C. Opportunity cost. D) there is a decrease in the expected rate of inflation. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? Concept why study macroeconomics 16 which statement The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. A) shift of the demand curve when income changes. Market failure. 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. D) The demand curve will shift to the left. B) productive efficiency Please don't take his comments (a) personal, (b) personally. B) the consumer surplus received from purchasing a given quantity of a product. A) The federal government passes tax cuts to encourage firms to reduce air pollution. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. Which of the following is a microeconomics question? B) a decrease in government purchases D) only change GDP if the development occurs within the borders of the United States. The three fundamental questions that any economy must address are A) below the market wage, causing labor demand to be greater than labor supply. If inflation over the year is 2%, what is the real interest rate you are paying? A) automatic stabilizers; discretionary fiscal policy B) an expansionary; a contractionary C) demographics D) less than 5 times as much as your grandfather in terms of nominal income. a. A. D) producer surplus is minimized. Which of the following is a macroeconomic question? A. What determines C) an autonomous; an induced Total the statement columns, compute net income (loss), and complete work sheet. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? B. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? d. identify possible solutions. b. A. C) below; surplus ________ is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum. Technological advancements have led to lower prices and an increase in the sale of color laser printers. D) both U.S. GNP and German GDP. \hline\\ Simple economies can be described in terms of three major economic flows. Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? 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. If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. Automatic stabilizers refer to A. ________ and ________ are the largest sources of revenue collected by the federal government there is a current account deficit. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. A) an induced; an autonomous Rational cost Suppose that nominal GDP in 2016 was less than real GDP in 2016. B. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. c. Falls victim to "post hoc, ergo propter hoc." B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. B) 2.5% The police were surprised the bank did not take their advice. D. All of the choices are correct. A. public economics. They've told our detectives they have no interest in ever putting in the barriers.". The market mechanism may best be defined as The marginal propensity to consume (MPC . Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. Is way of analyzing decision-making processes caused by scarcity A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. C) ice cream and hot fudge are normal goods. C. do have an economic problem but are solving it. Should you go back to school and get a second major? It allows researchers to isolate the effect of one event on another without the influence of outside variables d. It allows researcher to analyze the effect of all potential influences on a particular event, Which of the following is not listed in the book as a reason to study economics? The unemployment rate for the United States rose to 5 percent in the last quarter. A. (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. A) personal income minus personal taxes. A) an increase in the money supply and a decrease in interest rates Solved Question 21 Which of the following exemplifies a - Chegg c. Opportunity costs are zero D) depreciation. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? ECO 210 Ch.1 Flashcards | Quizlet A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. The economy has gone into a recession. is considered___________ to herself or others, and What is the probability that they all will be late? Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com C) increased income tax rates. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married D) taxes. A) during a deep recession. A. why something will be producedwhat will be produced If a German firm produces cars in the United States, that production should count towards E-Normative, One of the scarce resources that constrain our behavior is time. Rearranging, we get: 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. Which of the following individuals would be most negatively affected by anticipated inflation? C. The allocation of resources by market forces. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. Cadre Management for Indian Economic Services Select one: a. B. a nation's poverty level increases faster than its population. Getting the timing right with fiscal policy is generally _______________ B) the price level in 2016 was less than the price level in the base year. Macroeconomics, 4e (Hubbard/O'Brien) Chapter 1 Economics: Foundations C) frictional 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. Profits are always very high and persistent C. maintain equilibrium in the Balance of Payments. The output of U.S. citizens who work in Canada would be included in the _____________ D) legalized marijuana. Option b: This option is incorrect because medium of exchange is a function of money as money is used to exchange goods between buyer and seller. B) movement along the demand curve due to a change in relative prices. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ D. Economic growth and market failure. b. Which of the following would increase the unemployment rate? Which one of the following is not a key people behind macroeconomics? Capital, as economists use the term, refers to. In this initiative, you can attempt 10 subjective MCQs on a daily basis. a. C. choices; scarce A pair of shoes that costs $80 last month costs $100 this month. P = $80 In perfect competition, P = AR = Your grandfather tells you that he earned $7,000/year in his first job in 1961. B. B. 2. (c). Which of the following is not a macroeconomic question? A. Should the Which of the following is a macroeconomics question? a. How many C) the demand for lawn care service has decreased. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? Number of employees in the steel industry C. A surplus of . B-Postive 3. In the following macroeconomic system, find the parametric [Solved] The following table contains nominal and - SolutionInn D) the level of technology is fixed and unchanging. Sarah is a full-time student who is not looking for work. A) no C) entrepreneurship. Maximum combinations of goods and services an economy can produce given its available resources and technology. B) The supply curve will shift to the right. A. consumers dictating to firms what they need most. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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. Explain how these higher income taxes will affect the aggregate demand curve. C. Want the goods and services the most. A) the free market. C.. Why is the economy of India growing? 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 In a market economy, those who are willing and able to buy what is produced. Which of the following is not a durable good? b. D) a contractionary; an expansionary. A) decreased government regulations on businesses. Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? B) vertical. D) technology. How do you go about allocating your time in a given day among competing alternatives? B. A. of disabled individuals to a less restrictive facility) also C) discretionary monetary policy. Macroeconomics Multiple Choice Questions 1. A. C) Toby buys a new lawn mower to use in his lawn care business. A. how households and firms make choices. Advertisement Advertisement B. the possibility of inefficient production. The income you could have earned Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? What is the current national rate of unemployment? A. how households and firms make choices. A) 2% D) buys U.S. government bonds. (B) important rather than trivial issues. Combinations of goods and services an economy is actually producing. An increase in national defense implies more sacrifices of civilian goods and services. Public economics C) wages are higher. Explanation: Macroeconomics deals with the economy as a whole. D. Jenny's wage rate rose, and in response, she decided to work more hours. A. unlimited wants exceed limited resources. A) automatic stabilizers. Which of the following is a positive economic statement? B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. B) an increase in the unemployment rate Which of the following statements is not true? B) German GDP. It is also the case that reported burglaries increase during the same period. A) Micah purchases a new wrench for his auto repair business. b. Which of the following is a microeconomics question? 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 A. FortheYearsEndedDecember31,20Y2and20Y1. Explain. The economy may be in equilibrium. Should Congress and the president take action to reduce global warming? Solved Which of the following is a macroeconomics question - Chegg In the past two decades the United States lost its comparative advantage in automobiles to Japan. B) European countries offer higher unemployment benefits than the United States. a. The study of national economy as whole. C) GDP is adjusted for changes in crime rates. D) Japan has abundant supplies of natural resources needed to produce automobiles. All of these O b. a. Is very narrow endeavor How does this affect the market for traditional inkjet printers? A. B) a competitive equilibrium is achieved Maximum combinations of goods and services an economy can produce given its available resources and technology. B. net benefit Exercise 01 - bi tp eco - Question 1 (3 points): Given the following A) attainable A) the Pacific Trade Association. C. Maximum combinations of goods and services an economy can produce given unlimited resources. A shift outward of the production possibilities curve. 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 ________. The importance of the ceteris paribus assumption when using models is that: C) GDP deflator Macroeconomics | Economics Quiz - Quizizz A) the price level in 2016 was greater than the price level in the base year. Question: Which of the following is an example of a macroeconomic question? Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. Suppose in 2016, you purchase a house built in 2003. B) continually risen. B) greater on the seller when the tax is collected from the seller. D) GNP plus depreciation. B. stabilize the price level. D. Production of nonmilitary goods will decrease. What are some of the causes of desertification? What determines the salaries of Wall Street executives? Solved Which of the following is an example of a | Chegg.com A) horizontal. D) No, the recession will have no impact on my ability to get a job or my future income. Step-by-step explanation. A. D) The minimum wage in Europe is lower than it is in the United States. Laws and regulations. D) rises; Marla becomes more productive once she's married. A) ice cream and hot fudge are complements. C) decreases; increases C) equity Answer-Consider the following Statements. (i) As part of AtmaNirbhar Which of the following is not a basic decision that all nations must confront? 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? B. marginal benefit equals the marginal cost. B) unemployed Which of the following is an example of spending on goods and services in the circular flow model? A) the supply curve shifted to the left resulting in an increase in the equilibrium price. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? B) made over-the-counter drugs illegal. B) consumption; investment An undesirable combination of goods and services. A) $5. Basic questions of economics - Economics Help 1. C. Can a tax cut lead to a government budget surplus? A) the nominal interest rate plus the inflation rate. What factor was most responsible for the development of Japan's comparative advantage in automobiles? View Answer The key. C) do not change; overestimates B) Individual income taxes; social insurance taxes B. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. Scarce resources and opportunity cost. D) the legally determined maximum price that sellers may charge for a given quantity of a product. To move the economy back to potential GDP, Congress should ______________ B) unattainable C. Levels of production that will cause both unemployment and inflation. C) downward sloping. Start. \end{array} The equilibrium wage in a local labor market is $10 per hour. Which of the following correctly describes the relationship between economic efficiency and economic equity? C. consumers B) automobile D) will raise disposable income and raise spending. To learn a way of thinking C) there has been a downward movement along a demand curve. International economics. D. Works because prices serve as a means of communication between consumers and producers. Because Mike started looking for a new job ______________ 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. A. achieve full employment. Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. D) ceteris paribus. c. It considers part-timers as employed, and hence it is understated. Choices made by people faced with scarcity b. e. variable cost reduction. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? A) There was deflation between 2007 and 2016. Q: Choose the statement that does not describe Microeconomics. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. C) the ACIF. The price of steel declined by 3% last year.