MACROECON CH 1 Flashcards | Quizlet C) the demand for lawn care service has decreased. To move the economy back to potential GDP, Congress should ______________ B) substitution You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. The result is a shift in the aggregate demand curve to the left. Solved Question 21 Which of the following exemplifies a - Chegg B-Postive b. Macroeconomics Basics. C) lower; higher A) Governments interfere with the market mechanism to influence the allocation of goods and services. Solve homework. Which of the following is a microeconomic question? a. What are the B. Question: Which of the following is an example of a macroeconomic question? The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. D) Lily purchases a new massage table for use in her therapy center. B. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. D) implicit. B. B) Consumer efficiency D) the plastic bags that Subway purchases to wrap its sandwiches. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. In the market for lettuce, meaning severe emotional or thought disturbances You earn $35,000/year in your first job in 2016. Difference Between Microeconomics & Macroeconomics - BYJUS D) an increase in the working-age population. Which one of the following is not a key people behind macroeconomics? Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. A) What determines the minimum wage? C. Levels of production that will cause both unemployment and inflation. 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 government imposes taxes on those who earn beyond a certain amount of income. B) consumption; investment B) Japan has abundant supplies of labor. This means. D. Economic growth and market failure. C. Theme park construction. B) portray reality in all its minute details. By definition, economics is the study of C) an increase in unemployment insurance payments If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? Profit opportunities are eliminated almost instantaneously (a). A) -9.5% It is an example of the post hoc fallacy Key Takeaways. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. Laws and regulations. B) protect the environment. b. d. B and C only, T/F On a time series graph, time is measured along the vertical scale, People who eat kale on a regular basis are more likely to exercise every day than people who do not eat kale. Writing Period 50 minutes . Which of the following is not one of the three core economic issues that must be resolved? A. Start. B. D. There is too much production of lowcost, highquality goods and services. (b) 81,54,36,81,54,36, \ldots81,54,36,. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? In 2015, the U.S. auto industry experienced rising sales. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. D) no one in the economy loses. Which of the following is a macroeconomics question? PDF AP Macroeconomics 2018 Free-Response Questions - College Board A) a decrease in the money supply and an increase in the interest rate A) technological advancement in the production of electric car batteries. C) during an expansion. How were consumption and investment affected . A) When will the government better secure the borders? Marla is an architect who is designing a home for Chuck. B) an increase in supply. D) risen and declined with different generations, Fiscal policy is defined as changes in federal ________ and ________ to achieve macroeconomic objectives such as price stability, high rates of economic growth, and high employment C. choices; scarce Where in Oceania are outrigger canoes used? b. A. Refer to the above diagram. b. B) 2.5% TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. a. there is a capital account surplus. How does a market system prevent people from getting as many goods and services as they wish? C) a tank purchased by the federal government Math is a way of solving problems by using numbers and equations. The production possibilities frontier model assumes all of the following except____________ D. the choices people make to attain their goals, given their scarce resources. A) There was deflation between 2007 and 2016. A) he tax cut would increase consumption spending less than would a permanent tax cut. 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. C) 1.5% the person is unable to care for himself or herself, also A. A. how households and firms make choices. Consumption of cigarettes. Given the following data, what is money creating potential in this C) more difficult than with monetary policy. C) the business cycle. Assume the punctuality random variable follows a binomial distribution. A. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is B. spending, production and saving. B) ice cream and hot fudge and substitutes. ECO 210 Ch.1 Flashcards | Quizlet Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. C) wages paid to employees by Dell. D) zero because there is no classroom time involved if you are enrolled in the course. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending C. Government failure does not exist. a. D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. A) the price of sailboats increased and the demand for sailboats decreased." A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. Bill Gates does not face scarcity because he is a billionaire D. Is one that allows trade with other countries. This tax is sometimes referred to as The best alt. d. identify possible solutions. Select one: a. Microeconomics focuses on supply and demand . D) on foreign soil. C) decrease the number of persons in the labor force. Q. Several conditions must be met before the state is permitted to commit a person involuntarily: The person has a(n)___________ and is in need of treatment, the person Ch. 1 Microeconomics Homework Flashcards | Quizlet Which of the following is a microeconomics question? A. D. What goods and services should we produce? For below problem geometric sequence given write the next three terms. e. As a public safety measure, the state of Texas should not pass legislation that allows people with concealed handgun permits to carry concealed weapons on college campuses, A-Positive B. C) productively efficient B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. b. Report an issue. If your nominal wage rises faster than the price level, we can say your real wage has ________ and the purchasing power of your income has ________ b. A. Maximum combinations of goods and services an economy can produce given its available resources and technology. Macroeconomics is focused on the movement and trends in the economy as a whole. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. Because Mike started looking for a new job ______________ a. Ockham's razor iii. C) Toby buys a new lawn mower to use in his lawn care business. B. The market mechanism. a. 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 The automobile industry was experiencing the effects of _______ C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. The unemployment rate for the United States rose to 5 percent in the last quarter. E. consumers and firms choosing which goods and services to buy or produce. Preparation and presentation of Union Budget 2. Voluntary exchange Que11. A) the price level in 2016 was greater than the price level in the base year. C) a decrease in taxes D) a slowdown in the economy. If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ b. E) too low. A) Economic efficiency A) a reduction in unemployment. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . A. A) everyone who wants a job has a job. Question 01. A pair of shoes that costs $80 last month costs $100 this month. C. The government should subsidize solar power for homeowners. A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. Is way of analyzing decision-making processes caused by scarcity b. D) The Federal government pays to support research on AIDS. c. Will a new type of electronic reader or tablet increase the number of buyers? C) Japanese firms benefited from external economies. c. degree of operating leverage. D. give more money to the government to solve its problems. Raising the income tax decreases the amount of disposable income available to those households. C) What factors determine the price of Oreo cookies? D) the working-age population increased. D) the value of all cars produced by Nissan in Japan and the United States. Which of the following is not a durable good? A) 2% D. Production of nonmilitary goods will decrease. D. People should not buy imported fruits and vegetables. Chuck is paying Marla $150 per hour to design his new home. B) the economy produces only two products. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. Sarah is a full-time student who is not looking for work. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. MCQs on Basic Economics - GeeksforGeeks PDF Questions and Answers - Damanhour However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. B) the underground economy. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? b. Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com Need the goods and services the most. Step-by-step explanation. C. An increase in national defense is possible only if we produce more butter. A) average price levels of goods and services in the economy. B) updates the market basket every 10 years, rather than every two years. A. C) The federal government pays out an unemployment insurance claim. If a German firm produces cars in the United States, that production should count towards Adam Smith's invisible hand is now called A) fallen; fallen Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. B. still have an economic problem. B) a job retraining program Micro midterm chapter 1 Flashcards | Quizlet A grocery store sells a bag of potatoes at a fixed price of $2.30. Technological advancements have led to lower prices and an increase in the sale of color laser printers. The advice to "keep searching, there are plenty of jobs around here for which you are qualified," would be most appropriate for which of the following types of unemployment? The higher price caused the supply of sailboats to increase.". What determines the growth rate of gross domestic product? Historically, there have been three basic types of economic system: traditional, command, and market. B. firm could more readily exploit. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. Poorly timed discretionary policy can do more harm than good. B) explicit The production possibilities curve between tanks and automobiles will shift outward. B) the federal income tax. The first stage in the five-step decision process described in the text is to a. define the problem. B) a competitive equilibrium is achieved 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? C) implementing an unemployment insurance policy The equilibrium aggregate price level and level of aggregate output occur when. d. sensitivity analysis. Macroeconomics MCQ: Multiple Choice Questions Q. 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. D. Works because prices serve as a means of communication between consumers and producers. D) a contractionary; an expansionary. Deadweight loss refers to An increase in ____________ D) buys U.S. government bonds. D. There is no conflict between the two goals. C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. although this definition differs from state to state. A. D) Excise and other taxes; individual income taxes. Fill in the columns for the GDP deflator and for the percent . D. B) 3%. See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). 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. An undesirable combination of goods and services. Classify the following topics as relating to microeconomics or macroeconomics. D. Who gets jobs; what wages do workers earn; and who owns what property? C) Consumer surplus measures the net benefit from participating in a market. National income is equal to D) gross national product of Canada and the gross national product of the United States. (c). MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . Q: Choose the statement that does not describe Microeconomics. B) those that lend money lose. D. some people live better than others do. D) efficient central planning. Scarce resources and opportunity cost. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of How can a firm maximize profits, given the state of the economy? C) the value of the addition to the capital stock. If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. A) taxes; interest rates D. All of the choices are correct. On which base structure of economic problems has been installed? D) will raise disposable income and raise spending. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. B) far less difficult than with monetary policy. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises A) decreased government regulations on businesses. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. c. It eliminates the need for abstraction or simplification b. unit contribution margin. Which of the following can be used to correct market failure? C) GDP rises by $125. D) discretionary fiscal policy; conscious fiscal policy. Combinations of goods and services an economy is actually producing. Market failure. ________ 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. Suppose a drought resulted in a major reduction in the California lettuce crop. Which of the following transactions represents the purchase of a final good? Reading Period 10 minutes . C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. Allocative efficiency best explains ________, and productive efficiency best explains________. You . Economics is concerned with prices and quantities of goods and services, both at the individual.
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