Should the government attempt to influence the interest rate to lower inflation? (b). Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. A. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. b. C) No, the recession will most likely be short-lived and I can get a job after it is over. C. An increase in national defense is possible only if we produce more butter. 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. that negatively affect an individuals health and safety, A. 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? A) frictional unemployment Which one of the following is a macroeconomic issue? What are some of the causes of desertification? d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern (a). A) attainable B. how something will be produced; when something will be produced It is an example of the post hoc fallacy D) a contractionary; an expansionary. B) increased income tax rates. Timer Bonus. C. The allocation of resources by market forces. Flow (1) represents: A) wage, rent, interest, and profit income. C) an increase in taxes D) an increase in the labor force. A) the value of the house in 2016 You . The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. D) rises; Marla becomes more productive once she's married. The tax cut would lower the price level in 2014. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. D. a country's population is larger than its resource base. B) The demand curve for inkjet printers shifts to the left. C) by the same amount as B. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. C) the ACIF. D) The minimum wage in Europe is lower than it is in the United States. See Answer. C) not change GDP. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ \end{array} B) some people do not want a job. e. None of the above. Select one: a. a. Key Takeaways. D) decreasing the money supply and increasing interest rates. Why is the economy of India growing? A) 2% Public economics B) Individual income taxes; social insurance taxes This tax is sometimes referred to as C) interest rates; money supply C) gross domestic product of the United States. D. marginal costs This means ______. A. D. Higher opportunity costs induce higher output per unit of input. Th View the full answer If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. The equilibrium wage in a local labor market is $10 per hour. A. 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. Falls victim to "post hoc, ergo propter hoc." Factors of production and price signals. B. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! B) lower government purchases by $200 billion. D) implicit. b. select the best possible solution. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. Which of the following is a macroeconomic question? C) less than 5 times as much as your grandfather in terms of real income. A point on a nation's production possibilities curve represents The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. D) incorporates substitutions by consumers when prices of specific products fall rapidly. The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. d. All of the above A. C. Decreasing opportunity costs will occur with greater automobile production. Which of the following statements is false? B) ice cream and hot fudge and substitutes. D) the unemployment rate consists of only frictional and structural unemployment. A) shift of the demand curve when income changes. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married Which of the following would be classified as fiscal policy? B. A) those that borrow money lose. D) increased business taxes. D) a bridge purchased by the state government. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? A) increase; more B) high unemployment rates do not usually last for very long. C) frictional C. Can a tax cut lead to a government budget surplus? If a minimum wage of $15 per hour is imposed, which of the following will occur? D. Are willing to pay the highest price. A) The demand curve for traditional camera film shifts to the right. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? To learn a way of thinking Inefficient bureaucracy. C) Yvette pays $50 to join a softball league. 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 B) GDP is not affected by Scott's production of the jewelry box. B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. A) take away from GDP. D. A rightward shift of the curve. A) change; overestimates B) 3%. Lower disposable income decreases consumption at every price level. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. A. 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. D) an increase in consumers' taste for coffee. D) the working-age population increased. 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-Positive Maximum combinations of goods and services an economy can produce given its available resources and technology. \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ The production possibilities curve illustrates which two of the following essential principles? All points outside the curve. 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. D. Government intervention. given up when we make a decision is called ____ of that decision D. Scarcity. (d). 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 Is way of analyzing decision-making processes caused by scarcity Go to Memorandum. C) decreases; increases B) total consumption of goods is greater. B) European countries offer higher unemployment benefits than the United States. Raising the income tax decreases the amount of disposable income available to those households. C) do not change; overestimates A) above; surplus c. Will a new type of electronic reader or tablet increase the number of buyers? Expansionary fiscal policy involves b. B) when real GDP is above but close to potential GDP. Which of the following is a positive economic statement? This change will______________ Q: Choose the statement that does not describe Microeconomics. C) there is a decline in the price level. Individual consumers. D) there is a decrease in the expected rate of inflation. He faces scarcity because his resources are unlimited A) less difficult than with monetary policy. B) movement along the demand curve due to a change in relative prices. You know that average prices have risen steadily since 1961. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . D) zero because there is no classroom time involved if you are enrolled in the course. A. Chapter 6, P R O B L E M S E T 3 . D. the government, consumers, and producers D) an increase in oil prices. D) efficient central planning. Explain how these higher income taxes will affect the aggregate demand curve. The Federal Reserve lowered interest rates at its last meeting. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. (B) important rather than trivial issues. A) nondurable goods; durable goods a. The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as The "guns versus butter" dilemma that all nations confront is that A. C) a strong foreign currency exchange rate. Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. Production possibilities curve will shift inward. A) Tuan purchases a cappuccino at the student union. Show more. C) an increase in unemployment insurance payments The conclusion of this statement: B) increases; decreases A) There will be an increase in unemployment. Marla is an architect who is designing a home for Chuck. C. do have an economic problem but are solving it. Please don't take his comments (a) personal, (b) personally. A mixed economy Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. P = $80 In perfect competition, P = AR = D) movement along the demand curve due to a change in purchasing power brought about by the price change. Adam Smith's invisible hand is now called D) the firm will not change supply until it knows for certain what will happen to its price. D. Increasing opportunity costs will occur with greater tank production. Question: Question 21 Which of the following exemplifies a macroeconomic question? B) government spending and taxes that automatically increase or decrease along with the business cycle. D) real GDP in 2016 was greater than real GDP in the base year. How many airlines will be late in one month? For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? D) simplify some aspect of economic life. D) Japan has abundant supplies of natural resources needed to produce automobiles. B) the federal income tax. B. 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. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ Answer: B Use the following diagram to answer questions 36-39: 36. (c). C.. e. As a public safety measure, the state of Texas should not pass legislation that allows people with concealed handgun permits to carry concealed weapons on college campuses, A-Positive According to the text, economists consider full employment to occur when An oligopolistic industry consists of only two firms, Angel& All points on the curve. C. Maintaining a strong level of economic growth. The opportunity cost of taking an on-line history class is B) far less difficult than with monetary policy. A. A) a decrease in the money supply and an increase in the interest rate Explain the pitfall of this statement. D) people do not find jobs instantaneously. b. All of the following are sources of comparative advantage except B) the economy produces only two products. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. B. c. Post hoc, ergo propter hoc The real rate of interest is ______________ Is zero B) the value of the decrease in business inventory stocks. A) during a deep recession. C. decreasing opportunity costs as more and more of one good is produced. B. An outward shift of a nation's production possibilities frontier can occur due to The minimum wage law causes unemployment. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. A. producing more of one good means less of another good can be produced. A. D) increase in quantity demanded; increase in demand. of mental institutions) and ___________ (movement B) frictional unemployment equals zero. The ability to exercise control over one's own resources within the confines of the law refers to C. Greater production of one good requires increasingly larger sacrifices of other goods. C. unlimited resources exceed limited wants. A sharp rise in the price of vegetables. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. (a) Unlimited Wants D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. A. producing more of one good means less of another good can be produced. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. It is an example of the coincidental fallacy A. D. Who gets jobs; what wages do workers earn; and who owns what property? View Answer. Question: Which of the following is an example of a macroeconomic question? A) the cost of additional education is always higher during recession. This situation will most likely coincide with high unemployment. C) consumer surplus is minimized C. Technology is lost. b. Macroeconomics C) there are not enough jobs for everyone who wants one. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? All of these O b. Cutting taxes _______ C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. B) unattainable Which of the following is a macroeconomics question? 1 #7. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. Bureaucratic delays Which of the following is a microeconomics question? In a free market, production is determined by market forces. Unemployment is too high. A) average price levels of goods and services in the economy. If a firm expects that the price of its product will be lower in the future than it is today The best alt. C) shift of the demand curve due to a change in purchasing power brought about by the price change. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. D. it intensified competition. B) German GDP. A. do not have an economic problem. C) lower; higher A) Economic efficiency B. marginal benefit equals the marginal cost. A. producing more of one good means less of another good can be produced. The equilibrium aggregate price level and level of aggregate output occur when. D. Average combinations of goods and services an economy can produce given its available resources and technology. D) The demand curve for traditional camera film shifts to the left. A shift outward of the production possibilities curve. D) 15%. The marginal propensity to consume (MPC . Microeconomics focuses on supply and demand . Households and firms; the economy as a whole, T/F Resources are limited in both wealthy and poor societies, All of the following are criteria frequently applied in judging economic outcomes except, Economics is best defined as the study of, The most common method for graphing the relationship between two variables is by drawing two __________ lines, where the __________ is a horizontal line and the __________ is a vertical line. A) decreased government regulations on businesses. Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? A) U.S. GNP. C. Want the goods and services the most. Suppose in 2016, you purchase a house built in 2003. Profits are always very high and persistent A. gross earnings As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. D) consumer price index. Check your understanding of civil commitment by filling What is Macroeconomics? Electric car enthusiasts want to buy more electric cars at a lower price. Number of employees in the steel industry The three fundamental questions that any economy must address are the person is unable to care for himself or herself, also B) the equilibrium quantity of sailboats increased." B) Japan has abundant supplies of labor. B. C) more difficult than with monetary policy. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? B) increase the measured labor force participation rate. It allows researchers to isolate the effect of one event on another without the influence of outside variables B) a job retraining program A) a law making it illegal to work more than 35 hours per week The invisible hand refers to B) productive efficiency A) technological advancement in the production of electric car batteries. C. Government failure does not exist. Should Congress and the president take action to reduce global warming? 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. Why is the typical person in the United States today more than 10 times richer than the typical person in the United States a century ago? Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring C) a change in the amounts of one good desired. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ A) create jobs. C. economies of scal. C) opportunity Economic growth. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. B) an increase in the unemployment rate
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