Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. B) an increase in the number of manufacturers of electric cars. C) implementing an unemployment insurance policy ________ and ________ are the largest sources of revenue collected by the federal government You have majored in computer science and, because of the recession, have difficulty in finding a job. D) unemployed persons falsely report themselves to be actively looking for a job. B. A. producing more of one good means less of another good can be produced. b. D) upward sloping. C) GDP deflator A) he lettuce that Subway purchases for its sandwiches The phrase "demand has increased" means that ___________ C) equal to the highest value of an alternative use of the time and money spent on the class. All of these O b. c. producers A) the Pacific Trade Association. C. the tendency of many economic variables to move together in a predictable way over the business cycle. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? The government should reduce the tax burden to help small business. C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? All of the above. Chuck is paying Marla $150 per hour to design his new home. B) There will be an increase in the quantity of labor demanded by firms. A. C) decreases; increases D) a contractionary; an expansionary. d. Public economics. D. Allocative efficiency. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? How many airlines will be late in one month? C) a 12-inch Subway sandwich purchased by a student B) The purchasing power of your salary fell between 2007 and 2016. B) Trade Without Borders. A) average price levels of goods and services in the economy. Where in Oceania are outrigger canoes used? Equity C) below; surplus A) The federal government buys a Humvee. 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 A. b. B) the consumer surplus received from purchasing a given quantity of a product. A) create jobs. C) a strong foreign currency exchange rate. Deflation occurs when ____________ Is very narrow endeavor D) The federal government cuts taxes to stimulate the economy. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. Answered: Which of the following is a | bartleby President Obama has discussed raising income taxes for individuals earning over $250,000 in income. The economy may be in equilibrium. Should you go back to school and get a second major? . Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. C) shift of the demand curve due to a change in purchasing power brought about by the price change. To move the economy back to potential GDP, Congress should ______________ Which of the following is a macroeconomics question? C) a tank purchased by the federal government B. firm could more readily exploit. D. What factors determine the price of electronic cigarettes? B) taxes; the money supply A) marginal Economic growth. 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. Macroeconomics is a branch of economics that depicts a substantial picture. The Bureau of Economic Analysis calculates a number of different measures of inflation: the GDP Deflator, the Consumer Price Index, the Wholesale Price Index, etc. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. D) The Federal government pays to support research on AIDS. Mike has been unemployed for over a year. A) automatic stabilizers. A) an increase in the minimum wage D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. C) an increase in taxes d. sensitivity analysis. A) fallen; fallen 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). P = $80 In perfect competition, P = AR = Q. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ A) GDP rises by $1,875. For below problem geometric sequence given write the next three terms. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. C) complete C. For whom should goods and services be produced? a. A) he tax cut would increase consumption spending less than would a permanent tax cut. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. How does a market system prevent people from getting as many goods and services as they wish? (D) the economy as a whole. The market mechanism. A) Japanese firms excelled in process technology. D) an increase in the working-age population. B) decrease government spending. B. Solved which of the following is NOT a macroeconomic | Chegg.com How were consumption and investment affected . If a minimum wage of $15 per hour is imposed, which of the following will occur? A) the value of output in 2015 was around $17.3 trillion. Ford A) There will be an increase in unemployment. Please don't take his comments (a) personal, (b) personally. D. The best alternative use of your time. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. A. Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring Which of the following would be classified as fiscal policy? A. Que11. b. \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ Economic development C. maintain equilibrium in the Balance of Payments. A) those that borrow money lose. Choose the correct option. A. income; available In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. Bureaucratic delays D) refrigerator. If market signals result in pollution beyond the optimal level, then B) there is a one-time increase in the price level. D) 5%. When graphing two variables, the point at which the graph intersects the horizontal axis is called the, T/F Opportunity costs are another name for marginal costs. C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. Is zero Compose a sentence using the following word. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises D) Lily purchases a new massage table for use in her therapy center. This situation will most likely coincide with high unemployment. D) ice cream is a normal good and hot fudge is an inferior good. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? A) change; overestimates A) lower government purchases by an amount less than $200 billion. C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} A) no B) 3%. Equity B) the labor force participation rate decreased. B) Why hasn't the federal government raised the minimum wage? C. do have an economic problem but are solving it. C) NAFTA. D) gross national product of Canada and the gross national product of the United States. The president has proposed increasing the marginal tax rate for people whose annual earnings exceed $275,000 and lowering the marginal tax rate for those who earn less than $275,000 Which of the following explains why many European countries have unemployment rates that are higher than in the United States? Rational cost c. It eliminates the need for abstraction or simplification Required use of pollution control technology that is obsolete. C) the value of all cars produced by Toyota in the United States c. Labor economics B) the nominal interest rate minus the inflation rate. known as ___________ Mental illness is a(n)___________ concept, typically Commits the fallacy of composition In the past two decades the United States lost its comparative advantage in automobiles to Japan. Production possibilities curve will shift outward. Is the value of the alternative use of the time you spend of playing this game The level of inflation in the economy. A. trade-off D) rises; Marla becomes more productive once she's married. A) increase. D) the price of sailboats increased. D) The demand curve will shift to the left. B) What determines the production of video game consoles? What factors determine the price of carrots? Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. B) total income in 2015 was around $17.3 trillion. B) above; shortage B) continually risen. Markets are likely to do a better job of allocating resources than government directives. Raising the income tax decreases the amount of disposable income available to those households. B. C) real GDP in 2016 was less than real GDP in the base year. A. C. Maximum combinations of goods and services an economy can produce given unlimited resources. You earn $35,000/year in your first job in 2016. A. 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 _______________ -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? C. There is often a tradeoff between the two. D) the wages of college graduates do not fall during recession. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. Econ Chapters 1 - 3 Flashcards | Quizlet The price of steel declined by 3% last year. A) gross domestic product of Canada. A. The term "market" in economics refers to ______________. b. D) the nominal interest rate. Dear Friends, We are posting prelims marathon MCQs for today. B) the equilibrium quantity of sailboats increased." C) an increase in the quantity supplied. C) Toby buys a new lawn mower to use in his lawn care business. It is the field of economics that studies the behavior of the entire economy. A) The supply curve will shift to the left. C) GDP is adjusted for changes in crime rates. Show more. D) risen; fallen. B) an increase in quantity demanded. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. Which of the following is a macroeconomics question? Suppose in 2016, you purchase a house built in 2003. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. 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 . a. A) greater on the buyer when the tax is collected from the buyer. In cities with rent control, people have an incentive to list their apartments on sites such as Airbnb at rents ________ the controlled rates, because rent control causes a ________ of apartments. A. 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. B. Undiscovered natural resources. C. Technology is lost. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. What kind of unemployment is Sarah experiencing? D) less than 5 times as much as your grandfather in terms of nominal income. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ Because Mike started looking for a new job ______________ Which of the following is not a durable good? D) no one in the economy loses. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." B. MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . B) increases; decreases D. the choices people make to attain their goals, given their scarce resources. The tuition you pay C) looking for work is your only option. A. unlimited wants exceed limited resources. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? Which of the following is not a function of money? Group of 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? In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. The production possibilities frontier model assumes all of the following except____________ B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. A) -3%. b. A) Many full time workers really want to be part time workers. the same weight of goods has been imported as were exported. This month, the company supplied the same quantity of binders at $4 per unit. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. A) at prices that violate government price regulations. c. Is it sensible for a government to subsidize tobacco production? The aggregate demand and aggregate supply curve intersect. Question 1 Multiple Choice Which of the following does macroeconomics Maximum combinations of goods and services an economy can produce given its available resources and technology. The three fundamental questions that any economy must address are B) adds 1,000 new cars to inventories. d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern International economics. B) $60. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. Which of the following statements is false? Each point on a demand curve shows C) 6.67%. Which of the following is a microeconomics question? A) employed Productive efficiency A) an induced; an autonomous The following macroeconomic projected return models Economists have shown that the burden of a tax is Household income c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. A. C) by the same amount as A. supply and demand. D. There is no conflict between the two goals. is considered___________ to herself or others, and Which of the following is a microeconomic question? a. What are the d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. B) vertical. Real domestic output is at its maximum level. D. None of these choices are correct. b. C. The allocation of resources by market forces. Discretionary fiscal policy refers to the government's ability to spend money. A) below the market wage, causing labor demand to be greater than labor supply. (b). We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." Zero because you knew when you registered for the class that studying would be required. there is a current account surplus. Which of the following would reduce the labor force participation rate, all else equal? B) lower government purchases by $200 billion. C) make economic ideas explicit and concrete for use by decision makers. C) decrease in demand; decrease in quantity demanded d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics Should the government put a tax on alcohol in an attempt to reduce highway fatalities? B) The supply curve will shift to the right. C. Opportunity cost. The market mechanism at work. A) U.S. GNP. C) $140. 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 ________ B) a cut in unemployment compensation Question: Which of the following is an illustration of a macroeconomic question? C) the ups and downs in inflation. A) falls; Marla's work takes place in the underground economy once she's married 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. 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. Total the statement columns, compute net income (loss), and complete work sheet. C) Discouraged workers are not counted as unemployed. ECO111 Quizz 01 FALL 2021. This problem has been solved! The decision about what goods and services will be produced in a market economy is made by Producers are using inventory faster than it can be replaced. 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: 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 Solved Which of the following is a macroeconomic question? | Chegg.com Bill Gates does not face scarcity because he is a billionaire A. achieve full employment. B. There are no problems and everyone, including consumers, is satisfied. 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? D) They are included only if they are imported, Which of the following are not considered part of government purchases?
Ryen Russillo Basketball Career, Articles W