Which of the following is not a factor of production? A) a reduction in unemployment. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. 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. B) lower government purchases by $200 billion. 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. A) decreased government regulations on businesses. C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. B. \hline\\ A) frictional unemployment 2. A. The equilibrium wage in a local labor market is $10 per hour. The production possibilities curve between tanks and automobiles will appear as a straight line. D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. A) some cyclical unemployment always exists. (a) 3,6,12,3,6,12, \ldots3,6,12, B) increased income tax rates. Maximum combinations of goods and services an economy can produce given its available resources and technology. This tax is sometimes referred to as Markets are likely to do a better job of allocating resources than government directives. Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. B) high unemployment rates do not usually last for very long. The police were surprised the bank did not take their advice. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? D) the price of sailboats increased. 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). C) make economic ideas explicit and concrete for use by decision makers. D) movement along the demand curve due to a change in purchasing power brought about by the price change. C) The quantity of traditional camera film demanded increases. C) raise taxes by $200 billion. D. A rightward shift of the curve. C. The money you spent on tuition for the class. A) welfare benefits Answer the following questions by selecting the appropriate answer from the list below. GDP is not a perfect measure of well-being because _________ A) Yes, the recession will ensure that you will never find a job as a programmer. Is way of analyzing decision-making processes caused by scarcity 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. Factors of production and price signals. In terms of the production possibilities curve, inefficiency is represented by C. Technology is lost. What is Macroeconomics? A) those that borrow money lose. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. How were consumption and investment affected . Required use of pollution control technology that is obsolete. The invisible hand refers to Which of the following is included in both the U.S. GDP and U.S. GNP? E) raise taxes by an amount more than $200 billion. A) Japanese firms excelled in process technology. B. Cutting taxes _______ Government agencies. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. there is a current account surplus. A) everyone who wants a job has a job. A mixed economy A. Which field of economics deals primarily with the problems faced by low-income countries? The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. More teenagers enter the labor force. Economics involves allocating resources to meet peoples' needs and desires for goods and services. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? Bureaucratic delays [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. (b) the level of aggregate demand determines production, employment,. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. B) movement along the demand curve due to a change in relative prices. D. Works because prices serve as a means of communication between consumers and producers. 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. Report an issue. C. Lassiez faire price policies. A. B) protect the environment. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is With respect to factors of production, which of the following statements is not true? Que10. A. A) an increase in the number of people in the labor force Key Takeaways. Should Congress and the president take action to reduce global warming? This means ______. A) gross domestic product of Canada. Macroeconomics is focused on the movement and trends in the economy as a whole. Scarce resources and opportunity cost. A shortage of maths teachers. The opportunity cost of studying for an economics test is A) increase the measured unemployment rate. He hasn't looked for a job in the last three months, but he's just started looking for work again. i. ___________ (movement of disabled individuals out B) remain the same. D. workers deciding to produce only what the boss says must be produced. 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? A. A. D. Government failure. A point on a nation's production possibilities curve represents D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. D) a contractionary; an expansionary. B) taxes; the money supply The government should reduce the tax burden to help small business. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. A) inflation B. firm could more readily exploit. The three fundamental questions that any economy must address are Economics is the study of the ________ people make to attain their goals, given their________ resources. There are no problems and everyone, including consumers, is satisfied. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. given up when we make a decision is called ____ of that decision Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill ; D. what will be produced; how something will be produced. A) will lower disposable income and lower spending. International economics. B. still have an economic problem. Every society faces economic tradeoffs. B) GDP is not affected by Scott's production of the jewelry box. A) the price level in 2016 was greater than the price level in the base year. What kind of unemployment is Sarah experiencing? Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? C) equal to the highest value of an alternative use of the time and money spent on the class. there is a current account deficit. C) the unemployment rate decreased. The production possibilities curve illustrates which two of the following essential principles? It is an example of the coincidental fallacy By how much and in what direction does GDP change as a result of his efforts? D. it intensified competition. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C. Levels of production that will cause both unemployment and inflation. B) an increase in the number of manufacturers of electric cars. A) The demand curve for inkjet printers shifts to the right. D) The government imposes taxes on those who earn beyond a certain amount of income. Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? B) German GDP. View Answer. D) the legally determined maximum price that sellers may charge for a given quantity of a product. B. c. Is it sensible for a government to subsidize tobacco production? D) the Western Trade Union. 1) Economic models do all of the following except A) answer economic questions. Production possibilities curve will shift inward. D. Scarcity. B) the nominal interest rate minus the inflation rate. C) GDP rises by $125. Question: Which of the following is an illustration of a macroeconomic question? BOOK Market Leader intermediate 3rd edition. Question 12. As a result, _____________ Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. D) a bridge purchased by the state government. C. The process by which the production possibilities curve shifts inward. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? You are investigating the punctuality of the airlines in Asia. Compared to their pre-trade positions, trade makes both countries better off because in each country A) taxes; interest rates . C) Brazil's GDP. Advertisement Advertisement \hline D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. Choices made by people faced with scarcity b. The importance of the ceteris paribus assumption when using models is that: Should we have economic growth? In the past two decades the United States lost its comparative advantage in automobiles to Japan. Which of the following causes the unemployment rate to understate the true extent of joblessness? Is the value of the alternative use of the time you spend of playing this game \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ C) builds another assembly plant in the United States. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. Laws and regulations. C) the interest rate determined by the supply and demand in the money market. B. a nation's poverty level increases faster than its population. A) attainable If a minimum wage of $15 per hour is imposed, which of the following will occur? Is the economy experiencing a decline in the rate of inflation? D) incorporates substitutions by consumers when prices of specific products fall rapidly. C) not change GDP. B) price charged for laptop computers by Dell. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . A city's decision to limit smoking in public areas is an example of These are: A. income, spending and saving. c. degree of operating leverage. B) adds 1,000 new cars to inventories. B) The demand curve for inkjet printers shifts to the left. b. select the best possible solution. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises A. What is the probability that they all will be late? As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. D) ceteris paribus. A) Micah purchases a new wrench for his auto repair business. B) vertical. C) implementing an unemployment insurance policy D. Economic growth and market failure. Which of the following is a macroeconomics question? A) the value of worn-out equipment, machinery, and buildings. B. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? C. Eliminates market failures by government. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). The higher price caused the supply of sailboats to increase.". E. it is easier to book holidays in member countries. The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2013 and 2014. The economy may be in equilibrium. a. Nonetheless, you continue along your career path looking for a new job because _____________ C) The federal government pays out an unemployment insurance claim. C. the economy as a whole. Government intervention may achieve a more optimal outcome than the market mechanism when addressing C) decrease. Opportunity cost B) discretionary fiscal policy; automatic stabilizers What goods and services to producehow will these goods and services be produced; and who receives them? Prelims Marathon - Economic Survey - February 28th - 2023. Deadweight loss refers to B) The federal government pays the salary of an FBI agent. When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs What are some of the causes of desertification? In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending C) decreases; increases Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. C. Want the goods and services the most. Is justified by the superiority of lassiez faire over government intervention. B) Japan has abundant supplies of labor. ________ 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. Greater production means factor prices rise. c. What were some of the reasons that the Egyptian government built the Aswan High Dam? Voluntary exchange D) below; shortage. A. supply and demand. B) substitution D. give more money to the government to solve its problems. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. A) inflation. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ Assume the punctuality random variable follows a binomial distribution. Which of the following would reduce the labor force participation rate, all else equal? A. D. All of the choices are correct. The economy's capital stock declines. D) decreasing the money supply and increasing interest rates. D) zero because there is no classroom time involved if you are enrolled in the course. D) out of the labor force. D) Japan has abundant supplies of natural resources needed to produce automobiles. C. normative economics. B) the underground economy. C) the ups and downs in inflation. B. The demand for bottled water by individuals. A) an induced; an autonomous B) portray reality in all its minute details. D) Your father buys a new John Deere riding lawn mower. Profitability b. A) labor, capital, land and natural resources are fixed in quantity. D) a decrease in the quantity supplied. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! A. (b) 81,54,36,81,54,36, \ldots81,54,36,. Given this information, we know for certain that ________ B) an increase in government spending a. During a business cycle expansion, total production ________ and total employment ________. B) when real GDP is above but close to potential GDP. b. C) a decrease in the unemployment rate O a. For below problem geometric sequence given write the next three terms. B. B What is the optimal number of workers for an ice cream . B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. D) lower taxes by $200 billion. Is very narrow endeavor How has the discovery of oil in the Niger delta affected Nigeria's environment? The use of market prices and sales to signal desired output. An undesirable combination of goods and services. Lower disposable income decreases consumption at every price level. O a False O b. All points outside the curve. A. public economics. A. gross earnings B) government purchases. 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. A family's decision about how much income to save. A. do not have an economic problem. The impact of crowding out may be the least _____________ D) quantity of Dell employees. 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 A) climate and natural resources. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. B) there has been an upward movement along a demand curve. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. C) demographics answer choices. The decision about what goods and services will be produced in a market economy is made by b. unit contribution margin. 1. ________ and ________ are the largest sources of revenue collected by the federal government Go to Memorandum. Annes Newton - G00378073- ECON QUIZ 2. How does the increasing use of digital cameras affect the market for traditional camera film? B) the consumer surplus received from purchasing a given quantity of a product. Which of the following statements about positive economic analysis is true? C) decrease; more It is an example of the post hoc fallacy Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. C) ice cream and hot fudge are normal goods. C) Japanese firms benefited from external economies. D. Are willing to pay the highest price. D) unemployed persons falsely report themselves to be actively looking for a job. 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 ________ Economic growth. A) income The ability to exercise control over one's own resources within the confines of the law refers to Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. D) about the same difficulty as with monetary policy. C. Congress increased the minimum wage rate in January. Aggregate unemployment B) by more than The production possibilities curve illustrates which two of the following essential principles? D) risen; fallen. A) the knowledge and enjoyment you receive from taking the class. Suppose in 2016, you purchase a house built in 2003. To Liza, What is the standard deviation of this random variable (i.e., the risk of being late)? If Congress passed a one-time tax cut in order to stimulate the economy in 2014, and tax rate levels returned to their pre-2014 level in 2015, how should this tax cut affect the economy? C) legalized prostitution. Which of the following is a macroeconomics question? \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ C) a strong foreign currency exchange rate. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. The following macroeconomic projected return models =. B) continually risen. How does this affect the market for traditional inkjet printers? A. producing more of one good means less of another good can be produced. What factors determine the price of carrots? Which of the following would increase the unemployment rate? If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? B) the search process of matching workers with jobs. Productive efficiency D. The best alternative use of your time. c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 B. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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 You . A. A. unlimited wants exceed limited resources. National income is equal to a. Question 01. B) There will be an increase in the quantity of labor demanded by firms. The number of work visas should not be limited by the government. D) on foreign soil. C) the demand for lawn care service has decreased. 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) the value of the decrease in business inventory stocks. The output of U.S. citizens who work in Canada would be included in the _____________ e. variable cost reduction. A) shift of the demand curve when income changes. A technological advance would best be represented by 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. D) What determines the level of U.S. imports and exports? c. It considers part-timers as employed, and hence it is understated. Which of the following is not a durable good? C) increased income tax rates. A: Economics is the study of production, distribution, and consumption when the resources are scarce in. B) the price level in 2016 was less than the price level in the base year. C) Toby buys a new lawn mower to use in his lawn care business. It considers discouraged workers, and hence it is overstated. D) The federal government cuts taxes to stimulate the economy. B) Laurence rents a car to drive to a wedding in San Diego. All of these O b. B) in non-licensed shops and warehouses. Examples of comparative advantage show how trade between two countries can make each better off. C) There will be a decrease in the quantity of labor supplied by households. B. although this definition differs from state to state. c. Marginal cost A) below the market wage, causing labor demand to be greater than labor supply. Allocative efficiency best explains ________, and productive efficiency best explains________. Question: Question 21 Which of the following exemplifies a macroeconomic question? d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern A. producing more of one good means less of another good can be produced. 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 A) the firm has an incentive to increase supply now and decrease supply in the future. B) consumption; investment B) GDP minus depreciation. C) lower; higher A) stayed roughly the same. C) NAFTA. Suppose a drought resulted in a major reduction in the California lettuce crop. This change will______________ C) No, the recession will most likely be short-lived and I can get a job after it is over. 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. how to make money in a market economy. Let us now understand how it is different from Microeconomics. B) 2.5% B. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. C) total spending in 2015 was around $17.3 trillion. . C) goods and services. A) -3%. A devaluation of the U.S. dollar would increase exports from the United States Which of the following explains why the unemployment rate could be misleading? D. What factors determine the price of electronic cigarettes? 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. choices; scarce A. This would The tax cut would lower the price level in 2014. A) The federal government passes tax cuts to encourage firms to reduce air pollution. D) simplify some aspect of economic life. a. the government The production possibilities frontier model assumes all of the following except____________ C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? Every society faces economic tradeoffs. Should the government attempt to influence the interest rate to lower inflation? D. Laissez faire. It is also the case that reported burglaries increase during the same period. The marginal propensity to consume (MPC . D) equal 20%. B. One can conclude that A) no The third equation represents the investment function, where e and k are parameters. Timer Bonus. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. A) the cost of additional education is always higher during recession. FortheYearsEndedDecember31,20Y2and20Y1. Chuck is paying Marla $150 per hour to design his new home. c. Will a new type of electronic reader or tablet increase the number of buyers? Technological advancements have led to lower prices and an increase in the sale of color laser printers. E. consumers and producers. 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. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. To understand society and global affairs 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?" These firms are reacting to which of the three key economic ideas? How can a firm maximize profits, given the state of the economy? A) automatic stabilizers. The doctrine of lassiez faire is based on the belief that 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 ________. D. the choices people make to attain their goals, given their scarce resources. You will then have 50 minutes to answer all three of the following questions. B. producers deciding what society wants most. However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. Step-by-step explanation. Individual consumers. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. D) increase all of the monetary flows. 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. A) increases; increases A) There was deflation between 2007 and 2016. B. How do you go about allocating your time in a given day among competing alternatives? What determines the growth rate of gross domestic product? C) the value of the addition to the capital stock. 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? C) a change in the amounts of one good desired. What goods and services to produce; how will these goods and services be produced; and who receives them? (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. D) an increase in oil prices. C) frictional B) Why hasn't the federal government raised the minimum wage? Question 02. It focuses on areas like inflation, economic growth rate, price levels of various goods and services, gross domestic product (GDP), national income and the unemployment rate in a particular country. A) the willingness of consumers to purchase a product at different prices.