Expansionary fiscal policy involves C) Discouraged workers are not counted as unemployed. A) nondurable goods; durable goods If inflation over the year is 2%, what is the real interest rate you are paying? B) structural b. 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 _______________ B. B) when real GDP is above but close to potential GDP. C. Decreasing opportunity costs will occur with greater automobile production. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. A) higher; higher c. The overall price level in the economy As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises Is very narrow endeavor D) A drug dealer reports herself as unemployed. A. producers D) Excise and other taxes; individual income taxes. Which of the following statements about positive economic analysis is true? They've told our detectives they have no interest in ever putting in the barriers.". B) a union contractor whose pay is adjusted based on changes in the CPI A. A) Governments interfere with the market mechanism to influence the allocation of goods and services. b. You know that average prices have risen steadily since 1961. 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 Which of the following is an example of spending on factors of production in the circular flow model? What is the probability that they all will be late? D) above the market wage, causing labor demand to be less than labor supply. C) The quantity of inkjet printers demanded increases. A. C. All points inside the curve. A) increasing government purchases or decreasing taxes. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. B) the federal income tax. D. marginal costs D. workers deciding to produce only what the boss says must be produced. [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. D) less than 5 times as much as your grandfather in terms of nominal income. A) an increase in the minimum wage TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu C) those that hold paper money lose. It converts normative analysis into positive D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. Explain how these higher income taxes will affect the aggregate demand curve. The minimum wage law causes unemployment. The study of national economy as whole. D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? Deadweight loss refers to 9 Questions. D) allocatively efficient. C) productively efficient -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? B) by more than ________ 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. B) the consumer surplus received from purchasing a given quantity of a product. Have the most political power. D. Scarcity. (d). A) Tuan purchases a cappuccino at the student union. Aggregate unemployment 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. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. The opportunity cost of taking an on-line history class is An increase in national defense implies more sacrifices of civilian goods and services. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. Step-by-step explanation. Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. For schedule, refer to the archive link given below. A. B. not everyone can have enough goods to survive. C) the value of all cars produced by Toyota in the United States Explain the pitfall of this statement. B) vertical. b. unit contribution margin. Mike has been unemployed for over a year. A. Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com A lassiez faire approach will reduce the level of pollution. If a firm expects that the price of its product will be lower in the future than it is today D) the working-age population increased. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? a. the government 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) the Western Trade Union. The higher price caused the supply of sailboats to increase.". C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? When the invisible hand does not produce optimal outcomes for the economy, there is evidence of D) about the same difficulty as with monetary policy. B) taxes; the money supply D. topics such as unemployment, inflation, and economic growth. Profits are always very high and persistent C) No, the recession will most likely be short-lived and I can get a job after it is over. B) Laurence rents a car to drive to a wedding in San Diego. Ford When governments are borrowers in financial capital markets, which of the following is least likely to be a possible source of the funds from a macroeconomic point of view? A shift outward of the production possibilities curve. Solved Which of the following is an example of a | Chegg.com Consumption of cigarettes. E) too low. To Liza, B) an increase in government spending B. Which of the following is a microeconomics question? A. unlimited wants exceed limited resources. Every society faces economic tradeoffs. Which of the following events would allow the production possibilities curve to shift outward? B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. D. What factors determine the price of electronic cigarettes? Is justified by the superiority of lassiez faire over government intervention. D) a contractionary; an expansionary. You . 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) fallen; fallen C) interest rates; money supply Then compare your responses with the key at the end of the book. C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. C) The demand curve will shift to the right. C) lower; higher Microeconomics is the study of B) higher; lower 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. What were the macroeconomic principles or models that influenced your decision making?] A family's decision about how much income to save. C) continually declined. C) during an expansion. B) real GDP per person c. Will a new type of electronic reader or tablet increase the number of buyers? 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. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which C) $140. A) Yes, the recession will ensure that you will never find a job as a programmer. D) the payroll tax. Buyers will bear the entire burden of a unit tax if the demand curve for a product is The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." C. the highest valued alternative that must be given up to engage in an activity. B) Consumer efficiency C) goods and services. A. a. A) U.S. GDP. C) Every individual, no matter how rich or poor, is faced with making trade-offs. B. a nation's poverty level increases faster than its population. A. D. macroeconomics. e. variable cost reduction. See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). d. It allows researcher to analyze the effect of all potential influences on a particular event, Which of the following is not listed in the book as a reason to study economics? Inefficient bureaucracy. C) wages paid to employees by Dell. although this definition differs from state to state. D-Positive A. Simple economies can be described in terms of three major economic Market failure. C. Macroeconomic failure. A) updates the market basket every two years, rather than every 10 years. The output of U.S. citizens who work in Canada would be included in the _____________ Question: Which of the following is a macroeconomics question? A ________ can change over time or across observations. Economic growth. D. None of these choices are correct. PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. B. The decision about what goods and services will be produced in a market economy is made by Select one: a. B) the equilibrium quantity of sailboats increased." C. Opportunity cost. B) fallen; risen BOOK Market Leader intermediate 3rd edition. C) below; surplus B) discouraged workers As a result, GDP ________ because ________. Macroeconomics Questions and Answers | Homework.Study.com B) the sum of consumer and producer surplus. A) no Cutting taxes _______ All of the following are sources of comparative advantage except It is also the case that reported burglaries increase during the same period. A. Macroeconomics _ECON 202_ 2022 rev (1).docx Answering these four questions is essential for an economy to function properly. In the market for lettuce, A) the willingness of consumers to purchase a product at different prices. 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 individuals would be most negatively affected by anticipated inflation? A) a law making it illegal to work more than 35 hours per week d. Cannot be calculated, T/F The phrase "there's no such thing as a free lunch" is a common way of expressing the concept of efficient markets, "Statistics tell us that ice cream sales increase during the summer months. How do you go about allocating your time in a given day among competing alternatives? Which field of economics deals primarily with the problems faced by low-income countries? The production possibilities curve between tanks and automobiles will shift outward. 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. B) increased income tax rates. A. Fill in the columns for the GDP deflator and for the percent . Is the economy experiencing a decline in the rate of inflation? D) the decline in the value of the stock market, net of dividends. C) there are not enough jobs for everyone who wants one. C.. A. D. Increasing opportunity costs will occur with greater tank production. A. supply and demand. B) In a market system, firms can charge any price they want, thus preventing poor people from getting as many goods and services as they wish. B. net benefit 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. b. E) raise taxes by an amount more than $200 billion. A) income 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 ________. C. Lassiez faire price policies. a. Ockham's razor The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. B. B) 2.5% B) the nominal interest rate minus the inflation rate. D) buys U.S. government bonds. D. Government intervention. A) a demand curve has shifted to the left. B) structural unemployment B) those that lend money lose. Economists reason that the optimal decision is to continue any activity up to the point where the. there is a current account surplus. A shortage of maths teachers. b. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. There is full employment. What goods and services to produce; how will these goods and services be produced; and who receives them? Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? A) allocative efficiency Should you go back to school and get a second major? What factor was most responsible for the development of Japan's comparative advantage in automobiles? Combinations of goods and services an economy is actually producing. Choose the correct option. The government should reduce the tax burden to help small business. Is zero Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. in the blanks. D) The Federal government pays to support research on AIDS. By definition, economics is the study of B) discretionary fiscal policy. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. D) The government imposes taxes on those who earn beyond a certain amount of income. B. decisions; household Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . All points on the curve. D. Allocative efficiency. Econ Chapters 1 - 3 Flashcards | Quizlet B) Trade Without Borders. C. Levels of production that will cause both unemployment and inflation. D) there is a decrease in the expected rate of inflation. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? A) average price levels of goods and services in the economy. All points outside the curve. Which of the following is a microeconomic question? a. What are the . b. C) an increase in the quantity supplied. a. Which of the following is a positive economic statement? B) there is a one-time increase in the price level. Quiz 1: Introduction to Macroeconomics Quiz - Quizizz meaning severe emotional or thought disturbances C) the value of the house in 2016 minus depreciation Deflation occurs when ____________ d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics A) What determines the minimum wage? C. Government failure does not exist. The marginal propensity to consume (MPC . D) technology. The first stage in the five-step decision process described in the text is to a. define the problem. B. a. E. pure profit. C) the value of the addition to the capital stock. Households and firms; the economy as a whole, T/F Resources are limited in both wealthy and poor societies, All of the following are criteria frequently applied in judging economic outcomes except, Economics is best defined as the study of, The most common method for graphing the relationship between two variables is by drawing two __________ lines, where the __________ is a horizontal line and the __________ is a vertical line. (Round percentages to one decimal place.). C. There is often a tradeoff between the two. Which of the following is a macroeconomics question? Answered: Which of the following questions are | bartleby True 3Government fixes the floor and ceiling . The market mechanism. Step-by-step explanation. Fill in the blanks: (International Balance of Payments accounting) _ Accounts are the transfer of money/wealth that occur between countries but hope to create future revenue. Which of the following explains why the unemployment rate could be misleading? If North Korea is currently producing at effciency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its