D. the choices people make to attain their goals, given their scarce resources. C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. D) less than 5 times as much as your grandfather in terms of nominal income. (a) 3,6,12,3,6,12, \ldots3,6,12, Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. D) the price of sailboats increased. D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. D) risen; fallen. A. negative because it may improve your grade. C) Yvette pays $50 to join a softball league. C) below; surplus \end{array} A tax is imposed on employers and workers that are used to fund Social Security and Medicare. Factors of production and price signals. Have the most political power. Which of the following is a normative economic statement? C. Inefficient incentives. C. A centrally planned economy This change will______________ D) producer surplus is minimized. A) cyclical c. determine the objective. C. normative economics. Question 01. 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. The market mechanism. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. of mental institutions) and ___________ (movement C) continually declined. C) above the market wage, causing labor demand to be greater than labor supply. D) increased business taxes. The impact of crowding out may be the least _____________ A) the value of the house in 2016 B) frictional unemployment equals zero. A. The study of national economy as whole. b. Which of the following accurately compares discretionary fiscal B) those that lend money lose. Ask an Expert. B) relative abundance of labor and capital. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. C. The allocation of resources by market forces. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). C. when something will be produced; why something will be produced C) The quantity of traditional camera film demanded increases. See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). D) Japan has abundant supplies of natural resources needed to produce automobiles. Microeconomics focuses on supply and demand . It considers discouraged workers, and hence it is overstated. Micro midterm chapter 1 Flashcards | Quizlet If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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. c. It considers part-timers as employed, and hence it is understated. The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as 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. B) -3.5% Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? In the market for lettuce, B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. B. (D) the economy as a whole. Bureaucratic delays Which of the following is a macroeconomic question? A. How can a firm C) increasing the money supply and decreasing interest rates. D) when real GDP is below but close to potential GDP. a. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. [Identify the impact of your changes to the income and corporate tax rates. A) Anytime you have to decide which action to take you are facing an economic trade-off. Scarce resources and opportunity cost. C. consumers C. the highest valued alternative that must be given up to engage in an activity. Chapter 6, P R O B L E M S E T 3 . MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. 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 C) equity C) total spending in 2015 was around $17.3 trillion. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? C) automatic stabilizers; monetary policy The following macroeconomic projected return models =. C) those that hold paper money lose. A. how households and firms make choices. D. macroeconomics. Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods. Deflation occurs when ____________ B) when real GDP is above but close to potential GDP. Is zero d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. D. All of the choices are correct. 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) $200. B) The Federal Reserve cuts interest rates to stimulate the economy. a. The price of steel declined by 3% last year. C) the ups and downs in inflation. Choose the correct option. Consumption of cigarettes. D) The Federal government pays to support research on AIDS. A. All of the following are sources of comparative advantage except D) No, the recession will have no impact on my ability to get a job or my future income. A. trade-off To Liza, C) do not change; overestimates (b) 81,54,36,81,54,36, \ldots81,54,36,. The real rate of interest is ______________ We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." B. not everyone can have enough goods to survive. Which of the following is a government expenditure, but is not a government purchase? Reading Period 10 minutes . C. Macroeconomic failure. B) productive efficiency This means that _______ Which of the following is a microeconomic question? a. What are the Please don't take his comments (a) personal, (b) personally. B) Delta buys a new European-made jetliner. A) the price level in 2016 was greater than the price level in the base year. B. a. D. The best alternative use of your time. B) greater on the seller when the tax is collected from the seller. A) horizontal. Preparation and presentation of Union Budget 2. Household income B) the nominal interest rate minus the inflation rate. MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . Maximum combinations of goods and services an economy can produce given its available resources and technology. Is not a very efficient means of communicating consumer demand to the producers of goods and services. E) 9.5%. B. Undiscovered natural resources. B. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. B) updates the market basket every 10 years, rather than every two years. C) What factors determine the price of Oreo cookies? Chuck is paying Marla $150 per hour to design his new home. i. B) Yes, the recession will lower income in my field permanently. A) urniture Compared to their pre-trade positions, trade makes both countries better off because in each country The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. c. The overall price level in the economy The income you could have earned A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. Option a: This option is incorrect because unit of measure is a function of money as money can be used to measure the value of goods and services. Unemployment is too high. A) the money supply and a decrease in interest rates. C) Discouraged workers are not counted as unemployed. A) employed C) decrease the number of persons in the labor force. B) discouraged workers iii. A) The federal government buys a Humvee. C) shift of the demand curve due to a change in purchasing power brought about by the price change. A) the free market. B What is the optimal number of workers for an ice cream . is considered___________ to herself or others, and Which of the following is an example of a "how much" decision? Stability c. Efficiency d. Growth A Economics is best defined as the study of a. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport D) 5%. A. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. Prelims Marathon - Economic Survey - February 28th - 2023 Marla is an architect who is designing a home for Chuck. there is a current account surplus. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. C) greater on the buyer when the tax is collected from the seller and greater on the seller when the tax is collected from the buyer. Which of the following statements is not true? A. B) the equilibrium quantity of sailboats increased." An outward shift of a nation's production possibilities frontier can occur due to b. b. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. 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. c. Labor economics of disabled individuals to a less restrictive facility) also FortheYearsEndedDecember31,20Y2and20Y1. Macroeconomics _ECON 202_ 2022 rev (1).docx c. Industrial organization When the laws about civil commitment emerged, O a. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. C) Brazil's GDP. C) incorporates substitutions by consumers when prices of specific products rise rapidly. B. C. Maximum combinations of goods and services an economy can produce given unlimited resources. Therefore, exercising daily causes people to eat kale. Marco's consumer surplus from the purchase is Greater production means factor prices rise. The three fundamental questions that any economy must address are The money-creating potential in the banking system is simply the amount of new money that can be created using the excess reserves of the bank. C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. c. Is one-half cost of the game, as this is the second time you have played it B) lower government purchases by $200 billion. 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 E) the cost of tuition and fees only. B) the consumer surplus received from purchasing a given quantity of a product. An undesirable combination of goods and services. C) risen; risen D) a bridge purchased by the state government. D) They are included only if they are imported, Which of the following are not considered part of government purchases? A. Which one of the following is the objective of fiscal policy? A) greater on the buyer when the tax is collected from the buyer. ___________ (movement of disabled individuals out C) make economic ideas explicit and concrete for use by decision makers. ________ 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. Inefficient bureaucracy. A) 2% C) a decrease in the price of lithium, which is used in the electric car batteries. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is 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. D. All of the choices are correct. A) automatic stabilizers. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. b. Equity A) There will be an increase in unemployment. When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. Rearranging, we get: a. C) Japanese firms benefited from external economies. C) the value of the house in 2016 minus depreciation A) frictional unemployment A. producing more of one good means less of another good can be produced. answer choices. A) the willingness of consumers to purchase a product at different prices. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. Exercise 01 - bi tp eco - Question 1 (3 points): Given the following According to a deputy commissioner of police, "Commerce does very little of what we recommend. 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. B) an expansionary; a contractionary