Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. Laws and regulations. A. producing more of one good means less of another good can be produced. B) 3%. B) relative abundance of labor and capital. Which of the following is an example of a "how much" decision? The result is a shift in the aggregate demand curve to the left. Should you go back to school and get a second major? If inflation is positive and is perfectly anticipated ____________ D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. C) risen; risen A. O a False O b. B) European countries offer higher unemployment benefits than the United States. 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. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. Marla is an architect who is designing a home for Chuck. Given that, the question "According to the Bureau of Economic Analysis, what has been the average annual level of inflation (as measured by the GDP Deflator) over the past 10 years?" \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ A) the value of worn-out equipment, machinery, and buildings. Que11. C) shift of the demand curve due to a change in purchasing power brought about by the price change. A. producing more of one good means less of another good can be produced. (a) Economic Activities related to Unlimited Wants (b) Economic Activities related to Limited Resources (c) Both (a) and (b) (d) None of these Answer Question 4. B) remain the same. A) greater on the buyer when the tax is collected from the buyer. B) Delta buys a new European-made jetliner. Which of the following is a normative economic statement? A. C) decrease; more E) the cost of tuition and fees only. D) What determines the salaries of college professors? A) a law making it illegal to work more than 35 hours per week C) looking for work is your only option. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. Government failure. D) total welfare is greater. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. the person is unable to care for himself or herself, also Q. Which of the following is a positive macroeconomic statement: a. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. D. All of the choices are correct. 60 seconds. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married Which of the following would increase the unemployment rate? Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. The level of inflation in the economy. C-Nomative D) 15%. A. negative because it may improve your grade. There are no problems and everyone, including consumers, is satisfied. C. the tendency of many economic variables to move together in a predictable way over the business cycle. C) lower; higher President Obama has discussed raising income taxes for individuals earning over $250,000 in income. A)Government must maintain the current level of defense spending to keep the nation safe B)The minimum wage should be increased to give people a decent wage C)Americans should buy American products in order to boost the national economy A) $5. D) below; shortage. He faces scarcity because his resources are unlimited \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ With respect to factors of production, which of the following statements is not true? Should the government attempt to influence the interest rate to lower inflation? A) an induced; an autonomous C) above the market wage, causing labor demand to be greater than labor supply. D. marginal costs B) greater on the seller when the tax is collected from the seller. Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? Calculate the predetermined overhead allocation rate for each activity. A) Individual income taxes; corporate income taxes 2. . A) The supply curve will shift to the left. a. One can conclude that c. determine the objective. During a business cycle expansion, total production ________ and total employment ________. Which of the following economic activities are included in the subject-matter of Economics? c. Post hoc, ergo propter hoc B. a nation's poverty level increases faster than its population. Profitability b. _____a. D) 5%. A. To understand society and global affairs All of the following are benefits of the single market except ? C) a 12-inch Subway sandwich purchased by a student A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. A) personal income minus personal taxes. A) the nominal interest rate plus the inflation rate. Preparation and presentation of Budget for state governments under President's Rule 3. C) There will be a decrease in the quantity of labor supplied by households. 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. What is Macroeconomics? B. What were the macroeconomic principles or models that influenced your decision making?] e. variable cost reduction. Suppose a drought resulted in a major reduction in the California lettuce crop. C.. All points on the curve. Is the value of the alternative use of the time you spend of playing this game B) vertical. How do you go about allocating your time in a given day among competing alternatives? A) increase; more 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 D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. A. producers d. All of the above Consumption of cigarettes. (b) 81,54,36,81,54,36, \ldots81,54,36,. C) demographics A) the value of leisure is included in GDP. b. Given this information, we know for certain that ________ This change will______________ C. How is the production quantity of snowboards determined? A) welfare benefits A) 2% Which of the following is not a durable good? C) raise taxes by $200 billion. B. firm could more readily exploit. D) lower; lower, Contractionary fiscal policy to prevent real GDP from rising above potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. B) there is a one-time increase in the price level. C) NAFTA. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. More teenagers enter the labor force. Step-by-step explanation. The invisible hand refers to Aggregate unemployment B) taxes; the money supply D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? A) the supply curve shifted to the left resulting in an increase in the equilibrium price. B) $60. Markets are likely to do a better job of allocating resources than government directives. C) builds another assembly plant in the United States. The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill If a minimum wage of $15 per hour is imposed, which of the following will occur? D) Excise and other taxes; individual income taxes. Question 1. D. Higher opportunity costs induce higher output per unit of input. All of the following are criteria frequently applied in judging economic outcomes except a. C. Levels of production that will cause both unemployment and inflation. Which of the following is included in both the U.S. GDP and U.S. GNP? D) the firm will not change supply until it knows for certain what will happen to its price. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? the same weight of goods has been imported as were exported. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. The production possibilities curve between tanks and automobiles will shift outward. Production possibilities curve will shift outward. B) an increase in quantity demanded. C) GDP rises by $125. B) The supply curve will shift to the right. A) urniture B. still have an economic problem. C. Macroeconomic failure. D. Jenny's wage rate rose, and in response, she decided to work more hours. B. You . D. the government, consumers, and producers E) Discouraged workers are counted as unemployed. B. A. do not have an economic problem. C) ice cream and hot fudge are normal goods. D) All of the above will occur. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. Where in Oceania are outrigger canoes used? D. The best alternative use of your time. Suddenly, the stock market prices increased much more than expected, increasing investors' wealth and causing a short-term period of increased optimism about the future of the economy. How does this affect the market for traditional inkjet printers? C) total spending in 2015 was around $17.3 trillion. 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 D) the reduction in economic surplus resulting from not being in competitive equilibrium. A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. C) do not change; overestimates Grossprofit.Sellingexpenses..Administrativeexpenses.TotaloperatingexpensesIncomefromoperations.Otherincome..Incomebeforeincometax..Incometaxexpense..Netincome.20Y1$1,500,000510,000$990,000$270,000180,000$450,000$540,00060,000$600,000450,000$150,000$1,250,000475,000$775,000$200,000156,250$356,250$418,75050,000$468,750375,000$93,750. Need the goods and services the most. Profit opportunities are eliminated almost instantaneously D) What determines the level of U.S. imports and exports? Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. (a) Unlimited Wants C. Greater production of one good requires increasingly larger sacrifices of other goods. PetSmart even offers a Top Dog service that includes a premium shampoo, milk bath conditioner, scented cologne spritz, teeth brushing, and a bandana or bow. 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. C. society's output cannot be made available to all. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? 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 would be included in the gross domestic product for 2016? D. A rightward shift of the curve. (C) how individual markets work. A) Economic efficiency B) made over-the-counter drugs illegal. 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 D) increase all of the monetary flows. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ B) The demand curve for inkjet printers shifts to the left. C) A state government cuts taxes to help the economy of the state. D) GNP plus depreciation. B. C. consumers D) The government imposes taxes on those who earn beyond a certain amount of income. iii. C. maintain equilibrium in the Balance of Payments. D) No, the recession will have no impact on my ability to get a job or my future income. B) Yes, the recession will lower income in my field permanently. A. A) increase. Electric car enthusiasts want to buy more electric cars at a lower price. C) wages paid to employees by Dell. A) -9.5% If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? A) attainable This situation will most likely coincide with high unemployment. A) U.S. GNP. Explain. D) Japan has abundant supplies of natural resources needed to produce automobiles. B) the value of the decrease in business inventory stocks. B. Capital, as economists use the term, refers to. D) less than 5 times as much as your grandfather in terms of nominal income. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? B) lower government purchases by $200 billion. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. A. View Answer The key. P = $80 In perfect competition, P = AR = a. A. 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 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 B) consumption; investment C) downward sloping. Market failure. D. 1. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. Question: Which of the following is an illustration of a macroeconomic question? Which of the following is a macroeconomics question? C) the business cycle. B) increases; decreases A) the free market. A) will lower disposable income and lower spending. B. Utilizes both market and non market signals to allocate goods and services. B) partial Required use of pollution control technology that is obsolete. D) decreasing the money supply and increasing interest rates. What is the impact of competition on the profits of a business? Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. Macroeconomics focuses on the performance of C) Toby buys a new lawn mower to use in his lawn care business. C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. A. producing more of one good means less of another good can be produced. C. For whom should goods and services be produced? B) the number of lawn care service companies has increased. D. All of the choices are correct. D. Production of nonmilitary goods will decrease. Which of the following is an example of spending on factors of production in the circular flow model? B) the firm has an incentive to decrease supply now and increase supply in the future. A) the law of supply has been violated. B. C) 1.5% C) the demand for lawn care service has decreased. How can a firm maximize profits, given the state of the economy? B. the possibility of inefficient production. B. stabilize the price level. If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? In a market economy, who decides what goods and services will be produced? although this definition differs from state to state. B) -3.5% Fill in the columns for the GDP deflator and for the percent . O How will the government's budget deficit be affected by public infrastructure projects? A production possibilities curve indicates the A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. B. C. Maximum combinations of goods and services an economy can produce given unlimited resources. there is a current account deficit. A. why something will be producedwhat will be produced B. c. Is it sensible for a government to subsidize tobacco production? A) change; overestimates Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. A) the price of sailboats increased and the demand for sailboats decreased." D) a bridge purchased by the state government. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls How were consumption and investment affected . c. It eliminates the need for abstraction or simplification D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. B) the equilibrium quantity of sailboats increased." The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. D. Government failure. How do you go about weighing the alternatives? b. Caveat emptor D) The federal government cuts taxes to stimulate the economy. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. . MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . c. Labor economics In cities with rent control, people have an incentive to list their apartments on sites such as Airbnb at rents ________ the controlled rates, because rent control causes a ________ of apartments. A) higher; higher C) there are not enough jobs for everyone who wants one. Deflation occurs when ____________ C) the economic surplus received from purchasing a given quantity of a product. D) the legally determined maximum price that sellers may charge for a given quantity of a product. B) a natural disaster like a hurricane or bad earthquake. Flow (1) represents: A) wage, rent, interest, and profit income. 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) equal 20%. A) the price level in 2016 was greater than the price level in the base year. C) continually declined. D) The purchasing power of your salary increased between 2007 and 2016. D. The person who has the responsibility to coordinate all the markets in a market economy. Each point on a demand curve shows (Round percentages to one decimal place.). What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? there is a capital account surplus. A) the Income Security Tax. D-Positive The purchasing. B) discretionary fiscal policy. b. View Answer. Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. a. Microeconomics On which base structure of economic problems has been installed? B. Why does a firm decide to enter a particular market? Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. a. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ D) gross national product of Canada and the gross national product of the United States. D. macroeconomics. B) the consumer surplus received from purchasing a given quantity of a product. Technological advancements have led to lower prices and an increase in the sale of color laser printers. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who have become more health conscious and wish to monitor various health conditions. A) inflation C. Should the government prevent the merger of two large firms? D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. a. D) taxes. Question 12. Is zero a. 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. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. C) opportunity 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 grocery store sells a bag of potatoes at a fixed price of $2.30.
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