The importance of the ceteris paribus assumption when using models is that: B What is the optimal number of workers for an ice cream . C) increasing the money supply and decreasing interest rates. A) average price levels of goods and services in the economy. A) There was deflation between 2007 and 2016. B) decrease government spending. although this definition differs from state to state. Multiple Choice Quiz - Oxford University Press He faces scarcity because his resources are unlimited C) the value of the house in 2016 minus depreciation Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. Step-by-step explanation. C. how to make money in the stock market. B) when real GDP is above but close to potential GDP. 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. Opportunity cost A) the knowledge and enjoyment you receive from taking the class. E) States increase taxes to fund education. Economists reason that the optimal decision is to continue any activity up to the point where the. Prelims Marathon - Economic Survey - February 28th - 2023 Question 20. D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. B) a decrease in government purchases C. income, saving and . A shift inward of the production possibilities curve. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. Macroeconomics focuses on the performance of c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 D) GDP falls by $1,875. Solved Which of the following is an illustration of a | Chegg.com A. The ability to exercise control over one's own resources within the confines of the law refers to C. society's output cannot be made available to all. Given the following data, what is money creating potential in this A) Micah purchases a new wrench for his auto repair business. C. do have an economic problem but are solving it. Your grandfather tells you that he earned $7,000/year in his first job in 1961. b. Question 12. The use of market prices and sales to signal desired output. This change will______________ When the invisible hand does not produce optimal outcomes for the economy, there is evidence of PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. D) real GDP in 2016 was greater than real GDP in the base year. D. There is no conflict between the two goals. 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. D) a demand curve has shifted to the right. D. the government, consumers, and producers A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. D. Production of nonmilitary goods will decrease. Is zero A. how households and firms make choices. B. D) GNP plus depreciation. What are some of the causes of desertification? Economics is the study of the ________ people make to attain their goals, given their________ resources. Producers are using inventory faster than it can be replaced. B. ii. A) stayed roughly the same. D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. Solve the Following Short-Essay Questions: Define demand. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. D) 15%. C) interest rates; money supply D) decreasing the money supply and increasing interest rates. D-Positive Which of the following is not a basic decision that all nations must confront? A pair of shoes that costs $80 last month costs $100 this month. D) only change GDP if the development occurs within the borders of the United States. The purchasing. Which one of the following is not a key people behind macroeconomics? Answer-Consider the following Statements. (i) As part of AtmaNirbhar If a minimum wage of $15 per hour is imposed, which of the following will occur? Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. In the market for lettuce, 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. A. [Solved] The following table contains nominal and - SolutionInn The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . A. public economics. An increase in national defense implies more sacrifices of civilian goods and services. Which of the following is a positive economic statement? D. it intensified competition. Step-by-step explanation. It considers discouraged workers, and hence it is overstated. ECON303exam3chp8 Flashcards by Mengna Chen | Brainscape c. functional costs. Suppose in 2016, you purchase a house built in 2003. C) disposable personal income plus depreciation plus personal taxes. TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. B) a job retraining program C) the value of the addition to the capital stock. C) the interest rate determined by the supply and demand in the money market. A) Starbucks purchases coffee beans. C) Corporate income taxes; excise and other taxes B. how something will be produced; when something will be produced B) some people do not want a job. B) an expansionary; a contractionary D) a contractionary; an expansionary. d. All of the above A. trade-off Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA C) ice cream and hot fudge are normal goods. b. Which of the following is a problem inherent in centrally planned economies? Solved Which of the following is a macroeconomics question - Chegg A) 5 times as much as your grandfather in terms of real income. Solved Question 21 Which of the following exemplifies a - Chegg The production possibilities curve between tanks and automobiles will shift outward. B. Explain how these higher income taxes will affect the aggregate demand curve. A) the law of supply has been violated. B) Delta buys a new European-made jetliner. B) 3%. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. C) Brazil's GDP. A) there is a sustained increase in the price level. A) welfare benefits Which of the following events would allow the production possibilities curve to shift outward? C) A state government cuts taxes to help the economy of the state. Productive efficiency Macroeconomics | Economics Quiz - Quizizz A) the Pacific Trade Association. D) the plastic bags that Subway purchases to wrap its sandwiches. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. A. A) an increase in the money supply and a decrease in interest rates C. The government should subsidize solar power for homeowners. C) an increase in unemployment insurance payments In a market economy, the people who receive the goods and services that are produced are those who Required use of pollution control technology that is obsolete. b. E. pure profit. A. unlimited wants exceed limited resources. C) a decrease in the unemployment rate D) simplify some aspect of economic life. All of these O b. C. Technology is lost. C) wages are higher. A) greater on the buyer when the tax is collected from the buyer. D) a slowdown in the economy. B) the underground economy. B) in non-licensed shops and warehouses. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. Answer: B Use the following diagram to answer questions 36-39: 36. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. D) the reduction in economic surplus resulting from not being in competitive equilibrium. B) structural D) lower taxes by $200 billion. C) decrease the number of persons in the labor force. C) there is a decline in the price level. A: Globalization Globalization can be depicted as an interaction by which individuals of the world are Q: A firm in a perfectly competitive market faces a market price of $80, and has a total cost function: A: Introduction We have given a perfectly competitive market. C) above the market wage, causing labor demand to be greater than labor supply. B. the government C. The allocation of resources by market forces. C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. A. do not have an economic problem. B) automobile C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. 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. A. producers B) Canada's GDP. c. determine the objective. Adam Smith's invisible hand is now called Why is the economy of India growing? What goods and services to produce; how will these goods and services be produced; and who receives them? He is willing to pay $200 for the dozen fish, but buys them for a total of $140. A grocery store sells a bag of potatoes at a fixed price of $2.30. A. Solved Which of the following is an example of a | Chegg.com b. consumers B. C) a decrease in the price of lithium, which is used in the electric car batteries. b. The production possibilities frontier model assumes all of the following except____________ What determines the growth rate of gross domestic product? A) updates the market basket every two years, rather than every 10 years. B. Annes Newton - G00378073- ECON QUIZ 2. They always call for opposite outcomes. Economics teaches how to limit our wants. On which base structure of economic problems has been installed? A) technological advancement in the production of electric car batteries. b. How can a firm maximize profits, given the state of the economy? D) there is a decrease in the expected rate of inflation. D) taxes. A) taxes; interest rates known as ___________ Mental illness is a(n)___________ concept, typically B. In a free market, production is determined by market forces. B) remain the same. D) the value of all cars produced by Nissan in Japan and the United States. 60 seconds. What determines the salaries of Wall Street executives? c. Is it sensible for a government to subsidize tobacco production? C) U.S. GDP. D) rises; Marla becomes more productive once she's married. d. It does not consider those who were laid off due to . Solved which of the following is NOT a macroeconomic | Chegg.com D) an increase in oil prices. D) Lily purchases a new massage table for use in her therapy center. B. stabilize the price level. a. B) substitution C) a change in the amounts of one good desired. If a German firm produces cars in the United States, that production should count towards A. 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 B) The federal government pays the salary of an FBI agent. A) below the market wage, causing labor demand to be greater than labor supply. Check your understanding of civil commitment by filling Macroeconomics, 4e (Hubbard/O'Brien) Chapter 1 Economics: Foundations A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. A. A) GDP rises by $1,875. a. there is a current account deficit. D) What determines the level of U.S. imports and exports? Which of the following statements is false? A) falls; Marla's work takes place in the underground economy once she's married C-Nomative C) GDP rises by $125. Prelims Marathon - Economic Survey - March 1st - 2023. They've told our detectives they have no interest in ever putting in the barriers.". A) he lettuce that Subway purchases for its sandwiches C. the economy as a whole. B) government purchases. Oxford University Press | Online Resource Centre | Multiple choice The minimum wage law causes unemployment. C) incorporates substitutions by consumers when prices of specific products rise rapidly. A. producing more of one good means less of another good can be produced. D) about the same difficulty as with monetary policy. D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. D) No, the recession will have no impact on my ability to get a job or my future income. C) a 12-inch Subway sandwich purchased by a student You earn _________ Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. Which of the following is not a function of money? Group of c. What were some of the reasons that the Egyptian government built the Aswan High Dam? C. The market mechanism has failed to achieve social efficiency. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. C) raise taxes by $200 billion. (a) Unlimited Wants (c). Answered: Which of the following is a | bartleby How much will be saved; what will be produced; and how can these goods and services be fairly distributed? B. B. a. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ C. A centrally planned economy C) gross domestic product of the United States. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). D) zero because there is no classroom time involved if you are enrolled in the course. \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ Is way of analyzing decision-making processes caused by scarcity D) the working-age population increased. Government failure. 1. The term economic system refers to the way in which a society organizes the production and distribution of good and services. D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? See Answer. Because Mike started looking for a new job ______________ The economy's capital stock declines. C. the highest valued alternative that must be given up to engage in an activity. B. Utilizes both market and non market signals to allocate goods and services. occurred. Lower disposable income decreases consumption at every price level. Start. D. Markets result in an unfair distribution of income. Microeconomics is concerned with issues such as D. Laissez faire. 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? D) implicit. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). 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. What is the probability that they all will be late? How many airlines will be late in one month? You have majored in computer science and, because of the recession, have difficulty in finding a job. Production possibilities curve will shift outward. C) GDP deflator Which of the following individuals would be most negatively affected by anticipated inflation? Maximum combinations of goods and services an economy can produce given its available resources and technology. C. Greater production of one good requires increasingly larger sacrifices of other goods. B. decisions; household b. c. Marginal cost D) people do not find jobs instantaneously. A) the money supply and interest rates that automatically increase or decrease along with the business cycle. 2. A lassiez faire approach will reduce the level of pollution. B. 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) real GDP a. 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. A) horizontal. A) labor, capital, land and natural resources are fixed in quantity. answer choices. When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. A) a decrease in supply. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. D. Is one that allows trade with other countries. B) ice cream and hot fudge and substitutes. b. Math is a way of solving problems by using numbers and equations. C) the ups and downs in inflation. D) The Federal government pays to support research on AIDS. A) urniture B. D) discretionary fiscal policy; conscious fiscal policy. Que10. C.. 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. Depreciation is _________ A) higher; higher In terms of the production possibilities curve, inefficiency is represented by Profit opportunities are eliminated almost instantaneously In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. ________ 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. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. The opportunity cost of taking an on-line history class is Markets are likely to do a better job of allocating resources than government directives. e. None of the above. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. D) consumer price index. 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. B) There will be an increase in the quantity of labor demanded by firms. Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? Is a normative analysis ' Insert your responses to the following: Explain B. C) a decrease in taxes 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. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ ECO 210 Ch.1 Flashcards | Quizlet Voluntary exchange What kind of unemployment is Sarah experiencing? A shift outward of the production possibilities curve. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? B) Individual income taxes; social insurance taxes A) Many full time workers really want to be part time workers. Answer: (D) The economy as a whole. C) GDP is adjusted for changes in crime rates. D. Jenny's wage rate rose, and in response, she decided to work more hours. Which of the following best describes an assumption economists make about human behavior? A) attainable Aggregate unemployment d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? A. Combinations of goods and services an economy is actually producing. B) a competitive equilibrium is achieved C. The overall economy. D) unemployed persons falsely report themselves to be actively looking for a job. Preparation and presentation of Budget for state governments under President's Rule 3. b. unit contribution margin. C) equity Choices made by people faced with scarcity b. The unemployment rate for the United States rose to 5 percent in the last quarter. If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? C) The purchasing power of your salary remained constant between 2007 and 2016. Calculate the predetermined overhead allocation rate for each activity. Question 1 Multiple Choice Which of the following does macroeconomics Ask an Expert. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? True 3Government fixes the floor and ceiling . D. The government is allocating resources inefficiently. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not C) implementing an unemployment insurance policy A) Anytime you have to decide which action to take you are facing an economic trade-off. 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? 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?" A) The federal government buys a Humvee. Classify the following topics as relating to microeconomics or macroeconomics. b. Macroeconomics 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 ________ Answer the following questions by selecting the appropriate answer from the list below. \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ Profits are always very high and persistent B) the labor force participation rate decreased. D) Unlike positive economic analysis, normative economic analysis can be tested. A) climate and natural resources. B) $60. C. Levels of production that will cause both unemployment and inflation. This would D) below; shortage. Which of the following is a microeconomics question? It is an example of the coincidental fallacy Which of the following is an example of a "how much" decision? A. C) an increase in taxes D) What determines the salaries of college professors? C) the price of sailboats increased and the quantity of sailboats demanded decreased." If the BLS counted persons that are on active military service in the totals for employment, the labor force, or the working-age population, this would _______________ 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 A) Individual income taxes; corporate income taxes Question 1. B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. D. All of the choices are correct. B) add to GDP. GDP is not a perfect measure of well-being because _________ 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 d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? The market mechanism It is also the case that reported burglaries increase during the same period. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." B-Postive When the variable measured along the x-axis and the variable measured along the y-axis move in the same direction, it indicates a ________ relationship between the two variables. Which of the following is a microeconomic question? a. What are the C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. C) What factors determine the price of Oreo cookies? B. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. A) The demand curve for inkjet printers shifts to the right. Which of the following is a positive macroeconomic statement: a.

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