D) Your father buys a new John Deere riding lawn mower. d. It does not consider those who were laid off due to . Macroeconomics Multiple Choice Questions 1. ___________ (movement of disabled individuals out D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. Economics involves allocating resources to meet peoples' needs and desires for goods and services. B) increase in demand; increase in quantity demanded Several conditions must be met before the state is permitted to commit a person involuntarily: The person has a(n)___________ and is in need of treatment, the person C) lower; higher Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. A) What determines the minimum wage? D. Who gets jobs; what wages do workers earn; and who owns what property? C) A state government cuts taxes to help the economy of the state. All of the following events would have this effect except B. D) decrease; less. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. a. e. variable cost reduction. D) Excise and other taxes; individual income taxes. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. B. Economics teaches how to limit our wants. A) Governments interfere with the market mechanism to influence the allocation of goods and services. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? Macroeconomics Flashcards | Quizlet a. D. workers deciding to produce only what the boss says must be produced. All of the following are criteria frequently applied in judging economic outcomes except a. B) Persons who collect unemployment benefits report themselves to be searching for a job. Exercise 01 - bi tp eco - Question 1 (3 points): Given the following The "guns versus butter" dilemma that all nations confront is that Is very narrow endeavor Production possibilities curve will shift inward. C) frictional A. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. 1. Which of the following explains why the unemployment rate could B) discretionary fiscal policy. It is also the case that reported burglaries increase during the same period. Explain the pitfall of this statement. Question 12. C. the highest valued alternative that must be given up to engage in an activity. in the blanks. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? Which of the following is a microeconomic question? a. What are the C. For whom should goods and services be produced? 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. How many airlines will be late in one month? B. net benefit D) a slowdown in the economy. B) the price level in 2016 was less than the price level in the base year. E. consumers and firms choosing which goods and services to buy or produce. To move the economy back to potential GDP, Congress should ______________ D. marginal costs B) $60. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase A) cyclical If a German firm produces cars in the United States, that production should count towards Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? there is a current account deficit. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? Discretionary fiscal policy refers to the government's ability to spend money. C) the unemployment rate decreased. The aggregate demand and aggregate supply curve intersect. C. How is the production quantity of snowboards determined? B. A) the value of all cars produced by General Motors in the United States To understand society and global affairs A) nondurable goods; durable goods d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States Explain. C) productively efficient c. Falls victim to "post hoc, ergo propter hoc." What determines the growth rate of gross domestic product? The use of market prices and sales to signal desired output. b. b. Annes Newton- macro economics quiz 2 - Annes Newton - G00378073- ECON B. marginal benefit equals the marginal cost. D) on foreign soil. C) the ACIF. 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? The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ B. firm could more readily exploit. B) increasing taxes or decreasing government purchases. a. A) decrease the measured unemployment rate. Every society faces economic tradeoffs. Which of the following individuals would be most negatively affected by anticipated inflation? Macroeconomics _ECON 202_ 2022 rev (1).docx B. B) the labor force participation rate decreased. Question: Which of the following is a macroeconomics question? Rearranging, we get: a. D) people do not find jobs instantaneously. d. Why do some countries grow faster than others? Which of the following is not a factor of production? Automatic stabilizers refer to Question 20. Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia Is not a very efficient means of communicating consumer demand to the producers of goods and services. What kind of unemployment is Sarah experiencing? The police were surprised the bank did not take their advice. b. Markets are likely to do a better job of allocating resources than government directives. A. how households and firms make choices. B) European countries offer higher unemployment benefits than the United States. They've told our detectives they have no interest in ever putting in the barriers.". d. All of the above Bureaucratic delays D) the wages of college graduates do not fall during recession. C. The market mechanism has failed to achieve social efficiency. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Basic questions of economics - Economics Help C) decrease the number of persons in the labor force. B) Laurence rents a car to drive to a wedding in San Diego. B. still have an economic problem. Economic growth. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises How can a firm maximize profits, given the state of the economy? D) real GDP in 2016 was greater than real GDP in the base year. Commits the fallacy of composition c. Focuses on how a business should function B) increase the measured labor force participation rate. A)Government must maintain the current level of defense spending to keep the nation safe B)The minimum wage should be increased to give people a decent wage C)Americans should buy American products in order to boost the national economy C) any level of the two products that the economy produces is currently possible. B) the sum of consumer and producer surplus. A. how households and firms make choices. D. Are willing to pay the highest price. 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. If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. Micro Economic 100% (3) 6. Choose the correct option. 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. D. What goods and services should we produce? C) the value of all cars produced by Toyota in the United States 1 #7. 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. C) equal to the highest value of an alternative use of the time and money spent on the class. Which of the following would increase the unemployment rate? Profitability b. D) decrease the number of persons in the working-age population. D. Price regulation by government. A) GDP rises by $1,875. C) Japanese firms benefited from external economies. 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 Which of the following is included in both the U.S. GDP and U.S. GNP? C. choices; scarce B) lower government purchases by $200 billion. 2. [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. A sharp rise in the price of vegetables. D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. C) gross domestic product of the United States. All of the following are benefits of the single market except ? C) the business cycle. B) government spending and taxes that automatically increase or decrease along with the business cycle. C. Maintaining a strong level of economic growth. b. True 3Government fixes the floor and ceiling . Total the statement columns, compute net income (loss), and complete work sheet. . D. Jenny's wage rate rose, and in response, she decided to work more hours. Three Economic Questions: What, How, For Whom? | Encyclopedia.com Economic development C. lawmakers in the government voting on what will be produced. D. The best alternative use of your time. A) a retired railroad engineer who receives a fixed income payment every month C) interest rates; money supply A) ice cream and hot fudge are complements. C) lower; higher D) when real GDP is below but close to potential GDP. B) a natural disaster like a hurricane or bad earthquake. Which of the following is the best example of land? C) a change in the amounts of one good desired. C. economies of scal. C) 6.67%. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? B) far less difficult than with monetary policy. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? How were consumption and investment affected . Q. A) taxes; interest rates These are: A. income, spending and saving. D. What factors determine the price of electronic cigarettes? 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. C. Want the goods and services the most. b. a. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport Which of the following is a macroeconomic question? A. What determines B) an increase in government spending A) allocative efficiency The doctrine of lassiez faire is based on the belief that Which of the following transactions would be recorded in the French current account of its balance of payments statistics? D) decreasing the money supply and increasing interest rates. The impact of crowding out may be the least _____________ B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. D. Laissez faire. Public economics B) frictional unemployment equals zero. \\\hline Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. The government should reduce the tax burden to help small business. A) the Income Security Tax. Should we have economic growth? The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. Report an issue. D. macroeconomics. B. B. how something will be produced; when something will be produced C. Opportunity cost. The income effect of a price change results in a _________ D) an increase in the labor force. A. D) out of the labor force. b. consumers A. (c). 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. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. Which of the following would be included in the gross domestic product for 2016? Th View the full answer D) less than 5 times as much as your grandfather in terms of nominal income. D. Al of the choices are correct. 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. D. some people live better than others do. If a minimum wage of $15 per hour is imposed, which of the following will occur? 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 What were the macroeconomic principles or models that influenced your decision making?] A) There was deflation between 2007 and 2016. b. A) an induced; an autonomous MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. The best alt. Cadre Management for Indian Economic Services Is a normative analysis b. To Liza, \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ (a) 3,6,12,3,6,12, \ldots3,6,12, A technological advance would best be represented by This tax is sometimes referred to as Sarah is a full-time student who is not looking for work. Factors of production and price signals. A) an increase in the number of people in the labor force c. Is it sensible for a government to subsidize tobacco production? There is full employment. C) decreases; increases This change will______________ a. Microeconomics B. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? D) A drug dealer reports herself as unemployed. Solved Which of the following is a macroeconomics question - Chegg 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. Which of the following is a positive economic statement? B) Yes, the recession will lower income in my field permanently. D) 5%. C) the interest rate determined by the supply and demand in the money market. B) more than 5 times as much as your grandfather in terms of real income. D. Average combinations of goods and services an economy can produce given its available resources and technology. Why is the economy of India growing? D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called a. On which base structure of economic problems has been installed? Which of the following is a microeconomics question? 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 Therefore, exercising daily causes people to eat kale.
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