A. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. A. A) during a deep recession. Voluntary exchange 1. A) an increase in the money supply and a decrease in interest rates D) the reduction in economic surplus resulting from not being in competitive equilibrium. Micro Economic 100% (3) 6. C) during an expansion. MCQs on Introduction to Macroeconomics - BYJUS C. Government failure does not exist. An increase in ____________ A) Micah purchases a new wrench for his auto repair business. A) -3%. 3. In the following macroeconomic system, find the parametric A) the willingness of consumers to purchase a product at different prices. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. b. Deadweight loss refers to A. Three Economic Questions: What, How, For Whom? | Encyclopedia.com Is zero Is way of analyzing decision-making processes caused by scarcity A) a decrease in the money supply and an increase in the interest rate Will a cut in the interest rate increase Canadian output? C) those that hold paper money lose. B. D. All of the choices are correct. D. Competition, Consider the following economic agents: The study of national economy as whole. b. D) The demand curve will shift to the left. A. Deflation occurs when ____________ c. To be an informed citizen A) climate and natural resources. B. D) risen; fallen. D) above the market wage, causing labor demand to be less than labor supply. What is Macroeconomics? The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. Answer-Consider the following Statements. (i) As part of AtmaNirbhar C) the business cycle. The Government will decrease spending by $20 million and increase taxes by $15 million. If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? B. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? Which of the following is a positive macroeconomic statement: a. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. The number of work visas should not be limited by the government. Expected inflation is 2.3% and actual inflation may be greater by 0.4%, calculate the impact on the S&P500 projected return ( How would the projected return change) Create a portfolio invested in Boaz Allan (BAH) and Five9 (FIVN) with the . (a) Unlimited Wants The level of inflation in the economy. D) 15%. By how much and in what direction does GDP change as a result of his efforts? D) an increase in consumers' taste for coffee. Prelims Marathon - Economic Survey - March 1st - 2023. Advertisement Advertisement What is the impact of competition on the profits of a business? The following macroeconomic projected return models =. D. some people live better than others do. C) Producer efficiency A) There was deflation between 2007 and 2016. a. D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. b. real costs. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. in the blanks. MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . B) The federal government pays the salary of an FBI agent. Minimum wage laws cause unemployment because the legal minimum wage is set Ford B) high unemployment rates do not usually last for very long. [Identify the impact of your changes to the income and corporate tax rates. C) the ups and downs in inflation. a. As a result, _____________ (b) 81,54,36,81,54,36, \ldots81,54,36,. A) U.S. GDP. P = $80 In perfect competition, P = AR = In a free market, production is determined by market forces. Explain. A production possibilities curve indicates the Compared to their pre-trade positions, trade makes both countries better off because in each country When the laws about civil commitment emerged, Suppose in 2016, you purchase a house built in 2003. D) a contractionary; an expansionary. b. unit contribution margin. A. producing more of one good means less of another good can be produced. A. D. Are willing to pay the highest price. The ability to exercise control over one's own resources within the confines of the law refers to D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. They've told our detectives they have no interest in ever putting in the barriers.". For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. C. how to make money in the stock market. 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. Which of the following can be used to correct market failure? A. A technological advance would best be represented by If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. Preparation and presentation of Union Budget 2. Cadre Management for Indian Economic Services To Liza, B) real GDP per person Is not a very efficient means of communicating consumer demand to the producers of goods and services. D. Government failure. Microeconomics answers - Math Methods c. Labor economics Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who have become more health conscious and wish to monitor various health conditions. C. Inefficient incentives. D. The best alternative use of your time. Which of the following is an example of government failure? A) increase; more B) higher; lower How should we produce goods and services? C) productively efficient 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. B. spending, production and saving. A. d. It does not consider those who were laid off due to . The use of market signals and government directives to select economic outcomes. 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 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? What are some of the causes of desertification? The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} Which of the following is not a factor of production? D) gross national product of Canada and the gross national product of the United States. the same weight of goods has been imported as were exported. D. None of these choices are correct. D) depreciation. If inflation over the year is 2%, what is the real interest rate you are paying? Solved Which of the following is an illustration of a | Chegg.com The price of steel declined by 3% last year. B. B. B. Utilizes both market and non market signals to allocate goods and services. Adam Smith's invisible hand is now called Marla is an architect who is designing a home for Chuck. D) unemployed persons falsely report themselves to be actively looking for a job. C. The market mechanism has failed to achieve social efficiency. Micro midterm chapter 1 Flashcards | Quizlet Based on this evidence, Tecumseh has experienced c. Opportunity costs are zero A) gross domestic product of Canada. Start. D. All of the choices are correct. ___________ (movement of disabled individuals out A: Economics is the study of production, distribution, and consumption when the resources are scarce in. C) interest rates; money supply Household income B. C. decreasing opportunity costs as more and more of one good is produced. Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. Microeconomics focuses on supply and demand . Choose the correct option. A) real GDP President Obama has discussed raising income taxes for individuals earning over $250,000 in income. C. There is often a tradeoff between the two. Real domestic output is at its maximum level. A) an increase in the number of people in the labor force Question: Which of the following is macroeconomic issue ? - Mcqs Clouds d. The "richest man in the world" does not face scarcity because he has more money than others, Indicate whether the following statements are examples of positive economic analysis or normative economic analysis They always call for opposite outcomes. Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. Government intervention may achieve a more optimal outcome than the market mechanism when addressing It is the field of economics that studies the behavior of the entire economy. A. unlimited wants exceed limited resources. B. E. pure profit. D) the firm will not change supply until it knows for certain what will happen to its price. B. The market mechanism. Which of the following would reduce the labor force participation rate, all else equal? Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. B. Which of the following economic activities are included in the subject-matter of Economics? If the BLS counted persons that are on active military service in the totals for employment, the labor force, or the working-age population, this would _______________ 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 A. d. Public economics. D) an increase in the working-age population. Production possibilities curve will shift inward. A) Governments interfere with the market mechanism to influence the allocation of goods and services. Combinations of goods and services an economy is actually producing. B) will raise disposable income and lower spending. Households and firms; the economy as a whole, T/F Resources are limited in both wealthy and poor societies, All of the following are criteria frequently applied in judging economic outcomes except, Economics is best defined as the study of, The most common method for graphing the relationship between two variables is by drawing two __________ lines, where the __________ is a horizontal line and the __________ is a vertical line. Multiple Choice Quiz - Oxford University Press C. Should the government prevent the merger of two large firms? The "guns versus butter" dilemma that all nations confront is that D) the wages of college graduates do not fall during recession. given up when we make a decision is called ____ of that decision a. C) a change in the amounts of one good desired. b. C-Nomative B) What determines the production of video game consoles? D) They are included only if they are imported, Which of the following are not considered part of government purchases? In terms of the production possibilities curve, inefficiency is represented by C) decrease the number of persons in the labor force. A) shift of the demand curve when income changes. Equity Production possibilities curve will shift outward. A) updates the market basket every two years, rather than every 10 years. C) there are not enough jobs for everyone who wants one. d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which B. microeconomics. The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. Which of the following is included in both the U.S. GDP and U.S. GNP? D) decreases; decreases. C) decrease in demand; decrease in quantity demanded A) cyclical A) the nominal interest rate plus the inflation rate. Then compare your responses with the key at the end of the book. You are investigating the punctuality of the airlines in Asia. b. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. 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 The production possibilities frontier model assumes all of the following except____________ there is a capital account surplus. C. society's output cannot be made available to all. Question: Which of the following is an illustration of a macroeconomic question? D) rises; Marla becomes more productive once she's married. C) any level of the two products that the economy produces is currently possible. C. The allocation of resources by market forces. D) when real GDP is below but close to potential GDP. Annes Newton - G00378073- ECON QUIZ 2. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? B. A. c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 A) Individual income taxes; corporate income taxes To learn a way of thinking 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. MACROECON CH 1 Flashcards | Quizlet D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. A) Tuan purchases a cappuccino at the student union. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. B. producers deciding what society wants most. Which one of the following is not a key people behind macroeconomics? C) What factors determine the price of Oreo cookies? B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. b. There are no problems and everyone, including consumers, is satisfied. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. C) a change in consumer income. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? c. Is it sensible for a government to subsidize tobacco production? See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). The market mechanism may best be defined as Which of the following is an example of spending on factors of production in the circular flow model? This change will______________ B. a nation's poverty level increases faster than its population. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. D) ice cream is a normal good and hot fudge is an inferior good. D) The Federal government pays to support research on AIDS. 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. As a result, GDP ________ because ________. B) the value of the decrease in business inventory stocks. A pair of shoes that costs $80 last month costs $100 this month. E. consumers and firms choosing which goods and services to buy or produce. D) a decrease in the quantity supplied. A) a retired railroad engineer who receives a fixed income payment every month If a firm expects that the price of its product will be lower in the future than it is today A) increasing government purchases or decreasing taxes. C) discretionary monetary policy. If market signals result in pollution beyond the optimal level, then C) decrease the number of persons in the labor force. First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. (c). B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of C. Congress increased the minimum wage rate in January. The three fundamental questions that any economy must address are \hline D) total welfare is greater. Each point on a demand curve shows Opportunity cost Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. although this definition differs from state to state. O a. A) the price level in 2016 was greater than the price level in the base year. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. D) decrease the number of persons in the working-age population. B) Trade Without Borders. C) Consumer surplus measures the net benefit from participating in a market. Simple economies can be described in terms of three major economic a. Equity Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport of mental institutions) and ___________ (movement It considers discouraged workers, and hence it is overstated. Macroeconomics focuses on the performance of Which of the following individuals would be most negatively affected by anticipated inflation?
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