. Market failure. C. normative economics. Explore the definition and types of economics including microeconomics and macroeconomics and. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? Calculate the predetermined overhead allocation rate for each activity. D) 15%. A. C. decreasing opportunity costs as more and more of one good is produced. Which of the following is a macroeconomics question? Given this information, we know for certain that ________ Macroeconomics Basics. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors the same weight of goods has been imported as were exported. A black market is a market where buying and selling take place D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. 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) automatic stabilizers; discretionary fiscal policy 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,. Which of the following is a macroeconomics question? C) the ACIF. D. Increasing opportunity costs will occur with greater tank production. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. B) the search process of matching workers with jobs. C. when something will be produced; why something will be produced D) decreasing the money supply and increasing interest rates. C) shift of the demand curve due to a change in purchasing power brought about by the price change. c. The alternative uses of time you spend studying D) implicit. Real domestic output is at its maximum level. The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as c. producers C) wages are higher. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. C) discretionary monetary policy. Economists reason that the optimal decision is to continue any activity up to the point where the. A) a reduction in unemployment. Markets are likely to do a better job of allocating resources than government directives. BOOK Market Leader intermediate 3rd edition. A) no answer choices. b. C) cyclical unemployment The production possibilities curve between tanks and automobiles will appear as a straight line. C. Maximum combinations of goods and services an economy can produce given unlimited resources. b. real costs. D) there is a decrease in the expected rate of inflation. A) The federal government buys a Humvee. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ D) the level of technology is fixed and unchanging. (B) important rather than trivial issues. Rational cost President Obama has discussed raising income taxes for individuals earning over $250,000 in income. in the blanks. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. A) buys a new robotic machine (from a plant in Ohio) to assemble cars. D. Competition, Consider the following economic agents: The economy may be in equilibrium. Every society faces economic trade-offs. 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. Question 12. A shortage of maths teachers. C) Yvette pays $50 to join a softball league. Explain. Classify the following topics as relating to microeconomics or macroeconomics. d. identify possible solutions. What is the current national rate of unemployment? What is the probability that they all will be late? B) the value of all cars produced by Ford in Mexico The exports are equal to import. To reduce the bias in the consumer price index, the Bureau of Labor Statistics The three fundamental questions that any economy must address are As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises B) a natural disaster like a hurricane or bad earthquake. B. B) a job retraining program D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. (b) 81,54,36,81,54,36, \ldots81,54,36,. D) GDP falls by $1,875. C. unlimited resources exceed limited wants. A) Many full time workers really want to be part time workers. D. The best alternative use of your time. B. a nation's poverty level increases faster than its population. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. Marla is an architect who is designing a home for Chuck. b. consumers If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. To understand society and global affairs Is way of analyzing decision-making processes caused by scarcity D. a country's population is larger than its resource base. C. economies of scal. b. Macroeconomics B) increase in demand; increase in quantity demanded As a result, _____________ D) a decrease in the quantity supplied. D. Who gets jobs; what wages do workers earn; and who owns what property? D. the choices people make to attain their goals, given their scarce resources. A) taxes; interest rates A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. The equilibrium wage in a local labor market is $10 per hour. B) a decrease in government purchases B. producers deciding what society wants most. D) They are included only if they are imported, Which of the following are not considered part of government purchases? The production possibilities curve illustrates which two of the following essential principles? of disabled individuals to a less restrictive facility) also D-Positive B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. Government failure. c. Falls victim to "post hoc, ergo propter hoc." Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. A. C) equal to the highest value of an alternative use of the time and money spent on the class. B) adds 1,000 new cars to inventories. A) 2% How does the increasing use of digital cameras affect the market for traditional camera film? a. The increase in the amount that the government collects in taxes when the economy expands and the decrease in the amount that the government collects in taxes when the economy goes into a recession is an example of A) the knowledge and enjoyment you receive from taking the class. B) The demand curve for inkjet printers shifts to the left. Prelims Marathon - Economic Survey - March 1st - 2023. Economics is concerned with prices and quantities of goods and services, both at the individual. However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. A) The demand curve for inkjet printers shifts to the right. c. What were some of the reasons that the Egyptian government built the Aswan High Dam? Is the value of the alternative use of the time you spend of playing this game C) $140. D) GDP is adjusted for increases in drug addiction. D) the plastic bags that Subway purchases to wrap its sandwiches. D) the Western Trade Union. D) the value of all cars produced by Nissan in Japan and the United States. Which of the following is a microeconomics question? ________ 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) consumer surplus is minimized 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. B) the labor force participation rate decreased. B) government purchases. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? D) refrigerator. \end{array} 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? B. spending, production and saving. C) will lower disposable income and raise spending. Need the goods and services the most. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ C) a discouraged worker A shift outward of the production possibilities curve. Buyers will bear the entire burden of a unit tax if the demand curve for a product is B) The supply curve will shift to the right. C. Congress increased the minimum wage rate in January. Economics teaches how to limit our wants. (a). B. An undesirable combination of goods and services. D) simplify some aspect of economic life. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? that negatively affect an individuals health and safety, It does not consider discouraged workers, and hence it is understated. C) No, the recession will most likely be short-lived and I can get a job after it is over. C) The federal government pays out an unemployment insurance claim. A. Math is a way of solving problems by using numbers and equations. A) total employment is greater. Lower disposable income decreases consumption at every price level. The demand for bottled water by individuals. B) there is a one-time increase in the price level. D) ice cream is a normal good and hot fudge is an inferior good. B) decrease government spending. D) All of the above will occur. B) The Federal Reserve cuts interest rates to stimulate the economy. C) entrepreneurship. D) will raise disposable income and raise spending. A. In a market economy, those who are willing and able to buy what is produced. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. A. b. select the best possible solution. C) The quantity of traditional camera film demanded increases. Poorly timed discretionary policy can do more harm than good. D) both U.S. GNP and German GDP. Simple economies can be described in terms of three major economic flows. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. Question 01. What factor was most responsible for the development of Japan's comparative advantage in automobiles? D) the reduction in economic surplus resulting from not being in competitive equilibrium. Which of the following is a microeconomics question? Q: Choose the statement that does not describe Microeconomics. A) the value of leisure is included in GDP. D) all of the above. A) employed How do you go about weighing the alternatives? C. Can a tax cut lead to a government budget surplus? A) change; overestimates When the laws about civil commitment emerged, d. All of the above B) productive efficiency Why is the typical person in the United States today more than 10 times richer than the typical person in the United States a century ago? D. Production of nonmilitary goods will decrease. there is a current account surplus. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). A) average price levels of goods and services in the economy. C. society's output cannot be made available to all. Select one: a. B. b. Caveat emptor D) the unemployment rate consists of only frictional and structural unemployment. (b) the level of aggregate demand determines production, employment,. C) 1.5% B) Delta buys a new European-made jetliner. A) there is a sustained increase in the price level. E. pure profit. A) There will be an increase in unemployment. B) lower government purchases by $200 billion. D. marginal costs Profit opportunities are eliminated almost instantaneously B) add to GDP. See Answer. Which of the following statements about positive economic analysis is true? c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. A) an increase in the number of people in the labor force A. A) shift of the demand curve when income changes. D) a contractionary; an expansionary. Step-by-step explanation. (a) Unlimited Wants A) higher; higher B) one's property rights. D) all of the above are true. answer choices. c. degree of operating leverage. [Identify the impact of your changes to the income and corporate tax rates. d. It does not consider those who were laid off due to . You . A. B) relative abundance of labor and capital. B. C) GDP rises by $125. Timer Bonus. A) horizontal. B. Economic growth. c. Will a new type of electronic reader or tablet increase the number of buyers? A) the price level in 2016 was greater than the price level in the base year. iii. C. The overall economy. c. Opportunity costs are zero E. consumers and firms choosing which goods and services to buy or produce. The output of U.S. citizens who work in Canada would be included in the _____________ The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} C. All points inside the curve. D. Government intervention. B. Utilizes both market and non market signals to allocate goods and services. A) frictional unemployment B-Postive During a business cycle expansion, total production ________ and total employment ________. B) greater on the seller when the tax is collected from the seller. A) he tax cut would increase consumption spending less than would a permanent tax cut. D. Al of the choices are correct. C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. B) Yes, the recession will lower income in my field permanently. Select the phrase that correctly completes the following statement. B) a union contractor whose pay is adjusted based on changes in the CPI b. A) Starbucks purchases coffee beans. A mixed economy Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring On which base structure of economic problems has been installed? Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. D) 5%. Why does a firm decide to enter a particular market? Economists have shown that the burden of a tax is The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. A. . The importance of the ceteris paribus assumption when using models is that: D) only change GDP if the development occurs within the borders of the United States. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? ___________ (movement of disabled individuals out D. What factors determine the price of electronic cigarettes? This change will______________ c. determine the objective. A. how households and firms make choices. Which of the following transactions represents the purchase of a final good? An increase in ____________ B) updates the market basket every 10 years, rather than every two years. C) increased income tax rates. e. None of the above. D. What goods and services should we produce? Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? A. 9 Questions. C. the tendency of many economic variables to move together in a predictable way over the business cycle. C) total spending in 2015 was around $17.3 trillion. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. C) raise taxes by $200 billion. D) the decline in the value of the stock market, net of dividends. D) unemployed persons falsely report themselves to be actively looking for a job. Examples of comparative advantage show how trade between two countries can make each better off. C) the interest rate determined by the supply and demand in the money market. 1. B) 3%. Inefficient bureaucracy. D. Government failure. a. Ockham's razor B) The tax cut would increase consumption spending more than would a permanent tax cut. \hline\\ C) any level of the two products that the economy produces is currently possible. B) Individual income taxes; social insurance taxes C. Market success. B. Macroeconomics is a branch of economics that depicts a substantial picture. C) legalized prostitution. How does a market system prevent people from getting as many goods and services as they wish? \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ A. The economy's capital stock declines. B) taxes; the money supply given up when we make a decision is called ____ of that decision Every society faces economic tradeoffs. It considers discouraged workers, and hence it is overstated. C) decrease; more D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. C) the value of the house in 2016 minus depreciation Question 02. C. An increase in national defense is possible only if we produce more butter. The higher price caused the supply of sailboats to increase.". Is not a very efficient means of communicating consumer demand to the producers of goods and services. It is the field of economics that studies the behavior of the entire economy. Producers are using inventory faster than it can be replaced. b. A. 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. 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. D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called B. Bill Gates does not face scarcity because he is a billionaire C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? E) raise taxes by an amount more than $200 billion. D) increased business taxes. 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? Scarce resources and opportunity cost. B. C) complete B) unemployed What were the macroeconomic principles or models that influenced your decision making?] B) increase; less The market mechanism A. A: Economics is the study of production, distribution, and consumption when the resources are scarce in. D) The Federal government pays to support research on AIDS. D) taxes; expenditures, Active changes in tax and spending by government intended to smooth out the business cycle are called ________, and changes in taxes and spending that occur passively over the business cycle are called ________ A) decrease the measured unemployment rate. C-Nomative National income is equal to \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ Depreciation is _________ B) more than 5 times as much as your grandfather in terms of real income. b. A) urniture If a minimum wage of $15 per hour is imposed, which of the following will occur? D) a bridge purchased by the state government. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. A. it allows countries to exploit their comparative advantage, more fully. You know that average prices have risen steadily since 1961. D) decreases; decreases. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. Choose the correct option. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? B. Flow (1) represents: A) wage, rent, interest, and profit income. B. B. B What is the optimal number of workers for an ice cream . According to the text, economists consider full employment to occur when C. the economy as a whole. They always call for opposite outcomes. How does this affect the market for traditional inkjet printers? B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. B) the federal income tax. C) there is a decline in the price level. C) looking for work is your only option. By definition, economics is the study of b. D. None of these choices are correct. Minimum wage laws cause unemployment because the legal minimum wage is set All of the above. C) an increase in unemployment insurance payments C) decrease. A. B) the economy produces only two products. Is the economy experiencing a decline in the rate of inflation? D) Lily purchases a new massage table for use in her therapy center. The conclusion of this statement: View Answer. a. In a market economy, who decides what goods and services will be produced? The market mechanism. D) movement along the demand curve due to a change in purchasing power brought about by the price change. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. Please don't take his comments (a) personal, (b) personally. All points on the curve. 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? 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. Let us now understand how it is different from Microeconomics. C) frictional C) the value of the addition to the capital stock. 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). A) a decrease in the money supply and an increase in the interest rate C) decrease in demand; decrease in quantity demanded B. the possibility of inefficient production. Every society faces economic tradeoffs. Which one of the following is not a key people behind macroeconomics? C) Discouraged workers are not counted as unemployed. a. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. B) will raise disposable income and lower spending. Th View the full answer When the invisible hand does not produce optimal outcomes for the economy, there is evidence of They are both automatically achieved in a free market economy. C. choices; scarce D. all of the above Answer: D.all of the above 2. Combinations of goods and services an economy is actually producing. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. C) below; surplus D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? Which of the following is a government expenditure, but is not a government purchase? A devaluation of the U.S. dollar would increase exports from the United States Compared to their pre-trade positions, trade makes both countries better off because in each country A) above; surplus Zero because you knew when you registered for the class that studying would be required. The purchasing. B. A. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. B) -3.5% In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. Which of the following best defines economics? c. Is one-half cost of the game, as this is the second time you have played it Explain how these higher income taxes will affect the aggregate demand curve. Which of the following is a macroeconomic question? D) legalized marijuana. A) attainable 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 C. The allocation of resources by market forces. The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill ________ 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. D) an increase in the labor force. D) an increase in oil prices. The impact of crowding out may be the least _____________ a. D. There is no conflict between the two goals. d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics 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. Question: Which of the following is a macroeconomics question? C) decrease oil prices. D) producer surplus is minimized. C) a change in consumer income. As a result, GDP ________ because ________. If a firm expects that the price of its product will be lower in the future than it is today
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