Determine the following. C. decreasing opportunity costs as more and more of one good is produced. C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor. 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. Works because prices serve as a means of communication between consumers and producers. Solved Which of the following is an illustration of a | Chegg.com E) Discouraged workers are counted as unemployed. B) portray reality in all its minute details. According to a deputy commissioner of police, "Commerce does very little of what we recommend. A. D) increase all of the monetary flows. B. C) there is a decline in the price level. View Answer. the person is unable to care for himself or herself, also An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. C) productively efficient Explain. Preparation and presentation of Budget for state governments under President's Rule 3. Given this information, we know for certain that ________ Which of the following is a microeconomics question? Is zero B) -3.5% A. do not have an economic problem. Which of the following is a positive economic statement? e. variable cost reduction. Concept why study macroeconomics 16 which statement D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. The automobile industry was experiencing the effects of _______ Macroeconomics is a branch of economics that depicts a substantial picture. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? Number of employees in the steel industry D. some people live better than others do. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. Rearranging, we get: A) lower government purchases by an amount less than $200 billion. C) consumer surplus is minimized C) by the same amount as A. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? The minimum wage law causes unemployment. You . Math is a way of solving problems by using numbers and equations. B) The quantity of traditional camera film demanded decreases. Que11. Microeconomics answers - Math Methods A) U.S. GDP. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. A) The demand curve for inkjet printers shifts to the right. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. A) some cyclical unemployment always exists. in the blanks. D) refrigerator. D) on foreign soil. C) discretionary monetary policy. A) Individual income taxes; corporate income taxes B) The federal government pays the salary of an FBI agent. B) the firm has an incentive to decrease supply now and increase supply in the future. Which of the following is a microeconomic question? a. What are the D) all of the above are true. B) discretionary fiscal policy. Chapter 6, P R O B L E M S E T 3 . A) he lettuce that Subway purchases for its sandwiches B. A) employed It is also the case that reported burglaries increase during the same period. Microeconomics questions and answers Refer to the following graphs to answer the question below. C) Yvette pays $50 to join a softball league. D. Are willing to pay the highest price. 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? A) gross domestic product of Canada. b. C. Maintaining a strong level of economic growth. b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. Buyers will bear the entire burden of a unit tax if the demand curve for a product is D) allocatively efficient. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. a. Given that, the question "According to the Bureau of Economic Analysis, what has been the average annual level of inflation (as measured by the GDP Deflator) over the past 10 years?" D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ D) total welfare is greater. There is full employment. D) legalized marijuana. A) total employment is greater. A) the value of output in 2015 was around $17.3 trillion. B. Which of the following is a macroeconomics question? Therefore, exercising daily causes people to eat kale. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. B. stabilize the price level. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. A) increase in demand; decrease in demand C. do have an economic problem but are solving it. C) an increase in unemployment insurance payments C. how to make money in the stock market. Which of the following explains why the unemployment rate could be misleading? C. The market mechanism has failed to achieve social efficiency. B. B) price charged for laptop computers by Dell. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. E) 9.5%. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married A pair of shoes that costs $80 last month costs $100 this month. B) partial C) risen; risen Which of the following is a positive economic statement? there is a current account surplus. A) $5. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). The market mechanism. a. the same weight of goods has been imported as were exported. there is a current account deficit. C) opportunity 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. D) both U.S. GNP and German GDP. C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. O a False O b. Macroeconomics _ECON 202_ 2022 rev (1).docx C) the business cycle. For schedule, refer to the archive link given below. D) real GDP in 2016 was greater than real GDP in the base year. B) total income in 2015 was around $17.3 trillion. A) everyone who wants a job has a job. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. A) Micah purchases a new wrench for his auto repair business. C. Theme park construction. Scarce resources and opportunity cost. A. During a business cycle expansion, total production ________ and total employment ________. c. Marginal cost D) Excise and other taxes; individual income taxes. B. producers deciding what society wants most. B. D) The demand curve will shift to the left. D) a demand curve has shifted to the right. A. D) increase in quantity demanded; increase in demand. b. 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 C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. C) the demand for lawn care service has decreased. Which one of the following is a macroeconomic issue? B) more than 5 times as much as your grandfather in terms of real income. C) implementing an unemployment insurance policy If inflation is positive and is perfectly anticipated ____________ FortheYearsEndedDecember31,20Y2and20Y1. To reduce the bias in the consumer price index, the Bureau of Labor Statistics A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. The economy's capital stock declines. Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. The opportunity cost of studying for an economics test is 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 c. Is one-half cost of the game, as this is the second time you have played it D. constant opportunity costs as more and more of one good is produced. Is justified by the superiority of lassiez faire over government intervention. D) a slowdown in the economy. B. how to make money in a market economy. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. A) higher; higher What is the current national rate of unemployment? Which of the following is not a function of money? Group of A) taxes; interest rates By how much and in what direction does GDP change as a result of his efforts? B) frictional unemployment equals zero. B) made over-the-counter drugs illegal. B. This change will______________ D. the choices people make to attain their goals, given their scarce resources. The output of U.S. citizens who work in Canada would be included in the _____________ A) decrease the required reserve ratio. The economy has gone into a recession. D. All of the choices are correct. Ch. 1 Microeconomics Homework Flashcards | Quizlet The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as 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 A) deadweight loss is maximized He hasn't looked for a job in the last three months, but he's just started looking for work again. D. give more money to the government to solve its problems. b. C) frictional See Answer. A) allocative efficiency D) seasonal unemployment, Structural unemployment is the result of ____________ O a. D) Brazil's GNP. 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 ________ Reading Period 10 minutes . Microeconomics is concerned with issues such as He is willing to pay $200 for the dozen fish, but buys them for a total of $140. B) unattainable In a market economy, the people who receive the goods and services that are produced are those who ________ and ________ are the largest sources of revenue collected by the federal government A) increase; more Which of the following is not a durable good? The market mechanism may best be defined as A) decreased government regulations on businesses. D. macroeconomics. Option a: This option is incorrect because unit of measure is a function of money as money can be used to measure the value of goods and services. A) the knowledge and enjoyment you receive from taking the class. A) by less than 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? What goods and services to producehow will these goods and services be produced; and who receives them? 1. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not B. C) shift of the demand curve due to a change in purchasing power brought about by the price change. A) inflation A) increases; increases A) the value of worn-out equipment, machinery, and buildings. How were consumption and investment affected . Compared to their pre-trade positions, trade makes both countries better off because in each country From an initial long-run equilibrium, if aggregate demand grows faster than long-run and short-run aggregate supply, then Congress and the president would most likely ________ Which of the following would be the best measure of the cost of living? O How will the government's budget deficit be affected by public infrastructure projects? Timer Bonus. Laws and regulations. B) the underground economy. Which of the following statements about positive economic analysis is true? 3. In the following macroeconomic system, find the parametric The following macroeconomic projected return models =. C. Optimal marginalism d. The demand for bottled water by individuals. The income effect of a price change results in a _________ In a market economy, who decides what goods and services will be produced? b. A. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase A) fallen; fallen C. A movement from inside the production possibilities curve to a point on the production possibilities curve. It considers discouraged workers, and hence it is overstated. A. income; available c. Post hoc, ergo propter hoc B. A. negative because it may improve your grade. ii. 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 Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? Which of the following would be included in the gross domestic product for 2016? Explanation: Macroeconomics deals with the economy as a whole. B) structural B) a decrease in government purchases d. All of the above C) $140. A. D. Jenny's wage rate rose, and in response, she decided to work more hours. The marginal propensity to consume (MPC . B) a job retraining program The production possibilities frontier model assumes all of the following except____________ C. An increase in national defense is possible only if we produce more butter. B. net benefit 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 You are investigating the punctuality of the airlines in Asia. True 3Government fixes the floor and ceiling . Which of the following best describes an assumption economists make about human behavior? b. D. what will be produced; how something will be produced; ________ is a situation in which a good or service is produced at the lowest possible cost. B) Yes, the recession will lower income in my field permanently. B) explicit The market mechanism. The income you could have earned Greater production means factor prices rise. C. income, saving and . C) total spending in 2015 was around $17.3 trillion. A) There was deflation between 2007 and 2016. A) average price levels of goods and services in the economy. = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. C) will lower disposable income and raise spending. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? answer choices. B) There will be an increase in the quantity of labor demanded by firms. Automatic stabilizers refer to A. You earn $35,000/year in your first job in 2016. How should we produce goods and services? C) The quantity of inkjet printers demanded increases. 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,. c. Will a new type of electronic reader or tablet increase the number of buyers? Solve the Following Short-Essay Questions: Define demand. The doctrine of lassiez faire is based on the belief that It allows researchers to isolate the effect of one event on another without the influence of outside variables The ability to exercise control over one's own resources within the confines of the law refers to D) The federal government cuts taxes to stimulate the economy. B) the nominal interest rate minus the inflation rate. A. producing more of one good means less of another good can be produced. E) the cost of tuition and fees only. A) automatic stabilizers; discretionary fiscal policy Question 20. (b) the level of aggregate demand determines production, employment,. C) decrease oil prices. C) the value of the house in 2016 minus depreciation A) a law making it illegal to work more than 35 hours per week B. The invisible hand at work. B. decisions; household Which of the following transactions represents the purchase of a final good? A) the Pacific Trade Association. D) zero because there is no classroom time involved if you are enrolled in the course. Expansionary fiscal policy involves known as ___________ Mental illness is a(n)___________ concept, typically Public economics C) the value of the addition to the capital stock. D) an increase in the price of gasoline. A shortage of maths teachers. A) real GDP 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 Keynesian Economics Questions and Answers - Study.com Commits the fallacy of composition B) higher; lower [Solved] The following table contains nominal and - SolutionInn D) GDP falls by $1,875. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. Multiple Choice Quiz - Oxford University Press C) wages are higher. A) the Income Security Tax. C. The government should subsidize solar power for homeowners. C. Government failure does not exist. B) relative abundance of labor and capital. The phrase "demand has increased" means that ___________ You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. D) $200. B) increase in demand; increase in quantity demanded 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 Getting the timing right with fiscal policy is generally _______________ C) an increase in the quantity supplied. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ A. This problem has been solved! A. trade-off Works through central planning by government. B. Government failure. In a free market, production is determined by market forces. b. Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who have become more health conscious and wish to monitor various health conditions. B) the number of lawn care service companies has increased. Exercise 01 - bi tp eco - Question 1 (3 points): Given the following Choose the correct option. A. consumers dictating to firms what they need most. A) no B) the value of the time spent on line. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises A. D) Unlike positive economic analysis, normative economic analysis can be tested. The study of regional economy as whole. A. supply and demand. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. Should we have economic growth? Profitability b. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. Poorly timed discretionary policy can do more harm than good. B) increase; less C. the tendency of many economic variables to move together in a predictable way over the business cycle. B) an increase in supply. a. Ockham's razor 3. The following questions relate to long-run macroeconomic A) technological advancement in the production of electric car batteries. Which of the following would reduce the labor force participation rate, all else equal? If market signals result in pollution beyond the optimal level, then Which of the following is included in both the U.S. GDP and U.S. GNP? A ________ can change over time or across observations. B. microeconomics. He faces scarcity because his resources are unlimited C) decreases; increases View Answer The key. B) GDP is not affected by Scott's production of the jewelry box. Which of the following individuals would be most negatively affected by anticipated inflation? Factors of production and price signals. D) incorporates substitutions by consumers when prices of specific products fall rapidly. ___________ (movement of disabled individuals out You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C) more difficult than with monetary policy. D. None of these choices are correct. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} An outward shift of a nation's production possibilities frontier can occur due to D) the nominal interest rate. D) rises; Marla becomes more productive once she's married. C. Lassiez faire price policies. B. a nation's poverty level increases faster than its population. A. [Identify the impact of your changes to the income and corporate tax rates. Government agencies. A sharp rise in the price of vegetables. B. A) income B) one's property rights. A) Anytime you have to decide which action to take you are facing an economic trade-off. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. B) a competitive equilibrium is achieved All of the following are criteria frequently applied in judging economic outcomes except a. D) a decrease in the quantity supplied. The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. B) The demand curve for inkjet printers shifts to the left. Which of the following would be classified as fiscal policy? Compose a sentence using the following word. 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? C. All points inside the curve. meaning severe emotional or thought disturbances _____a. Ask an Expert. How can a firm maximize profits, given the state of the economy? The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. A. unlimited wants exceed limited resources. Que10. Three Economic Questions: What, How, For Whom? | Encyclopedia.com