A) labor, capital, land and natural resources are fixed in quantity. B. how something will be produced; when something will be produced A. B. Which of the following is a problem inherent in centrally planned economies? The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. D. What factors determine the price of electronic cigarettes? C) U.S. GDP. 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 [Solved] Which of the following is least likely to benefit the civilian Which of the following is a microeconomic question? a. What are the A shortage of maths teachers. A. A) will lower disposable income and lower spending. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. D) a contractionary; an expansionary. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. C. income, saving and . D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ C. Optimal marginalism B. still have an economic problem. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. b. C) interest rates; money supply 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: Minimum wage laws cause unemployment because the legal minimum wage is set Start. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." C) ensure safe imports. D) The federal government cuts taxes to stimulate the economy. C) more difficult than with monetary policy. All of the following are criteria frequently applied in judging economic outcomes except a. C) oil prices. Poorly timed discretionary policy can do more harm than good. On which base structure of economic problems has been installed? c. It eliminates the need for abstraction or simplification An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX C) There will be a decrease in the quantity of labor supplied by households. D) will raise disposable income and raise spending. C) not change GDP. E) 9.5%. C. Maximum combinations of goods and services an economy can produce given unlimited resources. 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 Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. C) Apple computer buys computer processors from Intel. Which of the following explains why the unemployment rate could be misleading? Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. Unemployment is too high. The exports are equal to import. C) decreases; increases Lower disposable income decreases consumption at every price level. Macroeconomics is a branch of economics that depicts a substantial picture. i. It is an example of the post hoc fallacy Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. B) structural unemployment The Federal Reserve lowered interest rates at its last meeting. If market signals result in pollution beyond the optimal level, then B) discouraged workers A. The conclusion of this statement: B. Undiscovered natural resources. Solve the Following Short-Essay Questions: Define demand. Which of the following is a macroeconomic question? C) less than 5 times as much as your grandfather in terms of real income. The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power A) create jobs. Economists have shown that the burden of a tax is An undesirable combination of goods and services. B) a competitive equilibrium is achieved B) The Federal Reserve cuts interest rates to stimulate the economy. In a market economy, who decides what goods and services will be produced? ________ 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). You . D. Is one that allows trade with other countries. c. functional costs. B. firm could more readily exploit. occurred. A pair of shoes that costs $80 last month costs $100 this month. Que10. D. Laissez faire. D. macroeconomics. A) Anytime you have to decide which action to take you are facing an economic trade-off. To reduce the bias in the consumer price index, the Bureau of Labor Statistics The number of work visas should not be limited by the government. A. Which of the following would be the best measure of the cost of living? C) decrease. Macroeconomics EC112 Flashcards | Quizlet B) the underground economy. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? What is the current national rate of unemployment? D) allocatively efficient. Answered: Which of the following macroeconomic | bartleby A) Governments interfere with the market mechanism to influence the allocation of goods and services. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. Q: Choose the statement that does not describe Microeconomics. (b) the level of aggregate demand determines production, employment,. Public economics These firms are reacting to which of the three key economic ideas? b. D) all of the above are true. 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. Household income Ask an Expert. C) opportunity is a corporation unresponsive to the demands of its customers? Writing Period 50 minutes . d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? The use of market prices and sales to signal desired output. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. A) automatic stabilizers; discretionary fiscal policy C. normative economics. C) a change in the amounts of one good desired. D. Production of nonmilitary goods will decrease. A. Combinations of production that are unattainable, given current technology and resources. C. decreasing opportunity costs as more and more of one good is produced. Choices made by people faced with scarcity b. Step-by-step explanation. A. unlimited wants exceed limited resources. A) Economic efficiency b. A) a decrease in supply. Profit opportunities are eliminated almost instantaneously Which of the following statements about positive economic analysis is true? It allows researchers to isolate the effect of one event on another without the influence of outside variables D. Average combinations of goods and services an economy can produce given its available resources and technology. The real rate of interest is ______________ B. Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. Which of the following would be included in the gross domestic product for 2016? 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. A. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? A. income; available C) Their value is counted separately, but is not included as part of the value of the final good for which they are an input. B. A. producing more of one good means less of another good can be produced. 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. B. stabilize the price level. D) total welfare is greater. B. B) teachers' salaries paid by a local government The study of national economy as whole. D. None of these choices are correct. This month, the company supplied the same quantity of binders at $4 per unit. A. Microeconomics focuses on supply and demand . B. D) Your father buys a new John Deere riding lawn mower. Aggregate unemployment C) clothing B) high unemployment rates do not usually last for very long. D) both U.S. GNP and German GDP. A) real GDP B) increase the measured labor force participation rate. A) less difficult than with monetary policy. C) Consumer surplus measures the net benefit from participating in a market. D. Higher opportunity costs induce higher output per unit of input. there is a current account surplus. In the past two decades the United States lost its comparative advantage in automobiles to Japan. A) Individual income taxes; corporate income taxes B) higher; lower B) unattainable B-Postive B) the search process of matching workers with jobs. D) Unlike positive economic analysis, normative economic analysis can be tested. D. All of the choices are correct. This change will______________ If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. The use of market signals and government directives to select economic outcomes. A. producing more of one good means less of another good can be produced. 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. [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. An oligopolistic industry consists of only two firms, Angel& Microeconomics is concerned with issues such as B. how to make money in a market economy. What determines the growth rate of gross domestic product? Then compare your responses with the key at the end of the book. . A. Micro midterm chapter 1 Flashcards | Quizlet The market mechanism at work. C. Want the goods and services the most. D) quantity of Dell employees. C) increased income tax rates. B) Consumer efficiency B. spending, production and saving. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? Please don't take his comments (a) personal, (b) personally. ___________ (movement of disabled individuals out C) a 12-inch Subway sandwich purchased by a student If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? b. (B) important rather than trivial issues. Economics involves allocating resources to meet peoples' needs and desires for goods and services. D) the value of all cars produced by Nissan in Japan and the United States. C. Decreasing opportunity costs will occur with greater automobile production. D. constant opportunity costs as more and more of one good is produced. B) total consumption of goods is greater. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? A) an increase in demand. They are both automatically achieved in a free market economy. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises C. the economy as a whole. A) a reduction in unemployment. D) 5%. C) NAFTA. B) far less difficult than with monetary policy. A) average price levels of goods and services in the economy. A. it allows countries to exploit their comparative advantage, more fully. If a minimum wage of $15 per hour is imposed, which of the following will occur? MCQs on Basic Economics - GeeksforGeeks 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. National income is equal to Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring A) There was deflation between 2007 and 2016. A) a demand curve has shifted to the left. Raising the income tax decreases the amount of disposable income available to those households. C. economies of scal. A) no 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 Which of the following statements is not true? C) equal to the highest value of an alternative use of the time and money spent on the class. A. C) entrepreneurship. A. 1. Quiz 1: Introduction to Macroeconomics Quiz - Quizizz B) adds 1,000 new cars to inventories. Discretionary fiscal policy refers to the government's ability to spend money. C. All points inside the curve. B) the value of the decrease in business inventory stocks. Production possibilities curve will shift inward. c. The price of gasoline B. answer choices. Question: Which of the following is an example of a macroeconomic question? C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. The economy's capital stock declines. B. This would The first stage in the five-step decision process described in the text is to a. define the problem. 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. 3. The following questions relate to long-run macroeconomic 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. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? 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. In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married D) discretionary fiscal policy; conscious fiscal policy. Which of the following is a macroeconomics question? B) price charged for laptop computers by Dell. C) Brazil's GDP. D) upward sloping. Economic development Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! A) decrease the required reserve ratio. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors The police were surprised the bank did not take their advice. A) The demand curve for traditional camera film shifts to the right. The production possibilities frontier model assumes all of the following except____________ 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. Question 01. B) the federal income tax. This means. B What is the optimal number of workers for an ice cream . Is zero B) gross national product of Canada. A. A) increasing government purchases or decreasing taxes. D) The demand curve will shift to the left. a. D. The person who has the responsibility to coordinate all the markets in a market economy. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ Investment, as defined by economists, would not include which of the following? B) when real GDP is above but close to potential GDP. b. unit contribution margin. 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 demand curve for traditional camera film shifts to the left. MACROECON CH 1 Flashcards | Quizlet Keynesian Economics Questions and Answers - Study.com A) the Pacific Trade Association. Chuck is paying Marla $150 per hour to design his new home. A) decrease the measured unemployment rate. B. B) one's property rights. A. For schedule, refer to the archive link given below. 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. Where in Oceania are outrigger canoes used? To move the economy back to potential GDP, Congress should ______________ Given this information, we know for certain that ________ a. D. Works because prices serve as a means of communication between consumers and producers. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. a. b. . 60 seconds. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. You know that average prices have risen steadily since 1961. b. A) the price level in 2016 was greater than the price level in the base year. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? This means C. Lassiez faire price policies. Question 12. Question 20. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. D) legalized marijuana. Cadre Management for Indian Economic Services c. It confuses correlation and causation A) allocative efficiency The higher price caused the supply of sailboats to increase.". This problem has been solved! How do you go about weighing the alternatives? A. consumers dictating to firms what they need most. A) income C. marginal revenue C) A state government cuts taxes to help the economy of the state. D. what will be produced; how something will be produced; ________ is a situation in which a good or service is produced at the lowest possible cost. 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? Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? Each point on a demand curve shows Macroeconomics Flashcards | Quizlet B. A. a. Compose a sentence using the following word. The result is a shift in the aggregate demand curve to the left. C. Technology is lost. A) the value of leisure is included in GDP. 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. D) an increase in oil prices. PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. The impact of crowding out may be the least _____________ Which of the following is a positive macroeconomic statement: a. ECO111 Quizz 01 FALL 2021. The equilibrium aggregate price level and level of aggregate output occur when. O a False O b. What is the impact of competition on the profits of a business? A) there is a sustained increase in the price level. A city's decision to limit smoking in public areas is an example of C) real GDP in 2016 was less than real GDP in the base year. Required use of pollution control technology that is obsolete. D. marginal costs C) demographics a. Ockham's razor B. D) What determines the salaries of college professors? Ford Deflation occurs when ____________ C-Nomative If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? Which of the following correctly describes the relationship between economic efficiency and economic equity? The substitution bias in the consumer price index refers to the idea that consumers ________ the quantity of products they buy in response to price, and the CPI does not reflect this and ________ the cost of the market basket Macroeconomics _ECON 202_ 2022 rev (1).docx 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.

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