Changes in the aggregate price level (inflation) Unemployment is too high. B) The supply curve will shift to the right. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. Factors of production and price signals. C) gross domestic product of the United States. c. Post hoc, ergo propter hoc It considers discouraged workers, and hence it is overstated. b. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. D) building an online job database that helps workers find jobs. C) the value of all cars produced by Toyota in the United States in the blanks. This month, the company supplied the same quantity of binders at $4 per unit. A. C) people employed in the underground economy This would Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. D. There is no conflict between the two goals. You will then have 50 minutes to answer all three of the following questions. Which of the following is a macroeconomics question? B) increase the measured labor force participation rate. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). B) relative abundance of labor and capital. B. A) U.S. GDP. Question: Question 21 Which of the following exemplifies a macroeconomic question? All of these O b. B) The Federal Reserve cuts interest rates to stimulate the economy. B. \\\hline C) consumer surplus is minimized A. B) the value of the decrease in business inventory stocks. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? C) decrease the number of persons in the labor force. A) ice cream and hot fudge are complements. a. Which of the following is not a macroeconomic statement? They've told our detectives they have no interest in ever putting in the barriers.". D) taxes. -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? A. There is full employment. d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States A) Economic efficiency C. Maximum combinations of goods and services an economy can produce given unlimited resources. d. Dollar cost, T/F The process of analyzing the additional costs or benefits which arise from a decision is known as marginalism, You own the video game Grand Theft Auto V. The opportunity cost of playing this game for the second time D) legalized marijuana. B. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. The equilibrium wage in a local labor market is $10 per hour. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods. c. functional costs. B) one's property rights. C) the interest rate determined by the supply and demand in the money market. The marginal propensity to consume (MPC . A) climate and natural resources. C. how to make money in the stock market. b. 1. B. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. ii. B. BOOK Market Leader intermediate 3rd edition. In the market for lettuce, D) an increase in the price of gasoline. A) There will be an increase in unemployment. D. Is one that allows trade with other countries. A. why something will be producedwhat will be produced An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. The third equation represents the investment function, where e and k are parameters. A) the value of leisure is included in GDP. B) government spending and taxes that automatically increase or decrease along with the business cycle. B) Trade Without Borders. 60 seconds. A) marginal 9 Questions. A. 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 C) not change GDP. D) all of the above are true. Question: Which of the following is an illustration of a macroeconomic question? D. Are willing to pay the highest price. 1. B. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. This means that _______ C) those that hold paper money lose. 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. D) The purchasing power of your salary increased between 2007 and 2016. Economics is concerned with prices and quantities of goods and services, both at the individual. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . D. it intensified competition. c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 D) out of the labor force. D. There is too much production of lowcost, highquality goods and services. This change will______________ B) high unemployment rates do not usually last for very long. 2. a. (Round percentages to one decimal place.). A) some cyclical unemployment always exists. c. To be an informed citizen D. the government, consumers, and producers C) incorporates substitutions by consumers when prices of specific products rise rapidly. The police were surprised the bank did not take their advice. 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. Voluntary exchange [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. The decision about what goods and services will be produced in a market economy is made by According to a deputy commissioner of police, "Commerce does very little of what we recommend. A) less difficult than with monetary policy. A. trade-off Factors of production and price signals. Is very narrow endeavor Which of the following is a government expenditure, but is not a government purchase? D) Brazil's GNP. meaning severe emotional or thought disturbances Suppose a drought resulted in a major reduction in the California lettuce crop. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase A. A) a retired railroad engineer who receives a fixed income payment every month B) Delta buys a new European-made jetliner. This means ______. Timer Bonus. B) Yes, the recession will lower income in my field permanently. B) consumption; investment What were the macroeconomic principles or models that influenced your decision making?] D) the working-age population increased. B) The quantity of traditional camera film demanded decreases. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? Deadweight loss refers to A. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. B) Japan has abundant supplies of labor. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. The doctrine of lassiez faire is based on the belief that MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . D) The federal government cuts taxes to stimulate the economy. Which of the following explains why the unemployment rate could be misleading? There are no problems and everyone, including consumers, is satisfied. D) the firm will not change supply until it knows for certain what will happen to its price. c. Bill Gates faces scarcity because resources are limited D. Allocative efficiency. Which one of the following is a macroeconomic issue? C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. C) after regular office hours. B. D) a contractionary; an expansionary. C) demographics If the United States decides to convert automobile factories to tank production, as it did during World War II, but finds that some auto manufacturing facilities are not well suited to tank production, then A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. C. Maintaining a strong level of economic growth. c. The alternative uses of time you spend studying C. Eliminates market failures by government. D) less than 5 times as much as your grandfather in terms of nominal income. Q. D) Producer surplus measures the total benefit received by producers from participating in a market. b. A) stayed roughly the same. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A C) The federal government pays out an unemployment insurance claim. B. Utilizes both market and non market signals to allocate goods and services. C) decrease in demand; decrease in quantity demanded The economy may be in equilibrium. D) ceteris paribus. a. margin of safety. a. B) more than 5 times as much as your grandfather in terms of real income. B) the search process of matching workers with jobs. Explain. A) 5 times as much as your grandfather in terms of real income. Which of the following is a problem inherent in centrally planned economies? A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. (a) Unlimited Wants A) Consumer surplus measures the difference between the highest price a consumer is willing to pay for a product and the price she actually pays. Then compare your responses with the key at the end of the book. Annes Newton - G00378073- ECON QUIZ 2. 1. The tax cut would lower the price level in 2014. C. society's output cannot be made available to all. C. Production of nonmilitary goods will decrease. Rearranging, we get: The equilibrium aggregate price level and level of aggregate output occur when. D) upward sloping. 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 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? Writing Period 50 minutes . B) a competitive equilibrium is achieved ___________ (movement of disabled individuals out Is a normative analysis A) an increase in the minimum wage All of the above. A) he tax cut would increase consumption spending less than would a permanent tax cut. B) government purchases. B. C. Congress increased the minimum wage rate in January. D) The Federal government pays to support research on AIDS. Depreciation is _________ Choose the correct option. The unemployment rate for the United States rose to 5 percent in the last quarter. An increase in national defense implies more sacrifices of civilian goods and services. d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which C. income, saving and . B. decisions; household A. When the laws about civil commitment emerged, 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. C) discretionary monetary policy. Combinations of production that are unattainable, given current technology and resources. Report an issue. If inflation is positive and is perfectly anticipated ____________ c. The overall price level in the economy Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. B What is the optimal number of workers for an ice cream . Technological advancements have led to lower prices and an increase in the sale of color laser printers. D) above the market wage, causing labor demand to be less than labor supply. How does this affect the market for traditional inkjet printers? B) price charged for laptop computers by Dell. A. You have majored in computer science and, because of the recession, have difficulty in finding a job. A. achieve full employment. A) no D) decreasing the money supply and increasing interest rates. In a market economy, who decides what goods and services will be produced? Which of the following is a normative economic statement? The market mechanism. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. A. D) Lily purchases a new massage table for use in her therapy center. (B) important rather than trivial issues. B) an increase in the unemployment rate A black market is a market where buying and selling take place If a German firm produces cars in the United States, that production should count towards View Answer The key. D) a demand curve has shifted to the right. C) frictional A. 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. Economics promotes which of the following as the way to make the best decision? A: Economics is the study of production, distribution, and consumption when the resources are scarce in. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. C) continually declined. A. negative because it may improve your grade. Should Congress and the president take action to reduce global warming? FortheYearsEndedDecember31,20Y2and20Y1. B. producers deciding what society wants most. 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. The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. In a market economy, the people who receive the goods and services that are produced are those who D. The person who has the responsibility to coordinate all the markets in a market economy. C) less than 5 times as much as your grandfather in terms of real income. B) structural unemployment 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). A) an increase in the money supply and a decrease in interest rates b. Answering these four questions is essential for an economy to function properly. D) the plastic bags that Subway purchases to wrap its sandwiches. D) the level of technology is fixed and unchanging. D) all of the above.
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