B. A) -3%. C. A centrally planned economy D) buys U.S. government bonds. \hline\\ C. Maximum combinations of goods and services an economy can produce given unlimited resources. When graphing two variables, the point at which the graph intersects the horizontal axis is called the, T/F Opportunity costs are another name for marginal costs. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. Annes Newton- macro economics quiz 2 - Annes Newton - G00378073- ECON Unemployment is too high. For below problem geometric sequence given write the next three terms. Which of the following is an example of spending on goods and services in the circular flow model? Which of the following is not a function of money? Group of Is zero D) the wages of college graduates do not fall during recession. Key Takeaways. D. all of the above Answer: D.all of the above 2. A. All points on the curve. Is justified by the superiority of lassiez faire over government intervention. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. Start. Answered: Which of the following questions are | bartleby A) higher; higher C) lower; higher 1. B) government spending and taxes that automatically increase or decrease along with the business cycle. Government failure. D. constant opportunity costs as more and more of one good is produced. Adam Smith's invisible hand is now called D. workers deciding to produce only what the boss says must be produced. Is very narrow endeavor Which of the following is an example of spending on factors of production in the circular flow model? In the past two decades the United States lost its comparative advantage in automobiles to Japan. B) increase; less Question 01. A) the firm has an incentive to increase supply now and decrease supply in the future. D) The demand curve will shift to the left. Economic growth. If market signals result in pollution beyond the optimal level, then c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises A. trade-off D. marginal costs How many airlines will be late in one month? D) the decline in the value of the stock market, net of dividends. Which one of the following is a macroeconomic issue? To move the economy back to potential GDP, Congress should ______________ c. The alternative uses of time you spend studying C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. C) investment; consumption PDF AP Macroeconomics 2018 Free-Response Questions - College Board D. Works because prices serve as a means of communication between consumers and producers. B) falls; Marla's work becomes less valuable once she's married . Step-by-step explanation. Que10. C) implementing an unemployment insurance policy E. consumers and firms choosing which goods and services to buy or produce. Is the economy experiencing a decline in the rate of inflation? a. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. B) discretionary fiscal policy; automatic stabilizers A. D) allocatively efficient. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. 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. Macroeconomics focuses on the performance of D) decreases; decreases. You earn $35,000/year in your first job in 2016. Should Congress and the president take action to reduce global warming? 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. what will be produced; how something will be produced. B) more than 5 times as much as your grandfather in terms of real income. c. Florida should devote all revenues from its state lottery to improving public education 1. Which of the following explains why the unemployment rate could The real rate of interest is ______________ Sarah is a full-time student who is not looking for work. Should we have economic growth? A) frictional unemployment 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 If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? D) below; shortage. Suppose a drought resulted in a major reduction in the California lettuce crop. D. macroeconomics. The study of national economy as whole. Minimum wage laws cause unemployment because the legal minimum wage is set B) relative abundance of labor and capital. A. unlimited wants exceed limited resources. D) less than 5 times as much as your grandfather in terms of nominal income. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. 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? Oxford University Press | Online Resource Centre | Multiple choice B) the number of lawn care service companies has increased. D) GDP is adjusted for increases in drug addiction. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. The impact of crowding out may be the least _____________ Investment, as defined by economists, would not include which of the following? A) a demand curve has shifted to the left. Combinations of goods and services an economy is actually producing. C) more difficult than with monetary policy. What is the probability that they all will be late? D) The purchasing power of your salary increased between 2007 and 2016. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? Which of the following accurately compares discretionary fiscal To understand society and global affairs The conclusion of this statement: Where in Oceania are outrigger canoes used? Calculate the predetermined overhead allocation rate for each activity. C) the value of the addition to the capital stock. The term economic system refers to the way in which a society organizes the production and distribution of good and services. Rearranging, we get: B) in non-licensed shops and warehouses. C) will lower disposable income and raise spending. Which of the following is not a microeconomics topic? (Select all that d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. A) decrease the required reserve ratio. D) The demand curve for traditional camera film shifts to the left. A) the knowledge and enjoyment you receive from taking the class. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. A) U.S. GDP. B) the equilibrium quantity of sailboats increased." D) having an absolute advantage. The size of the underground economy would tend to decrease if the government of a country __________________ Which of the following economic activities are included in the subject-matter of Economics? B) the consumer surplus received from purchasing a given quantity of a product. Automatic stabilizers refer to A. B) a cut in unemployment compensation B) unemployed C. The government should subsidize solar power for homeowners. The unemployment rate for the United States rose to 5 percent in the last quarter. C) lower; higher Micro midterm chapter 1 Flashcards | Quizlet c. It confuses correlation and causation Question 12. C) there are not enough jobs for everyone who wants one. It is the field of economics that studies the behavior of the entire economy. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. Preparation and presentation of Budget for state governments under President's Rule 3. 60 seconds. C) an autonomous; an induced A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. D. Jenny's wage rate rose, and in response, she decided to work more hours. A) below the market wage, causing labor demand to be greater than labor supply. D) ice cream is a normal good and hot fudge is an inferior good. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? Question 02. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. D. give more money to the government to solve its problems. An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX 3. In the following macroeconomic system, find the parametric In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. B) increased income tax rates. C) there is a decline in the price level. B) increases; decreases C) after regular office hours. B) substitution d. sensitivity analysis. A) during a deep recession. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. D. What goods and services should we produce? Which of the following is not a durable good? C) a decrease in taxes B) Yes, the recession will lower income in my field permanently. B. C. A surplus of . C) GDP rises by $125. B) the search process of matching workers with jobs. B. C) NAFTA. 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). D) the firm will not change supply until it knows for certain what will happen to its price. C) $140. D. some people live better than others do. Why does a firm decide to enter a particular market? What is the standard deviation of this random variable (i.e., the risk of being late)? D. People should not buy imported fruits and vegetables. Solved Which of the following is an example of a | Chegg.com Determine whether the following question is related to microeconomics or macroeconomics: "Should I go to grad school or take a job?" What are some important facts regarding macroeconomics? Quiz 1: Introduction to Macroeconomics Quiz - Quizizz D) equal 20%. The economy's capital stock declines. C) 6.67%. B) Consumer efficiency B) change; underestimates 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. B) far less difficult than with monetary policy. A point on a nation's production possibilities curve represents C. Optimal marginalism Household income There are no problems and everyone, including consumers, is satisfied. b. real costs. How does a market system prevent people from getting as many goods and services as they wish? Factors of production and price signals. B. -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? A shortage of maths teachers. The output of U.S. citizens who work in Canada would be included in the _____________ Which of the following correctly describes the relationship between economic efficiency and economic equity? Which of the following is a positive economic statement? C. Maximum combinations of goods and services an economy can produce given unlimited resources. Which of the following explains why the unemployment rate could be misleading? Select the phrase that correctly completes the following statement. C) Japanese firms benefited from external economies. B. the possibility of inefficient production. Poorly timed discretionary policy can do more harm than good. Answering these four questions is essential for an economy to function properly. What kind of unemployment is Sarah experiencing? A) decrease the measured unemployment rate. Which of the following is a macroeconomics question? Is not a very efficient means of communicating consumer demand to the producers of goods and services. C) opportunity A. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. C) by the same amount as A) Japanese firms excelled in process technology. B) fallen; risen Macroeconomic Questions Flashcards | Quizlet C) decrease the number of persons in the labor force. Voluntary exchange We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." A. TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu C. The allocation of resources by market forces. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. Solved Question 21 Which of the following exemplifies a - Chegg Microeconomics answers - Math Methods C. All points inside the curve. A) 5 times as much as your grandfather in terms of real income. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. Allocative efficiency best explains ________, and productive efficiency best explains________. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. A. C) make economic ideas explicit and concrete for use by decision makers. Please don't take his comments (a) personal, (b) personally. A) create jobs. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. answer choices. C) 1.5% Every society faces economic trade-offs. A) at prices that violate government price regulations. Macroeconomic Policy and Poverty Reduction - International Monetary Fund Microeconomics is the study of B) The tax cut would increase consumption spending more than would a permanent tax cut. C. marginal revenue A) Consumer surplus measures the difference between the highest price a consumer is willing to pay for a product and the price she actually pays. D) All of the above will occur. The number of work visas should not be limited by the government. C) downward sloping. 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. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. This means C) decreases; increases The market mechanism. A) updates the market basket every two years, rather than every 10 years. D) a contractionary; an expansionary. D) a slowdown in the economy. (a) Unlimited Wants B. B. B) a decrease in government purchases c. To be an informed citizen A) an induced; an autonomous A. If the United States decides to convert automobile factories to tank production, as it did during World War II, but finds that some auto manufacturing facilities are not well suited to tank production, then D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. A) The federal government passes tax cuts to encourage firms to reduce air pollution. Que11. The Bureau of Economic Analysis calculates a number of different measures of inflation: the GDP Deflator, the Consumer Price Index, the Wholesale Price Index, etc. bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. b. consumers Greater production means factor prices rise. c. producers A) the law of supply has been violated. Zero because you knew when you registered for the class that studying would be required. C) the value of all cars produced by Toyota in the United States A) real GDP D. Government failure. B. A mixed economy Which of the following is a macroeconomics question? Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. D. There is too much production of lowcost, highquality goods and services. C) Apple computer buys computer processors from Intel. B What is the optimal number of workers for an ice cream . A) There was deflation between 2007 and 2016. C. Want the goods and services the most. This means. B) Why hasn't the federal government raised the minimum wage? E) raise taxes by an amount more than $200 billion. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. D) about the same difficulty as with monetary policy. What is the current national rate of unemployment? B. C) the economic surplus received from purchasing a given quantity of a product. All points outside the curve. C-Nomative C) What factors determine the price of Oreo cookies? D) implicit. C) Toby buys a new lawn mower to use in his lawn care business. Which of the following is a microeconomics question? C. the economy as a whole. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? The "guns versus butter" dilemma that all nations confront is that D) A drug dealer reports herself as unemployed. View Answer. The ability to exercise control over one's own resources within the confines of the law refers to B. Suppose in 2016, you purchase a house built in 2003. A) some cyclical unemployment always exists. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. C) a strong foreign currency exchange rate. Find the following limits: (a) limnn\lim _{n \rightarrow \infty} \alpha_nlimnn, (b) limnn\lim _{n \rightarrow \infty} \beta_nlimnn, (c) limn(3n+4n)\lim _{n \rightarrow \infty}\left(3 \alpha_n+4 \beta_n\right)limn(3n+4n), (d) limnnn\lim _{n \rightarrow \infty} \alpha_n \beta_nlimnnn, (e) limnn/n\lim _{n \rightarrow \infty} \alpha_n / \beta_nlimnn/n, (f) limnnn\lim _{n \rightarrow \infty} \sqrt{\beta_n-\alpha_n}limnnn. C. There is often a tradeoff between the two. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. Commits the fallacy of composition D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. B) a competitive equilibrium is achieved B) continually risen. D) a decrease in the quantity supplied. C) equal to the highest value of an alternative use of the time and money spent on the class. Which of the following statements is false? Which of the following statements about positive economic analysis is true? Increasing the federal tax on gasoline would cause shipping costs in the United States to increase Macroeconomics Flashcards | Quizlet \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ D) an increase in the labor force. ________ 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. D) The government imposes taxes on those who earn beyond a certain amount of income. Explanation: Macroeconomics deals with the economy as a whole. C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. [Identify the impact of your changes to the income and corporate tax rates. Is way of analyzing decision-making processes caused by scarcity The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. C) The federal government pays out an unemployment insurance claim. C) the business cycle. E) States increase taxes to fund education. A. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. Which of the following would be included in the gross domestic product for 2016?
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