A) The demand curve for traditional camera film shifts to the right. In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. D) below; shortage. B. C. The market mechanism has failed to achieve social efficiency. Micro Economic 100% (2) 176. E. consumers and firms choosing which goods and services to buy or produce. B) the firm has an incentive to decrease supply now and increase supply in the future. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. A. Technological advancements have led to lower prices and an increase in the sale of color laser printers. B) gross national product of Canada. A) increase the measured unemployment rate. C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. Which of the following accurately compares discretionary fiscal D) ceteris paribus. D) all of the above. C) real GDP in 2016 was less than real GDP in the base year. The result is a shift in the aggregate demand curve to the left. c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ Oxford University Press | Online Resource Centre | Multiple choice B. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. ' Insert your responses to the following: Explain Aggregate unemployment . When governments are borrowers in financial capital markets, which of the following is least likely to be a possible source of the funds from a macroeconomic point of view? A. gross earnings The Federal Reserve lowered interest rates at its last meeting. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. 1. Which of the following explains why the unemployment rate could B) greater on the seller when the tax is collected from the seller. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? A) increases; increases a. Which of the following is an example of spending on factors of production in the circular flow model? A. B. A. public economics. C. the economy as a whole. B) taxes; the money supply A. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! The economy experiences government failure. B) made over-the-counter drugs illegal. Bill Gates does not face scarcity because he is a billionaire Which of the following is included in both the U.S. GDP and U.S. GNP? Is zero B) ice cream and hot fudge and substitutes. B) GDP is not affected by Scott's production of the jewelry box. Preparation and presentation of Union Budget 2. If inflation over the year is 2%, what is the real interest rate you are paying? This would Administrativeexpenses. Totaloperatingexpenses Incomefromoperations. Otherincome.. Incomebeforeincometax.. Incometaxexpense.. Netincome. David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Intro to Microeconomics (First Exam) (Chapter, Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. C) The quantity of inkjet printers demanded increases. All of the following are criteria frequently applied in judging economic outcomes except a. A. negative because it may improve your grade. Advertisement Advertisement D) only change GDP if the development occurs within the borders of the United States. C) goods and services. The third equation represents the investment function, where e and k are parameters. D) upward sloping. A. C) The demand curve will shift to the right. O a False O b. d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics B. C) disposable personal income plus depreciation plus personal taxes. They are both automatically achieved in a free market economy. B) Laurence rents a car to drive to a wedding in San Diego. The study of regional economy as whole. d. identify possible solutions. Opportunity cost B) increasing taxes or decreasing government purchases. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? b. Which of the following is a macroeconomics question? a. How many d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. A) increase; more Based on this evidence, Tecumseh has experienced B) an increase in the number of manufacturers of electric cars. C. The process by which the production possibilities curve shifts inward. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. Which of the following is a macroeconomics question? In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. An undesirable combination of goods and services. C. lawmakers in the government voting on what will be produced. Scarce resources and opportunity cost. C) more difficult than with monetary policy. C) investment; consumption b. consumers D. What factors determine the price of electronic cigarettes? E. consumers and producers. A) at prices that violate government price regulations. e. None of the above. Maximum combinations of goods and services an economy can produce given its available resources and technology. C. There is often a tradeoff between the two. Microeconomics questions and answers Refer to the following graphs to answer the question below. D. People should not buy imported fruits and vegetables. Solved Which of the following is an example of a | Chegg.com Macroeconomics is a branch of economics that depicts a substantial picture. A) welfare benefits A) the price of sailboats increased and the demand for sailboats decreased." Given the following data, what is money creating potential in this C) frictional a. The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill A. producing more of one good means less of another good can be produced. Micro Economic 100% (3) 6. C) will lower disposable income and raise spending. D) the level of technology is fixed and unchanging. C) Yvette pays $50 to join a softball league. C) the ACIF. D) technology. Deadweight loss refers to A) higher; higher a. Lower disposable income decreases consumption at every price level. b. A. A) inflation. D. Government failure. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. d. Congress extends the maximum duration for the collection of unemployment benefits from 26-52 weeks, T/F The collection and use of data to test economic theory is called empirical economics, To analyze the relationship between two variables while holding the values of other variables unchanged is a device known as The income you could have earned It is also the case that reported burglaries increase during the same period. A lassiez faire approach will reduce the level of pollution. B) GDP minus depreciation. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . Compose a sentence using the following word. D. A movement from the production possibilities curve to a point inside the production possibilities curve. . C) the ups and downs in inflation. Question 20. True 3Government fixes the floor and ceiling . C) a 12-inch Subway sandwich purchased by a student d. Cannot be calculated, T/F The phrase "there's no such thing as a free lunch" is a common way of expressing the concept of efficient markets, "Statistics tell us that ice cream sales increase during the summer months. Difference Between Microeconomics & Macroeconomics - BYJUS D) legalized marijuana. Marla is an architect who is designing a home for Chuck. A ________ can change over time or across observations. D) an increase in the labor force. B) add to GDP. D) Your father buys a new John Deere riding lawn mower. b. Macroeconomics What kind of unemployment is Sarah experiencing? To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). Economists have shown that the burden of a tax is D. Scarcity. Maximum combinations of goods and services an economy can produce given its available resources and technology. Unemployment is too high. D) an increase in the price of gasoline. A. Examples of comparative advantage show how trade between two countries can make each better off. B) decrease the measured labor force participation rate. How should we produce goods and services? D. The government is allocating resources inefficiently. It does not consider discouraged workers, and hence it is understated. A) the money supply and interest rates that automatically increase or decrease along with the business cycle. B) The supply curve will shift to the right. d. sensitivity analysis. Micro midterm chapter 1 Flashcards | Quizlet D) Brazil's GNP. C) do not change; overestimates The key factors of microeconomics are as follows: Demand, supply, and equilibrium Production theory Costs of production Labour economics Examples: Individual demand, and price of a product. A) automatic stabilizers. A) technological advancement in the production of electric car batteries. B. B) The tax cut would increase consumption spending more than would a permanent tax cut. c. determine the objective. Which of the following is a macroeconomics question? Grossprofit.Sellingexpenses..Administrativeexpenses.TotaloperatingexpensesIncomefromoperations.Otherincome..Incomebeforeincometax..Incometaxexpense..Netincome.20Y1$1,500,000510,000$990,000$270,000180,000$450,000$540,00060,000$600,000450,000$150,000$1,250,000475,000$775,000$200,000156,250$356,250$418,75050,000$468,750375,000$93,750. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls b. C) 1.5% C) decrease oil prices. Solved Which of the following is a macroeconomic question? | Chegg.com Solved which of the following is NOT a macroeconomic | Chegg.com C) increasing the money supply and decreasing interest rates. i. A. According to the text, economists consider full employment to occur when Rational cost Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com A. why something will be producedwhat will be produced A) There was deflation between 2007 and 2016. C. Decreasing opportunity costs will occur with greater automobile production. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. Number of employees in the steel industry A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. Macroeconomic Policy and Poverty Reduction - International Monetary Fund A) Micah purchases a new wrench for his auto repair business. C) ensure safe imports. Suppose in 2016, you purchase a house built in 2003. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A Have the most political power. A) The federal government passes tax cuts to encourage firms to reduce air pollution. 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. B) German GDP. C. Relies on the use of central planning by private firms rather than the government. Will a cut in the interest rate increase Canadian output? This month, the company supplied the same quantity of binders at $4 per unit. B) The federal government pays the salary of an FBI agent. B. Equity What is the current national rate of unemployment? 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 A) decreased government regulations on businesses. Q. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? C) the price of sailboats increased and the quantity of sailboats demanded decreased." A) lower government purchases by an amount less than $200 billion. D. Economic growth and market failure. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. Basic questions of economics - Economics Help A technological advance would best be represented by B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. C) an increase in the quantity supplied. C) the value of all cars produced by Toyota in the United States Solve the Following Short-Essay Questions: Define demand. A) some cyclical unemployment always exists. B) the value of the decrease in business inventory stocks. Raising the income tax decreases the amount of disposable income available to those households. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. Which of the following is the best example of land? 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 a. the government The following macroeconomic projected return models =. A) The supply curve will shift to the left. B. Voluntary exchange C. how to make money in the stock market. E) Discouraged workers are counted as unemployed. d. It does not consider those who were laid off due to . As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises d. A. A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. It is an example of the post hoc fallacy D) quantity of Dell employees. C) There will be a decrease in the quantity of labor supplied by households. D) decreases; decreases. Writing Period 50 minutes . A) decrease the required reserve ratio. A) urniture Which of the following is an example of government failure? C) legalized prostitution. The police were surprised the bank did not take their advice. B. A. do not have an economic problem. C. when something will be produced; why something will be produced View Answer. of disabled individuals to a less restrictive facility) also Suppose a drought resulted in a major reduction in the California lettuce crop. \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ A) increase in demand; decrease in demand C) implementing an unemployment insurance policy C. Government failure does not exist. A) there is a sustained increase in the price level. D) producer surplus is minimized. The money-creating potential in the banking system in the given case is computed as follows: A) greater on the buyer when the tax is collected from the buyer. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. B) fallen; risen 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 The use of market signals and government directives to select economic outcomes. D) the value of all cars produced by Nissan in Japan and the United States. C) a change in the amounts of one good desired. A shortage of maths teachers. 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. 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. D) GDP is adjusted for increases in drug addiction. If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. (D) the economy as a whole. Question: Which of the following is macroeconomic issue ? - Mcqs Clouds Adam Smith's invisible hand is now called B) Canada's GDP. D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. C) the value of the addition to the capital stock. Is very narrow endeavor The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. C) Discouraged workers are not counted as unemployed. Which of the following is not a factor of production? Ford Which of the following is a positive macroeconomic statement: a. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. D) seasonal unemployment, Structural unemployment is the result of ____________ 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. What factor was most responsible for the development of Japan's comparative advantage in automobiles? b. B) structural Q. E. consumers and firms choosing which goods and services to buy or produce. B) discretionary fiscal policy; automatic stabilizers Economics involves allocating resources to meet peoples' needs and desires for goods and services. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. A) a reduction in unemployment. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. C) complete C. Want the goods and services the most. B) the bread that Subway purchases for its sandwiches Productive efficiency The market mechanism at work. Historically, there have been three basic types of economic system: traditional, command, and market. Go to Memorandum. \hline A) change; overestimates b. select the best possible solution. ECO 210 Ch.1 Flashcards | Quizlet A black market is a market where buying and selling take place You earn $35,000/year in your first job in 2016. As a result, GDP ________ because ________. 3. The following questions relate to long-run macroeconomic A) the firm has an incentive to increase supply now and decrease supply in the future. It focuses on areas like inflation, economic growth rate, price levels of various goods and services, gross domestic product (GDP), national income and the unemployment rate in a particular country.