which of the following would be a macroeconomic question?

that negatively affect an individuals health and safety, C. Optimal marginalism International economics. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ O a. A. This change will______________ A tax is imposed on employers and workers that are used to fund Social Security and Medicare. 1. (a) 3,6,12,3,6,12, \ldots3,6,12, In 2015, the U.S. auto industry experienced rising sales. You have majored in computer science and, because of the recession, have difficulty in finding a job. C) do not change; overestimates Poorly timed discretionary policy can do more harm than good. A. The exports are equal to import. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. A) above; surplus a. A. trade-off B) an increase in the number of manufacturers of electric cars. Microeconomics focuses on supply and demand . d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics Which of the following is a normative economic statement? B. spending, production and saving. c. Marginal cost E) too low. The income you could have earned B) the consumer surplus received from purchasing a given quantity of a product. The advice to "keep searching, there are plenty of jobs around here for which you are qualified," would be most appropriate for which of the following types of unemployment? D. Are willing to pay the highest price. Production possibilities curve will shift inward. C) How does Fiat decide on the price of the 500 Pop model? A sharp rise in the price of vegetables. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. D) buys U.S. government bonds. Which field of economics deals primarily with the problems faced by low-income countries? A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. This means. b. real costs. a. 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 Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). E) the cost of tuition and fees only. What factor was most responsible for the development of Japan's comparative advantage in automobiles? How has the discovery of oil in the Niger delta affected Nigeria's environment? Market failure. This means ______. meaning severe emotional or thought disturbances iii. D. give more money to the government to solve its problems. given up when we make a decision is called ____ of that decision C) decrease; more D) people do not find jobs instantaneously. 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. More teenagers enter the labor force. C) not change GDP. All points on the curve. B) relative abundance of labor and capital. D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? Mike has been unemployed for over a year. According to a deputy commissioner of police, "Commerce does very little of what we recommend. Zero because you knew when you registered for the class that studying would be required. 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 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 C) a full-time employee at a pizza parlor who makes more than the minimum wage A lassiez faire approach will reduce the level of pollution. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. C) an increase in the quantity supplied. Answer: B Use the following diagram to answer questions 36-39: 36. C) shift of the demand curve due to a change in purchasing power brought about by the price change. A) $5. B. in the blanks. C) legalized prostitution. D) below; shortage. A) falls; Marla's work takes place in the underground economy once she's married D) ceteris paribus. C) Their value is counted separately, but is not included as part of the value of the final good for which they are an input. A. A) by less than A) cyclical Every society faces economic tradeoffs. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? The economy experiences government failure. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. C. Levels of production that will cause both unemployment and inflation. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} B) an increase in the unemployment rate How do you go about allocating your time in a given day among competing alternatives? A) U.S. GNP. It is the field of economics that studies the behavior of the entire economy. C. For whom should goods and services be produced? What determines the growth rate of gross domestic product? Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. He hasn't looked for a job in the last three months, but he's just started looking for work again. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. Production possibilities curve will shift outward. A) increase the measured unemployment rate. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. E. pure profit. Prelims Marathon - Economic Survey - March 1st - 2023. Microeconomics questions and answers Refer to the following graphs to answer the question below. 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. A. how households and firms make choices. Let n=3n2n1\alpha_n=\frac{3-n}{2 n-1}n=2n13n and n=n2+2n13n22,n=1,2,\beta_n=\frac{n^2+2 n-1}{3 n^2-2}, n=1,2, \ldotsn=3n22n2+2n1,n=1,2,. B) explicit The following macroeconomic projected return models =. C) the price of sailboats increased and the quantity of sailboats demanded decreased." C) decrease the number of persons in the labor force. c. Is it sensible for a government to subsidize tobacco production? C) a decrease in the price of lithium, which is used in the electric car batteries. [Identify the impact of your changes to the income and corporate tax rates. B. B) some people do not want a job. What is Macroeconomics? B) total consumption of goods is greater. D) all of the above. A mixed economy B) higher; lower Which of the following is an example of government failure? A. public economics. A) a decrease in the money supply and an increase in the interest rate When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. The market mechanism. A) less difficult than with monetary policy. B. how to make money in a market economy. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? C) builds another assembly plant in the United States. 2. The aggregate demand and aggregate supply curve intersect. C. Greater production of one good requires increasingly larger sacrifices of other goods. You know that average prices have risen steadily since 1961. d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. O How will the government's budget deficit be affected by public infrastructure projects? D) legalized marijuana. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. A. producing more of one good means less of another good can be produced. Full employment is not considered to be zero unemployment, because The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. B) automobile The market mechanism at work. of disabled individuals to a less restrictive facility) also The phrase "demand has increased" means that ___________ C) oil prices. If a German firm produces cars in the United States, that production should count towards Factors of production and price signals. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. C) productively efficient The equilibrium wage in a local labor market is $10 per hour. a. Macroeconomics Multiple Choice Questions 1. B) the value of the time spent on line. A) an increase in the money supply and a decrease in interest rates C) an increase in taxes A) he tax cut would increase consumption spending less than would a permanent tax cut. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? B. All of the following are criteria frequently applied in judging economic outcomes except a. B) a competitive equilibrium is achieved 9 Questions. D) the decline in the value of the stock market, net of dividends. For schedule, refer to the archive link given below. A. A) ice cream and hot fudge are complements. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." Which of the following is a macroeconomics question? Then compare your responses with the key at the end of the book. A) U.S. GDP. D. Laissez faire. B. still have an economic problem. d. It is an example of the fallacy of composition, The field of economics that deals primarily with the factors that determine wage rates, employment, and unemployment is called: The higher price caused the supply of sailboats to increase.". A) the supply curve shifted to the left resulting in an increase in the equilibrium price. A) technological advancement in the production of electric car batteries. C) below; surplus How should we produce goods and services? B) will raise disposable income and lower spending. a. B) the equilibrium quantity of sailboats increased." b. unit contribution margin. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? A. According to the text, economists consider full employment to occur when Which of the following is a problem inherent in centrally planned economies? The Government will decrease spending by $20 million and increase taxes by $15 million. 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) will lower disposable income and raise spending. Chuck is paying Marla $150 per hour to design his new home. C. Opportunity cost. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. One can conclude that Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. B. C. Government failure does not exist. D. Increasing opportunity costs will occur with greater tank production. C) raise taxes by $200 billion. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. C) the economic surplus received from purchasing a given quantity of a product. Fill in the columns for the GDP deflator and for the percent . C. Production of nonmilitary goods will decrease. A) during a deep recession. b. consumers D) a contractionary; an expansionary. Aggregate unemployment A) the Pacific Trade Association. 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 A shift inward of the production possibilities curve. 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 B) Delta buys a new European-made jetliner. The use of market signals and government directives to select economic outcomes. D) decrease the number of persons in the working-age population. B) the underground economy. Government agencies. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. B) European countries offer higher unemployment benefits than the United States. Markets are likely to do a better job of allocating resources than government directives. D. workers deciding to produce only what the boss says must be produced. C) real GDP in 2016 was less than real GDP in the base year. D) ice cream is a normal good and hot fudge is an inferior good. 1 #7. \hline A) the value of leisure is included in GDP. 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. Start. A) real GDP B) discouraged workers Prelims Marathon - Economic Survey - February 28th - 2023. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. There are no problems and everyone, including consumers, is satisfied. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern The level of inflation in the economy. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. B) Laurence rents a car to drive to a wedding in San Diego. B) real GDP per person C) a change in the amounts of one good desired. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. 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 Is way of analyzing decision-making processes caused by scarcity A. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? A) a demand curve has shifted to the left. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. D) The demand curve for traditional camera film shifts to the left. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. B) decrease the measured labor force participation rate. D) both U.S. GNP and German GDP. C) discretionary monetary policy. Is not a very efficient means of communicating consumer demand to the producers of goods and services. B) the number of lawn care service companies has increased. Ask an Expert. To Liza, D) only change GDP if the development occurs within the borders of the United States. Micro Economic 100% (2) 176. C. economies of scal. Capital, as economists use the term, refers to. In terms of the production possibilities curve, inefficiency is represented by D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. Solve homework. Household income C) Corporate income taxes; excise and other taxes b. A. D. Who gets jobs; what wages do workers earn; and who owns what property? Equity MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. B) below the market wage, causing labor demand to be less than labor supply. C. Maximum combinations of goods and services an economy can produce given unlimited resources. B. B) increase in demand; increase in quantity demanded Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not A) average price levels of goods and services in the economy. C) above the market wage, causing labor demand to be greater than labor supply. C) the value of the house in 2016 minus depreciation B) The quantity of traditional camera film demanded decreases. By definition, economics is the study of B) total income in 2015 was around $17.3 trillion. B) Yes, the recession will lower income in my field permanently. Which of the following is a microeconomics question? a. Microeconomics A. achieve full employment. (b) the level of aggregate demand determines production, employment,. A. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. (c). d. A) below the market wage, causing labor demand to be greater than labor supply. C. Market success. C) 1.5% B) updates the market basket every 10 years, rather than every two years. D) the price of sailboats increased. D. The full employment of resources to achieve a particular combination of goods and services. C) there has been a downward movement along a demand curve. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . The production possibilities curve illustrates which two of the following essential principles? C) a 12-inch Subway sandwich purchased by a student d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. Question 12. A) Starbucks purchases coffee beans. D) the working-age population increased. A. C) Toby buys a new lawn mower to use in his lawn care business. The economy's capital stock declines. D. Allocative efficiency. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? a. b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. C) The demand curve will shift to the right. 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) 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) implicit. D. Government failure. d. Public economics. D) the value of all cars produced by Nissan in Japan and the United States. C) a tank purchased by the federal government \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ c. functional costs. Macroeconomics is focused on the movement and trends in the economy as a whole. Which one of the following is the objective of fiscal policy? A. Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill A) increase in demand; decrease in demand B) taxes; the money supply c. The overall price level in the economy 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? D. it intensified competition. Answer: (D) The economy as a whole. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. 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 _______________ B) structural unemployment They've told our detectives they have no interest in ever putting in the barriers.". A) the value of all cars produced by General Motors in the United States Raising the income tax decreases the amount of disposable income available to those households. D) producer surplus is minimized. B. d. Everyone always gets what they want, T/F Macroeconomics deal with the function of individual industries and the behavior of firms and households, All of the following are examples of topics examined in macroeconomics except C) decrease. B. B-Postive D) gross national product of Canada and the gross national product of the United States. What is the standard deviation of this random variable (i.e., the risk of being late)? B) vertical. 1. Cutting taxes _______ B) remain the same. D) an increase in oil prices. Profit opportunities are eliminated almost instantaneously First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. Combinations of goods and services an economy is actually producing. D. marginal costs Which one of the following is not a key people behind macroeconomics? An increase in ____________ All of these O b. 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 . The police were surprised the bank did not take their advice. A) taxes; interest rates D) depreciation. C. choices; scarce C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? 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. C) the value of all cars produced by Toyota in the United States