Check your understanding of civil commitment by filling 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. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not The economy experiences government failure. Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. A. View Answer The key. A shift outward of the production possibilities curve. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? b. C) a decrease in the unemployment rate Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. occurred. Which one of the following is a macroeconomic issue? Scarce resources and opportunity cost. A. although this definition differs from state to state. C) equity How does a market system prevent people from getting as many goods and services as they wish? A) The federal government buys a Humvee. D) ceteris paribus. A) labor, capital, land and natural resources are fixed in quantity. Mike has been unemployed for over a year. All of the above. What factors determine the price of carrots? Macroeconomic Policy and Poverty Reduction - International Monetary Fund To understand society and global affairs D) a bridge purchased by the state government. How do you go about weighing the alternatives? The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. is considered___________ to herself or others, and Increasing the federal tax on gasoline would cause shipping costs in the United States to increase B. Utilizes both market and non market signals to allocate goods and services. C) the economic surplus received from purchasing a given quantity of a product. A) greater on the buyer when the tax is collected from the buyer. PDF AP Macroeconomics 2018 Free-Response Questions - College Board MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . 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. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. Ch. 1 Microeconomics Homework Flashcards | Quizlet 1. If a minimum wage of $15 per hour is imposed, which of the following will occur? Is very narrow endeavor Question 02. C. how to make money in the stock market. d. It does not consider those who were laid off due to . \\\hline How should we produce goods and services? (b) 81,54,36,81,54,36, \ldots81,54,36,. 60 seconds. E. consumers and firms choosing which goods and services to buy or produce. B. _____a. Historically, there have been three basic types of economic system: traditional, command, and market. C) decrease; more 1. \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ C. Want the goods and services the most. Flow (1) represents: A) wage, rent, interest, and profit income. C) NAFTA. A. B) the nominal interest rate minus the inflation rate. Which of the following economic activities are included in the subject-matter of Economics? Prelims Marathon - Economic Survey - February 28th - 2023. 3. In the following macroeconomic system, find the parametric C) gross domestic product of the United States. View Answer. Which of the following statements is false? Buyers will bear the entire burden of a unit tax if the demand curve for a product is a. margin of safety. C) Japanese firms benefited from external economies. C) clothing C) discretionary monetary policy. D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. A) increase in demand; decrease in demand A) a law making it illegal to work more than 35 hours per week 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 _______________ Suppose that nominal GDP in 2016 was less than real GDP in 2016. B) increases; decreases If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ B) The quantity of traditional camera film demanded decreases. C) productively efficient The price of steel declined by 3% last year. Production possibilities curve will shift inward. D) the plastic bags that Subway purchases to wrap its sandwiches. D) GDP falls by $1,875. Which of the following is a microeconomics question? a. Answer the following questions by selecting the appropriate answer from the list below. 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. Persistence is A. the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth. a. D) do not change; underestimates. E. pure profit. A) lower government purchases by an amount less than $200 billion. Macroeconomics EC112 Flashcards | Quizlet C) the price of sailboats increased and the quantity of sailboats demanded decreased." B) adds 1,000 new cars to inventories. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. One can conclude that Macroeconomics is focused on the movement and trends in the economy as a whole. This tax is sometimes referred to as D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called D) taxes; expenditures, Active changes in tax and spending by government intended to smooth out the business cycle are called ________, and changes in taxes and spending that occur passively over the business cycle are called ________ 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 (B) important rather than trivial issues. a. Please don't take his comments (a) personal, (b) personally. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. A devaluation of the U.S. dollar would increase exports from the United States (a) Unlimited Wants D) will raise disposable income and raise spending. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. B. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. Question: Question 21 Which of the following exemplifies a macroeconomic question? C) looking for work is your only option. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. C) oil prices. Automatic stabilizers refer to C) the unemployment rate decreased. C. consumers He hasn't looked for a job in the last three months, but he's just started looking for work again. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill Which of the following is included in both the U.S. GDP and U.S. GNP? b. A. D) upward sloping. B. Bureaucratic delays D. An outward shift of a nation's production possibilities frontier can occur due to b. real costs. Writing Period 50 minutes . A. trade-off C) 6.67%. the person is unable to care for himself or herself, also . A) decrease the required reserve ratio. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. A) decreased government regulations on businesses. D) a demand curve has shifted to the right. B. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. 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 . D. All of the choices are correct. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. Start. D. Al of the choices are correct. 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? Combinations of production that are unattainable, given current technology and resources. Explain the pitfall of this statement. D) A drug dealer reports herself as unemployed. Zero because you knew when you registered for the class that studying would be required. D) the legally determined maximum price that sellers may charge for a given quantity of a product. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A These are: A. income, spending and saving. c. determine the objective. Macroeconomics | Economics Quiz - Quizizz Which of the following causes the unemployment rate to understate the true extent of joblessness? D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ D) legalized marijuana. B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. B) far less difficult than with monetary policy. B) total consumption of goods is greater. A. public economics. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). D) decreases; decreases. A) the price level in 2016 was greater than the price level in the base year. The equilibrium wage in a local labor market is $10 per hour. If market signals result in pollution beyond the optimal level, then D) the level of technology is fixed and unchanging. C) The quantity of inkjet printers demanded increases. It does not consider discouraged workers, and hence it is understated. Each point on a demand curve shows With respect to factors of production, which of the following statements is not true? The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. A) take away from GDP. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? D. topics such as unemployment, inflation, and economic growth. c. What were some of the reasons that the Egyptian government built the Aswan High Dam? Assume the punctuality random variable follows a binomial distribution. All points outside the curve. These firms are reacting to which of the three key economic ideas? A. A) The demand curve for inkjet printers shifts to the right. D) Your father buys a new John Deere riding lawn mower. C) the business cycle. You earn _________ What goods and services to producehow will these goods and services be produced; and who receives them? D) What determines the salaries of college professors? A. C) raise taxes by $200 billion. C. do have an economic problem but are solving it. (a) 3,6,12,3,6,12, \ldots3,6,12, The purchasing. The conclusion of this statement: Adam Smith's invisible hand is now called D) 15%. Combinations of goods and services an economy is actually producing. Raising the income tax decreases the amount of disposable income available to those households. B. C. The process by which the production possibilities curve shifts inward. An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX B. Ask an Expert. A. D) a contractionary; an expansionary. D. Government failure. 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. O a False O b. C. normative economics. This situation will most likely coincide with high unemployment. C) decrease the number of persons in the labor force. D) Brazil's GNP. If a German firm produces cars in the United States, that production should count towards The production possibilities frontier model assumes all of the following except____________ C) The federal government pays out an unemployment insurance claim. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. B) lower government purchases by $200 billion. There is full employment. B) 3%. B) continually risen. Which of the following events would allow the production possibilities curve to shift outward? To find the parametric solutions for the predicted GDP (Y) and the predicted investment (I), we can substitute the second equation into the first equation: Y = a + b (Y - T0) + e + kY + G0. D. All of the choices are correct. E. consumers and producers. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. C) Yvette pays $50 to join a softball league. A. it allows countries to exploit their comparative advantage, more fully. C) automatic stabilizers; monetary policy A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors A) by less than According to the text, economists consider full employment to occur when If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? D) both U.S. GNP and German GDP. C) there are not enough jobs for everyone who wants one. C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. A) When will the government better secure the borders? D) the firm will not change supply until it knows for certain what will happen to its price. Which of the following is a macroeconomics question? C. Macroeconomic failure. D) All of the above will occur. 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. ECON303exam3chp8 Flashcards by Mengna Chen | Brainscape C) increased income tax rates. Which of the following is not a factor of production? d. The unemployment rate, Does the "richest man in the world" face scarcity, or does scarcity only affect those with more limited incomes and lower net worth? a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. B) fallen; risen B) vertical. C) Every individual, no matter how rich or poor, is faced with making trade-offs. Prelims Marathon - Economic Survey - February 28th - 2023 B) GDP is not affected by Scott's production of the jewelry box. D) Unlike positive economic analysis, normative economic analysis can be tested. See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. E) States increase taxes to fund education. Micro Economic 100% (3) 6. A) falls; Marla's work takes place in the underground economy once she's married d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics Go to Memorandum. A) a decrease in the money supply and an increase in the interest rate The unemployment rate for the United States rose to 5 percent in the last quarter. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. A) increase; more The market mechanism may best be defined as In this initiative, you can attempt 10 subjective MCQs on a daily basis. Math is a way of solving problems by using numbers and equations. A) 5 times as much as your grandfather in terms of real income. A. income; available Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia [Solved] Which of the following is least likely to benefit the civilian A) deadweight loss is maximized True 3Government fixes the floor and ceiling . C. Greater production of one good requires increasingly larger sacrifices of other goods. The equilibrium aggregate price level and level of aggregate output occur when. B) The federal government pays the salary of an FBI agent. Which of the following is a macroeconomics question? B. not everyone can have enough goods to survive. C) lower; higher D) below; shortage. Suppose a drought resulted in a major reduction in the California lettuce crop. b. D) the Western Trade Union. B) the value of the decrease in business inventory stocks. b. B) gross national product of Canada. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? The three fundamental questions that any economy must address are A) less difficult than with monetary policy. The importance of the ceteris paribus assumption when using models is that: C. The government should subsidize solar power for homeowners. To reduce the bias in the consumer price index, the Bureau of Labor Statistics Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. C) decrease in demand; decrease in quantity demanded A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. B) the consumer surplus received from purchasing a given quantity of a product. C. Maximum combinations of goods and services an economy can produce given unlimited resources. C) the value of the addition to the capital stock. D) the wages of college graduates do not fall during recession. B) The demand curve for inkjet printers shifts to the left. b. D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. The opportunity cost of taking an on-line history class is Combinations of goods and services an economy is actually producing. A) urniture A. Answered: Which of the following is a | bartleby 2. D) 3.5% A) attainable Economics promotes which of the following as the way to make the best decision? A black market is a market where buying and selling take place Is way of analyzing decision-making processes caused by scarcity A) The demand curve for traditional camera film shifts to the right. B. C. There is often a tradeoff between the two. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? b. d. sensitivity analysis. A) the value of all cars produced by General Motors in the United States B) portray reality in all its minute details. Show more. A) -3%. To Liza, Cadre Management for Indian Economic Services C) The quantity of traditional camera film demanded increases. c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 d. Why do some countries grow faster than others? For schedule, refer to the archive link given below. The demand for bottled water by individuals. B) government purchases. For below problem geometric sequence given write the next three terms. d. The "richest man in the world" does not face scarcity because he has more money than others, Indicate whether the following statements are examples of positive economic analysis or normative economic analysis C) those that hold paper money lose. You know that average prices have risen steadily since 1961. What factor was most responsible for the development of Japan's comparative advantage in automobiles? Classify the following topics as relating to microeconomics or macroeconomics. D) above the market wage, causing labor demand to be less than labor supply. c. It confuses correlation and causation Macroeconomics MCQ: Multiple Choice Questions a. Cutting taxes _______ B) -3.5% C) a tank purchased by the federal government C. Government failure does not exist. Explanation: Macroeconomics deals with the economy as a whole. Que11. B) there has been an upward movement along a demand curve. A grocery store sells a bag of potatoes at a fixed price of $2.30. All of these O b. A) an increase in demand. B) Persons who collect unemployment benefits report themselves to be searching for a job. B) add to GDP. 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 C) any level of the two products that the economy produces is currently possible. D. Higher opportunity costs induce higher output per unit of input. Maximum combinations of goods and services an economy can produce given its available resources and technology. b. unit contribution margin. C. How is the production quantity of snowboards determined? Advertisement Advertisement A) the law of supply has been violated. C. maintain equilibrium in the Balance of Payments. B. Given this information, we know for certain that ________ C) Producer efficiency Which of the following is an example of spending on factors of production in the circular flow model? The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. B) an increase in supply. How do you go about allocating your time in a given day among competing alternatives? D) when real GDP is below but close to potential GDP. Th View the full answer 1 #7. C. Should the government prevent the merger of two large firms? C) a change in consumer income. C. A surplus of . Which field of economics deals primarily with the problems faced by low-income countries? D. What factors determine the price of electronic cigarettes? The use of market prices and sales to signal desired output. C. Technology is lost. C) will lower disposable income and raise spending. Which of the following would reduce the labor force participation rate, all else equal? Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? b. D) GNP plus depreciation.