B) explicit C. The government should subsidize solar power for homeowners. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. a. The Government will decrease spending by $20 million and increase taxes by $15 million. 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 ________ C) a change in consumer income. The market mechanism D) the reduction in economic surplus resulting from not being in competitive equilibrium. Expansionary fiscal policy involves 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 C) the ACIF. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. This tax is sometimes referred to as D) No, the recession will have no impact on my ability to get a job or my future income. B. the global economy. C) automatic stabilizers; monetary policy Household income Real domestic output is at its maximum level. C) decreases; increases A) Economic efficiency A) above; surplus E. consumers and firms choosing which goods and services to buy or produce. Marla is an architect who is designing a home for Chuck. TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu What factor was most responsible for the development of Japan's comparative advantage in automobiles? Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. D. Government intervention. bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. How does a market system prevent people from getting as many goods and services as they wish? C. All points inside the curve. A) There was deflation between 2007 and 2016. A. A) automatic stabilizers. C) legalized prostitution. Which of the following is a government expenditure, but is not a government purchase? Which of the following would be classified as fiscal policy? Simple economies can be described in terms of three major economic flows. A. producing more of one good means less of another good can be produced. A) a retired railroad engineer who receives a fixed income payment every month C) investment; consumption You will then have 50 minutes to answer all three of the following questions. B) add to GDP. (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. C) frictional Que11. C. How is the production quantity of snowboards determined? The conclusion of this statement: The higher price caused the supply of sailboats to increase.". Question 12. Answer-Consider the following Statements. (i) As part of AtmaNirbhar d. C) make economic ideas explicit and concrete for use by decision makers. B. B) more than 5 times as much as your grandfather in terms of real income. D. Allocative efficiency. D. Increasing opportunity costs will occur with greater tank production. Inefficient bureaucracy. b. Profits are always very high and persistent ' Insert your responses to the following: Explain The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as (C) how individual markets work. B) will raise disposable income and lower spending. Which of the following statements about positive economic analysis is true? C. A surplus of . A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. (c). B) Trade Without Borders. Economic growth. Which of the following would reduce the labor force participation rate, all else equal? A) ice cream and hot fudge are complements. A. income; available A) employed Because Mike started looking for a new job ______________ Expected inflation is 2.3% and actual inflation may be greater by 0.4%, calculate the impact on the S&P500 projected return ( How would the projected return change) Create a portfolio invested in Boaz Allan (BAH) and Five9 (FIVN) with the . C. The process by which the production possibilities curve shifts inward. C) How does Fiat decide on the price of the 500 Pop model? C. society's output cannot be made available to all. C. Government failure does not exist. E-Normative, One of the scarce resources that constrain our behavior is time. B) European countries offer higher unemployment benefits than the United States. A point on a nation's production possibilities curve represents Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. D) increased business taxes. B. Utilizes both market and non market signals to allocate goods and services. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. Three Economic Questions: What, How, For Whom? | Encyclopedia.com Question: Which of the following is an example of a macroeconomic question? Chapter 6, P R O B L E M S E T 3 . Which of the following causes the unemployment rate to understate the true extent of joblessness? C) The quantity of inkjet printers demanded increases. A grocery store sells a bag of potatoes at a fixed price of $2.30. These are: A. income, spending and saving. A) The demand curve for inkjet printers shifts to the right. D. Higher opportunity costs induce higher output per unit of input. C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. 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. Step-by-step explanation. C) more difficult than with monetary policy. C) The purchasing power of your salary remained constant between 2007 and 2016. Macroeconomics _ECON 202_ 2022 rev (1).docx Economics is the study of the ________ people make to attain their goals, given their________ resources. Raising the income tax decreases the amount of disposable income available to those households. 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. Equity of mental institutions) and ___________ (movement C) there are not enough jobs for everyone who wants one. A) the value of output in 2015 was around $17.3 trillion. 1 #7. 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 b. A. producing more of one good means less of another good can be produced. An increase in national defense implies more sacrifices of civilian goods and services. B) Japan has abundant supplies of labor. A) real GDP They are both automatically achieved in a free market economy. a. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. Which of the following statements is false? 2. How should we produce goods and services? B) in non-licensed shops and warehouses. A) the law of supply has been violated. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending C. For whom should goods and services be produced? What is Macroeconomics? b. a. The production possibilities curve illustrates which two of the following essential principles? c. Industrial organization C) an increase in taxes B) there has been an upward movement along a demand curve. d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? C) demographics A) decrease the required reserve ratio. D) a demand curve has shifted to the right. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. Answered: Which of the following questions are | bartleby Q. occurred. C. Macroeconomic failure. The income you could have earned D. The best alternative use of your time. C) a change in the amounts of one good desired. You are investigating the punctuality of the airlines in Asia. A. c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 Given this information, we know for certain that ________ B) Individual income taxes; social insurance taxes C. The allocation of resources by market forces. (b) 81,54,36,81,54,36, \ldots81,54,36,. Minimum wage laws cause unemployment because the legal minimum wage is set Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. D. Scarcity. D) The purchasing power of your salary increased between 2007 and 2016. Timer Bonus. D) implicit. D. The person who has the responsibility to coordinate all the markets in a market economy. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? Explain the pitfall of this statement. Suppose a drought resulted in a major reduction in the California lettuce crop. 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. What determines the salaries of Wall Street executives? Explanation: Macroeconomics deals with the economy as a whole. Which of the following best defines economics? C) below; surplus The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power A) at prices that violate government price regulations. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia D. None of these choices are correct. in the blanks. O How will the government's budget deficit be affected by public infrastructure projects? e. variable cost reduction. C. Congress increased the minimum wage rate in January. . C) wages paid to employees by Dell. A. public economics. Preparation and presentation of Union Budget 2. Every society faces economic tradeoffs. D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). B) 2.5% The purchasing. Macroeconomics is a branch of economics that depicts a substantial picture. Then compare your responses with the key at the end of the book. D) What determines the level of U.S. imports and exports? B) The federal government pays the salary of an FBI agent. B) movement along the demand curve due to a change in relative prices. E) the cost of tuition and fees only. B. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. Explain. Which of the following best describes an assumption economists make about human behavior? Which of the following is not one of the three core economic issues that must be resolved? Which of the following is not a function of money? Group of B) The quantity of traditional camera film demanded decreases. A shortage of maths teachers. D. some people live better than others do. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ D) zero because there is no classroom time involved if you are enrolled in the course. C) the value of all cars produced by Toyota in the United States Deadweight loss refers to Allocative efficiency best explains ________, and productive efficiency best explains________. A) during a deep recession. 1. A. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ B) increase the measured labor force participation rate. Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. Solved which of the following is NOT a macroeconomic | Chegg.com C. do have an economic problem but are solving it. A) -9.5% C) shift of the demand curve due to a change in purchasing power brought about by the price change. A) the money supply and interest rates that automatically increase or decrease along with the business cycle. c. Will a new type of electronic reader or tablet increase the number of buyers? C) looking for work is your only option. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. B) Consumer efficiency A pair of shoes that costs $80 last month costs $100 this month. A. How does this affect the market for traditional inkjet printers? Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. C. income, saving and . C) a decrease in the unemployment rate B. Undiscovered natural resources. C. Lassiez faire price policies. B) structural B) vertical. A. it allows countries to exploit their comparative advantage, more fully. B) the number of lawn care service companies has increased. This situation will most likely coincide with high unemployment. B) updates the market basket every 10 years, rather than every two years. D) allocatively efficient. c. determine the objective. D) no one in the economy loses. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. Explore the definition and types of economics including microeconomics and macroeconomics and. B) increasing taxes or decreasing government purchases. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010.
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