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Changes in the aggregate price level (inflation) D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. Which of the following economic activities are included in the subject-matter of Economics? c. It considers part-timers as employed, and hence it is understated. The doctrine of lassiez faire is based on the belief that C. lawmakers in the government voting on what will be produced. The market mechanism may best be defined as A. it allows countries to exploit their comparative advantage, more fully. Which of the following is not a basic decision that all nations must confront? He is willing to pay $200 for the dozen fish, but buys them for a total of $140. A) The demand curve for inkjet printers shifts to the right. C. Maintaining a strong level of economic growth. occurred. D) there is a decrease in the expected rate of inflation. C-Nomative D. Allocative efficiency. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. In the past two decades the United States lost its comparative advantage in automobiles to Japan. B. 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 D) upward sloping. According to a deputy commissioner of police, "Commerce does very little of what we recommend. Which of the following would be included in the gross domestic product for 2016? B. the government c. Falls victim to "post hoc, ergo propter hoc." Report an issue. B. C. Market success. International economics. Lower disposable income decreases consumption at every price level. All of these O b. E) 9.5%. A. 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 Poorly timed discretionary policy can do more harm than good. A) real GDP A) take away from GDP. Which of the following is an example of government failure? C) any level of the two products that the economy produces is currently possible. A. B) increases; decreases a. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. C) The demand curve will shift to the right. Your grandfather tells you that he earned $7,000/year in his first job in 1961. C. Greater production of one good requires increasingly larger sacrifices of other goods. C) The quantity of traditional camera film demanded increases. Answer: (D) The economy as a whole. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. The market mechanism. 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. Go to Memorandum. The economy may be in equilibrium. C) opportunity Prelims Marathon - Economic Survey - February 28th - 2023. C. consumers A. is a corporation unresponsive to the demands of its customers? C) the sum of frictional unemployment and structural unemployment equals zero. A black market is a market where buying and selling take place B) fallen; risen A) those that borrow money lose. there is a current account surplus. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. a. C) Discouraged workers are not counted as unemployed. d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. A) Economic efficiency C) Every individual, no matter how rich or poor, is faced with making trade-offs. B) the bread that Subway purchases for its sandwiches A) the nominal interest rate plus the inflation rate. b. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. If a German firm produces cars in the United States, that production should count towards These are: A. income, spending and saving. B. Preparation and presentation of Budget for state governments under President's Rule 3. C) investment; consumption Answer: B Use the following diagram to answer questions 36-39: 36. B) relative abundance of labor and capital. An outward shift of a nation's production possibilities frontier can occur due to C) there are not enough jobs for everyone who wants one. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . Economists reason that the optimal decision is to continue any activity up to the point where the. C. marginal revenue Microeconomics focuses on supply and demand . Which of the following is a government expenditure, but is not a government purchase? B) an expansionary; a contractionary A) the value of output in 2015 was around $17.3 trillion. 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 A sharp rise in the price of vegetables. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. C) There will be a decrease in the quantity of labor supplied by households. According to the text, economists consider full employment to occur when A) the price level in 2016 was greater than the price level in the base year. D) The government imposes taxes on those who earn beyond a certain amount of income. Fill in the blanks: (International Balance of Payments accounting) _ Accounts are the transfer of money/wealth that occur between countries but hope to create future revenue. What is Macroeconomics? Have the most political power. Production possibilities curve will shift outward. b. Q. D) decrease the number of persons in the working-age population. a. D) depreciation. If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. (a) 3,6,12,3,6,12, \ldots3,6,12, C) the value of the addition to the capital stock. D) GDP falls by $1,875. D) a decrease in the quantity supplied. B) 2.5% In a free market, production is determined by market forces. A) the free market. B) unemployed b. B) adds 1,000 new cars to inventories. C. The overall economy. FortheYearsEndedDecember31,20Y2and20Y1. although this definition differs from state to state. If your nominal wage rises faster than the price level, we can say your real wage has ________ and the purchasing power of your income has ________ The study of regional economy as whole. A) automatic stabilizers; discretionary fiscal policy A) during a deep recession. A. Microeconomics questions and answers Refer to the following graphs to answer the question below. E) Discouraged workers are counted as unemployed. Because Mike started looking for a new job ______________ D. Are willing to pay the highest price. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. A. trade-off The economy's capital stock declines. The production possibilities curve illustrates which two of the following essential principles? Explain. They are both automatically achieved in a free market economy. C) A state government cuts taxes to help the economy of the state. C. For whom should goods and services be produced? C) do not change; overestimates More teenagers enter the labor force. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). B) government spending and taxes that automatically increase or decrease along with the business cycle. Which of the following is a microeconomics question? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C) Corporate income taxes; excise and other taxes The four basic economic questions are: what goods to produce, how to use resources in the production process, who receives the finished goods and when to produce the goods. 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. C) the ACIF. D) technology. In 2015, the U.S. auto industry experienced rising sales. D) decreases; decreases. C) implementing an unemployment insurance policy Bill Gates does not face scarcity because he is a billionaire Examples of comparative advantage show how trade between two countries can make each better off. B) consumption; investment D) increased business taxes. Real domestic output is at its maximum level. C. Relies on the use of central planning by private firms rather than the government. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. D. The person who has the responsibility to coordinate all the markets in a market economy. Household income B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. iii. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? Profits are always very high and persistent 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 D) lower; lower, Contractionary fiscal policy to prevent real GDP from rising above potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. (b). C) Toby buys a new lawn mower to use in his lawn care business. c. Opportunity costs are zero b. A) a reduction in unemployment. O How will the government's budget deficit be affected by public infrastructure projects? 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,. Chapter 6, P R O B L E M S E T 3 . 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 ________ This means that _______ C. the economy as a whole. How do you go about weighing the alternatives? D) the same whether the tax is collected from the buyer or the seller. C) will lower disposable income and raise spending. A) Yes, the recession will ensure that you will never find a job as a programmer. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. 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? C) The federal government pays out an unemployment insurance claim. If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? D. A movement from the production possibilities curve to a point inside the production possibilities curve. Is very narrow endeavor A. how households and firms make choices. B) ice cream and hot fudge and substitutes. Which of the following is a normative economic statement? Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. A) he lettuce that Subway purchases for its sandwiches A) a demand curve has shifted to the left. C) The purchasing power of your salary remained constant between 2007 and 2016. D. Markets result in an unfair distribution of income. This would C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? The equilibrium wage in a local labor market is $10 per hour. A) automatic stabilizers. Economists have shown that the burden of a tax is b. select the best possible solution. A shift outward of the production possibilities curve. Which one of the following is the objective of fiscal policy? \hline D) simplify some aspect of economic life. D-Positive Fill in the columns for the GDP deflator and for the percent . The "guns versus butter" dilemma that all nations confront is that In a market economy, those who are willing and able to buy what is produced. C) $140. Which of the following is a problem inherent in centrally planned economies? Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? E. consumers and firms choosing which goods and services to buy or produce. the same weight of goods has been imported as were exported. A family's decision about how much income to save. c. functional costs. Is the economy experiencing a decline in the rate of inflation? D. workers deciding to produce only what the boss says must be produced. C) No, the recession will most likely be short-lived and I can get a job after it is over. (a). c. The price of gasoline B) the nominal interest rate minus the inflation rate. A. how households and firms make choices. 60 seconds. There is full employment. You . Step-by-step explanation. B) the firm has an incentive to decrease supply now and increase supply in the future. B. Minimum wage laws cause unemployment because the legal minimum wage is set In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. D. Laissez faire. In the market for lettuce, b. O a. d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics This means. What determines the growth rate of gross domestic product? 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.