B) the value of all cars produced by Ford in Mexico A) the law of supply has been violated. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. B. 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 ________ A) will lower disposable income and lower spending. Macroeconomics Multiple Choice Questions 1. The automobile industry was experiencing the effects of _______ B. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. C) clothing Cadre Management for Indian Economic Services Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . D) Excise and other taxes; individual income taxes. in the blanks. A. The Government will decrease spending by $20 million and increase taxes by $15 million. A. Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. D) allocatively efficient. B. Depreciation is _________ Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. B) discouraged workers A technological advance would best be represented by A. B. C) incorporates substitutions by consumers when prices of specific products rise rapidly. C. Opportunity cost. Every society faces economic trade-offs. What determines the growth rate of gross domestic product? B. the possibility of inefficient production. D) building an online job database that helps workers find jobs. A. why something will be producedwhat will be produced a. C. An increase in national defense is possible only if we produce more butter. (b) 81,54,36,81,54,36, \ldots81,54,36,. B) lower government purchases by $200 billion. The market mechanism. B) fallen; risen B) The demand curve for inkjet printers shifts to the left. B) real GDP per person More teenagers enter the labor force. A) technological advancement in the production of electric car batteries. D) Japan has abundant supplies of natural resources needed to produce automobiles. According to the text, economists consider full employment to occur when When lumber from Brazilian forests is used by a U.S.-owned company to produce furniture in Canada, the value of the furniture produced will be counted as a final good in The decision about what goods and services will be produced in a market economy is made by D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. A. Then compare your responses with the key at the end of the book. B) consumption; investment 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 D) the value of all cars produced by Nissan in Japan and the United States. A. income; available Bureaucratic delays C) Toby buys a new lawn mower to use in his lawn care business. A) stayed roughly the same. C) GDP deflator In a market economy, those who are willing and able to buy what is produced. B. microeconomics. B. In terms of the production possibilities curve, inefficiency is represented by Question: Which of the following is a macroeconomics question? b. A. D) 15%. Adam Smith's invisible hand is now called If a minimum wage of $15 per hour is imposed, which of the following will occur? Technological advancements have led to lower prices and an increase in the sale of color laser printers. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. B. b. To Liza, It converts normative analysis into positive These are: A. income, spending and saving. D) an increase in consumers' taste for coffee. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. The invisible hand refers to How were consumption and investment affected . Lower disposable income decreases consumption at every price level. \hline C. A centrally planned economy a. A. A shift inward of the production possibilities curve. D. Economic growth and market failure. A. unlimited wants exceed limited resources. B) the sum of consumer and producer surplus. D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. \end{array} c. What were some of the reasons that the Egyptian government built the Aswan High Dam? C) there are not enough jobs for everyone who wants one. A. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? D) out of the labor force. D) ceteris paribus. Should the government attempt to influence the interest rate to lower inflation? B) unattainable E) States increase taxes to fund education. b. b. B. Utilizes both market and non market signals to allocate goods and services. A black market is a market where buying and selling take place A. A) change; overestimates In the past two decades the United States lost its comparative advantage in automobiles to Japan. B) increase the measured labor force participation rate. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. 1) Economic models do all of the following except A) answer economic questions. Which of the following statements about positive economic analysis is true? Laws and regulations. Show more. b. A) the money supply and a decrease in interest rates. Examples of comparative advantage show how trade between two countries can make each better off. B. B) an expansionary; a contractionary C) the ACIF. C. Levels of production that will cause both unemployment and inflation. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C. Inefficient incentives. In a market economy, who decides what goods and services will be produced? C) make economic ideas explicit and concrete for use by decision makers. 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? A. it allows countries to exploit their comparative advantage, more fully. 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? Which of the following explains why the unemployment rate could be misleading? E) 9.5%. A) decreased government regulations on businesses. c. Industrial organization Which of the following is a positive macroeconomic statement: a. The invisible hand at work. e. variable cost reduction. D) a slowdown in the economy. A. C) Apple computer buys computer processors from Intel. C. Relies on the use of central planning by private firms rather than the government. is a corporation unresponsive to the demands of its customers? B) -3.5% We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." C. Congress increased the minimum wage rate in January. B) The tax cut would increase consumption spending more than would a permanent tax cut. d. All of the above [Identify the impact of your changes to the income and corporate tax rates. 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 B) ice cream and hot fudge and substitutes. 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? i. National income is equal to C. Can a tax cut lead to a government budget surplus? Prelims Marathon - Economic Survey - March 1st - 2023. meaning severe emotional or thought disturbances B. C) the price of sailboats increased and the quantity of sailboats demanded decreased." D. There is no conflict between the two goals. c. Is it sensible for a government to subsidize tobacco production? A. consumers dictating to firms what they need most. B. Simple economies can be described in terms of three major economic flows. D. None of these choices are correct. C. normative economics. Timer Bonus. A) there is a sustained increase in the price level. C) a decrease in the price of lithium, which is used in the electric car batteries. D) the plastic bags that Subway purchases to wrap its sandwiches. Which of the following is a problem inherent in centrally planned economies? For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. Which of the following would be included in the gross domestic product for 2016? B) the economy produces only two products. A point on a nation's production possibilities curve represents C. Production of nonmilitary goods will decrease. d. Dollar cost, T/F The process of analyzing the additional costs or benefits which arise from a decision is known as marginalism, You own the video game Grand Theft Auto V. The opportunity cost of playing this game for the second time Aggregate unemployment The government should reduce the tax burden to help small business. D) less than 5 times as much as your grandfather in terms of nominal income. B) made over-the-counter drugs illegal. D. What goods and services should we produce? Solve homework. A. negative because it may improve your grade. Is zero A) cyclical B) taxes; the money supply D) implicit. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. By definition, economics is the study of A) inflation. Poorly timed discretionary policy can do more harm than good. Economics teaches how to limit our wants. known as ___________ Mental illness is a(n)___________ concept, typically Report an issue. Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. A. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ What factor was most responsible for the development of Japan's comparative advantage in automobiles? D) Lily purchases a new massage table for use in her therapy center. Where in Oceania are outrigger canoes used? b. C) any level of the two products that the economy produces is currently possible. a. b. Macroeconomics d. Why do some countries grow faster than others? What is the standard deviation of this random variable (i.e., the risk of being late)? D) the decline in the value of the stock market, net of dividends. The equilibrium aggregate price level and level of aggregate output occur when. A) buys a new robotic machine (from a plant in Ohio) to assemble cars. Changes in the aggregate price level (inflation) C) real GDP in 2016 was less than real GDP in the base year. Combinations of goods and services an economy is actually producing. BOOK Market Leader intermediate 3rd edition. Should you go back to school and get a second major? B. marginal benefit equals the marginal cost. (b). D. Markets result in an unfair distribution of income. B. A. Th View the full answer C. For whom should goods and services be produced? B) explicit A) automatic stabilizers; discretionary fiscal policy B) automobile D) an increase in the working-age population. b. Suppose in 2016, you purchase a house built in 2003. D) a bridge purchased by the state government. Choices made by people faced with scarcity b. C. The government should subsidize solar power for homeowners. d. Congress extends the maximum duration for the collection of unemployment benefits from 26-52 weeks, T/F The collection and use of data to test economic theory is called empirical economics, To analyze the relationship between two variables while holding the values of other variables unchanged is a device known as All of the following are criteria frequently applied in judging economic outcomes except a. b. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C) What factors determine the price of Oreo cookies? Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? A) frictional unemployment If a German firm produces cars in the United States, that production should count towards B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. Explain the pitfall of this statement. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. C) disposable personal income plus depreciation plus personal taxes. A) Japanese firms excelled in process technology. D) movement along the demand curve due to a change in purchasing power brought about by the price change. How should we produce goods and services? Which of the following is a microeconomics question? If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? You will then have 50 minutes to answer all three of the following questions. B. a nation's poverty level increases faster than its population. C) a decrease in the unemployment rate D) the legally determined maximum price that sellers may charge for a given quantity of a product. The demand for bottled water by individuals. B) structural unemployment 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 ________. d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. B-Postive D) quantity of Dell employees. What were the macroeconomic principles or models that influenced your decision making?] The ability to exercise control over one's own resources within the confines of the law refers to Electric car enthusiasts want to buy more electric cars at a lower price. B) higher; lower 2. By how much and in what direction does GDP change as a result of his efforts? d. sensitivity analysis. A) the Income Security Tax. D) upward sloping. (a). B. . A) Micah purchases a new wrench for his auto repair business. C) entrepreneurship. D. topics such as unemployment, inflation, and economic growth. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? B) the consumer surplus received from purchasing a given quantity of a product. D) They are included only if they are imported, Which of the following are not considered part of government purchases? D) increased business taxes. Which of the following is a macroeconomic question? A) allocative efficiency If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. D) $200. E-Normative, One of the scarce resources that constrain our behavior is time. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. A) 2% Increasing the federal tax on gasoline would cause shipping costs in the United States to increase D) depreciation. What kind of unemployment is Sarah experiencing? B) an increase in quantity demanded. Which one of the following is a macroeconomic issue? The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. c. The overall price level in the economy ; D. what will be produced; how something will be produced. A) U.S. GNP. b. select the best possible solution. D) decreasing the money supply and increasing interest rates. Works through central planning by government. B) adds 1,000 new cars to inventories. of mental institutions) and ___________ (movement C) decrease the number of persons in the labor force. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. Prelims Marathon - Economic Survey - February 28th - 2023. A) a demand curve has shifted to the left. C) Brazil's GDP. Market failure. C. Government failure does not exist. C. choices; scarce C) lower; higher B) a competitive equilibrium is achieved A. B) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. D) buys U.S. government bonds. d. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. This means that _______ Fill in the columns for the GDP deflator and for the percent . Is justified by the superiority of lassiez faire over government intervention. A) greater on the buyer when the tax is collected from the buyer. C) by the same amount as C. There is often a tradeoff between the two. c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 D) there is a decrease in the expected rate of inflation. 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. D) below; shortage. The production possibilities curve between tanks and automobiles will appear as a straight line. Your grandfather tells you that he earned $7,000/year in his first job in 1961. E) raise taxes by an amount more than $200 billion. D) legalized marijuana. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending B) GDP is not affected by Scott's production of the jewelry box. 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. D. the government, consumers, and producers that negatively affect an individuals health and safety, The higher price caused the supply of sailboats to increase.". A) the willingness of consumers to purchase a product at different prices. A. A) inflation D) sometimes by more than and other times by less than, A change in consumption spending caused by income changes is ________ change in spending, and a change in government spending that occurs to improve roads and bridges is ________ change in spending President Obama has discussed raising income taxes for individuals earning over $250,000 in income. 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. B. net benefit 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. D. Average combinations of goods and services an economy can produce given its available resources and technology. D) 3.5% The market mechanism. C) the demand for lawn care service has decreased. C. the economy as a whole. Zero because you knew when you registered for the class that studying would be required. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. C) looking for work is your only option. The study of national economy as whole. D) above the market wage, causing labor demand to be less than labor supply. Macroeconomics is focused on the movement and trends in the economy as a whole. A. The "guns versus butter" dilemma that all nations confront is that b. A) an increase in the money supply and a decrease in interest rates Assume the punctuality random variable follows a binomial distribution. C. Eliminates market failures by government. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. A) an induced; an autonomous B What is the optimal number of workers for an ice cream . C) the value of the house in 2016 minus depreciation They've told our detectives they have no interest in ever putting in the barriers.". A) falls; Marla's work takes place in the underground economy once she's married The market mechanism may best be defined as D. The person who has the responsibility to coordinate all the markets in a market economy. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is All of the following events would have this effect except Every society faces economic tradeoffs. Reading Period 10 minutes . In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. D) The demand curve for traditional camera film shifts to the left. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? Go to Memorandum. C) implementing an unemployment insurance policy D) having an absolute advantage. In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. although this definition differs from state to state. B. B) What determines the production of video game consoles? A lassiez faire approach will reduce the level of pollution. A) at prices that violate government price regulations. B) continually risen. 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. Which of the following is a macroeconomics question? B) increasing taxes or decreasing government purchases. Markets are likely to do a better job of allocating resources than government directives. A) create jobs. Commits the fallacy of composition C) opportunity A: Economics is the study of production, distribution, and consumption when the resources are scarce in. D) lower taxes by $200 billion. A. C) the unemployment rate decreased. Step-by-step explanation. Which of the following economic activities are included in the subject-matter of Economics? C) cyclical unemployment C. society's output cannot be made available to all. C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ The economy has gone into a recession. 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. 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. C) The purchasing power of your salary remained constant between 2007 and 2016. It is an example of the post hoc fallacy C) the ups and downs in inflation. A. supply and demand. What determines the growth rate of gross domestic product? C. Optimal marginalism D) the working-age population increased. b. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. C) less than 5 times as much as your grandfather in terms of real income. A. producing more of one good means less of another good can be produced. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States.
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