B) lower government purchases by $200 billion. that negatively affect an individuals health and safety, . Solved which of the following is NOT a macroeconomic | Chegg.com Oxford University Press | Online Resource Centre | Multiple choice Need the goods and services the most. ii. Which of the following is not a basic decision that all nations must confront? Bureaucratic delays A. Combinations of production that are unattainable, given current technology and resources. b. 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. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises 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 Unemployment is too high. What is the probability that they all will be late? there is a current account deficit. A) change; overestimates B) discretionary fiscal policy; automatic stabilizers Historically, there have been three basic types of economic system: traditional, command, and market. B) an increase in the unemployment rate C) the demand for lawn care service has decreased. How should we produce goods and services? A) an increase in the number of people in the labor force B) increase in demand; increase in quantity demanded c. Focuses on how a business should function All of the following events would have this effect except b. A) U.S. GNP. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. C) demographics A) the money supply and a decrease in interest rates. View Answer The key. C) decrease in demand; decrease in quantity demanded C. the economy as a whole. What determines the growth rate of gross domestic product? Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? ECO 210 Ch.1 Flashcards | Quizlet C) the business cycle. B) gross national product of Canada. 1 #7. A. unlimited wants exceed limited resources. B. 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. D) seasonal unemployment, Structural unemployment is the result of ____________ D) Lily purchases a new massage table for use in her therapy center. A pair of shoes that costs $80 last month costs $100 this month. C) shift of the demand curve due to a change in purchasing power brought about by the price change. Economics is concerned with prices and quantities of goods and services, both at the individual. 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? \end{array} Zero because you knew when you registered for the class that studying would be required. Which of the following would be the best measure of the cost of living? C. how to make money in the stock market. The minimum wage law causes unemployment. C. A surplus of . Therefore, exercising daily causes people to eat kale. Explain. The ability to exercise control over one's own resources within the confines of the law refers to B) The demand curve for inkjet printers shifts to the left. B. net benefit \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ D. None of these choices are correct. Please don't take his comments (a) personal, (b) personally. Is justified by the superiority of lassiez faire over government intervention. B. (Round percentages to one decimal place.). Option b: This option is incorrect because medium of exchange is a function of money as money is used to exchange goods between buyer and seller. Which of the following transactions represents the purchase of a final good? See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). a. the government B. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? The production possibilities curve illustrates which two of the following essential principles? 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. B) portray reality in all its minute details. Production possibilities curve will shift inward. D) The minimum wage in Europe is lower than it is in the United States. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. Which of the following is an example of government failure? B) those that lend money lose. A. Economics involves allocating resources to meet peoples' needs and desires for goods and services. Rational cost A) the price of sailboats increased and the demand for sailboats decreased." C) Japanese firms benefited from external economies. A. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. A) below the market wage, causing labor demand to be greater than labor supply. D) What determines the level of U.S. imports and exports? B) a union contractor whose pay is adjusted based on changes in the CPI MCQ Questions for Class 12 Economics Chapter 1 - NCERT Books B) relative abundance of labor and capital. Which of the following best describes an assumption economists make about human behavior? Which one of the following is a macroeconomic issue? Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? Which of the following is a microeconomic question? a. What are the B) there is a one-time increase in the price level. b. However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. MCQs on Basic Economics - GeeksforGeeks Lower disposable income decreases consumption at every price level. The economy has gone into a recession. ECON303exam3chp8 Flashcards by Mengna Chen | Brainscape The Federal Reserve lowered interest rates at its last meeting. b. [Solved] The following table contains nominal and - SolutionInn A. achieve full employment. B) explicit Dear Friends, We are posting prelims marathon MCQs for today. Each point on a demand curve shows A) urniture B. 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 A) inflation. An increase in ____________ B. The number of work visas should not be limited by the government. A shift inward of the production possibilities curve. B) add to GDP. Automatic stabilizers refer to Chapter 6, P R O B L E M S E T 3 . 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? Preparation and presentation of Union Budget 2. A shortage of maths teachers. D) consumer price index. b. A. C) a decrease in taxes Which of the following is a macroeconomic question? A. How can a firm D. What factors determine the price of electronic cigarettes? B. Every society faces economic tradeoffs. although this definition differs from state to state. c. Falls victim to "post hoc, ergo propter hoc." b. Caveat emptor C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. They are both automatically achieved in a free market economy. B. the global economy. D. Competition, Consider the following economic agents: C) the ACIF. 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 Based on this evidence, Tecumseh has experienced Economic development iii. Changes in the aggregate price level (inflation) During a business cycle expansion, total production ________ and total employment ________. B. The phrase "demand has increased" means that ___________ B) change; underestimates B) the economy produces only two products. Chuck is paying Marla $150 per hour to design his new home. C) lower; higher C) NAFTA. Maximum combinations of goods and services an economy can produce given its available resources and technology. e. None of the above. A. do not have an economic problem. C) risen; risen B) below the market wage, causing labor demand to be less than labor supply. C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. B) adds 1,000 new cars to inventories. The money-creating potential in the banking system in the given case is computed as follows: The higher price caused the supply of sailboats to increase.". C. All points inside the curve. Ch. 1 Microeconomics Homework Flashcards | Quizlet B. C) total spending in 2015 was around $17.3 trillion. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. A) the value of output in 2015 was around $17.3 trillion. You have majored in computer science and, because of the recession, have difficulty in finding a job. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. Is not a very efficient means of communicating consumer demand to the producers of goods and services. known as ___________ Mental illness is a(n)___________ concept, typically D) a slowdown in the economy. B) GDP minus depreciation. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. C. economies of scal. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ This tax is sometimes referred to as In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. D) decrease the number of persons in the working-age population. D) decrease; less. This month, the company supplied the same quantity of binders at $4 per unit. A) a decrease in supply. The conclusion of this statement: 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. Which of the following is a macroeconomics question? If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? 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. (a) 3,6,12,3,6,12, \ldots3,6,12, b. A) everyone who wants a job has a job. B) government purchases. It considers discouraged workers, and hence it is overstated. a. Que11. Which of the following would be included in the gross domestic product for 2016? The marginal propensity to consume (MPC . Prelims Marathon - Economic Survey - February 28th - 2023. A) increase the measured unemployment rate. You . a. A. B) fallen; risen D) increased business taxes. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. A city's decision to limit smoking in public areas is an example of A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. E. consumers and firms choosing which goods and services to buy or produce. C) a full-time employee at a pizza parlor who makes more than the minimum wage D. macroeconomics. D) total welfare is greater. D. Works because prices serve as a means of communication between consumers and producers. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. answer choices. C) increasing the money supply and decreasing interest rates. According to the text, economists consider full employment to occur when Annes Newton- macro economics quiz 2 - Annes Newton - G00378073- ECON occurred. A) Japanese firms excelled in process technology. B) the bread that Subway purchases for its sandwiches B) an increase in the number of manufacturers of electric cars. A) -9.5% A) the value of the house in 2016 C. Should the government prevent the merger of two large firms? A point on a nation's production possibilities curve represents O How will the government's budget deficit be affected by public infrastructure projects? The market mechanism. The impact of crowding out may be the least _____________ Preparation and presentation of Budget for state governments under President's Rule 3. Ford D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. Required use of pollution control technology that is obsolete. C) an increase in the quantity supplied. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. B) increase; less D) refrigerator. C) $140. By definition, economics is the study of In the market for lettuce, A) Starbucks purchases coffee beans. Greater production means factor prices rise. A) the value of worn-out equipment, machinery, and buildings. The output of U.S. citizens who work in Canada would be included in the _____________ Marla is an architect who is designing a home for Chuck. A) the unemployment rate increased. 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 Question 1 Multiple Choice Which of the following does macroeconomics Answered: Which of the following questions are | bartleby If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. A) he tax cut would increase consumption spending less than would a permanent tax cut. D. Average combinations of goods and services an economy can produce given its available resources and technology. C. Can a tax cut lead to a government budget surplus? A technological advance would best be represented by B) German GDP. A. how households and firms make choices. Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. The use of market signals and government directives to select economic outcomes. A) the law of supply has been violated. 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