which of the following would be a macroeconomic question?

A) Individual income taxes; corporate income taxes Which of the following statements is false? Economic growth. C) incorporates substitutions by consumers when prices of specific products rise rapidly. These are: A. income, spending and saving. Micro midterm chapter 1 Flashcards | Quizlet "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. D) refrigerator. Which of the following is an example of a "how much" decision? Question: Question 21 Which of the following exemplifies a macroeconomic question? C) Every individual, no matter how rich or poor, is faced with making trade-offs. Historically, there have been three basic types of economic system: traditional, command, and market. Economics is concerned with prices and quantities of goods and services, both at the individual. A. Full employment is not considered to be zero unemployment, because B. B) updates the market basket every 10 years, rather than every two years. (c). D) The government imposes taxes on those who earn beyond a certain amount of income. b. D) decreasing the money supply and increasing interest rates. C) the economic surplus received from purchasing a given quantity of a product. He faces scarcity because his resources are unlimited Use the following (partial) chart of accountsaccount numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). Is very narrow endeavor What kind of unemployment is Sarah experiencing? A pair of shoes that costs $80 last month costs $100 this month. B. D) unemployed persons falsely report themselves to be actively looking for a job. First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. The increase in the amount that the government collects in taxes when the economy expands and the decrease in the amount that the government collects in taxes when the economy goes into a recession is an example of A tax is imposed on employers and workers that are used to fund Social Security and Medicare. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. B) German GDP. in the blanks. The impact of crowding out may be the least _____________ What factor was most responsible for the development of Japan's comparative advantage in automobiles? C) there has been a downward movement along a demand curve. C) Consumer surplus measures the net benefit from participating in a market. A. Expansionary fiscal policy involves Examples of comparative advantage show how trade between two countries can make each better off. The economy has gone into a recession. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? A) the willingness of consumers to purchase a product at different prices. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. B) Why hasn't the federal government raised the minimum wage? Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. Buyers will bear the entire burden of a unit tax if the demand curve for a product is D. None of these choices are correct. A. D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called Question 01. D. the choices people make to attain their goals, given their scarce resources. 1. Maximum combinations of goods and services an economy can produce given its available resources and technology. Opportunity cost a. A) the price level in 2016 was greater than the price level in the base year. Macroeconomics _ECON 202_ 2022 rev (1).docx 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 C) a change in the amounts of one good desired. The invisible hand at work. C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. d. The "richest man in the world" does not face scarcity because he has more money than others, Indicate whether the following statements are examples of positive economic analysis or normative economic analysis A. (D) the economy as a whole. (a) 3,6,12,3,6,12, \ldots3,6,12, What is the probability that they all will be late? What were the macroeconomic principles or models that influenced your decision making?] An undesirable combination of goods and services. C) make economic ideas explicit and concrete for use by decision makers. D. marginal costs D) the payroll tax. A) $5. A) The supply curve will shift to the left. E) raise taxes by an amount more than $200 billion. B) teachers' salaries paid by a local government B) a union contractor whose pay is adjusted based on changes in the CPI A) taxes; interest rates D) the Western Trade Union. B) greater on the seller when the tax is collected from the seller. -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? It is an example of the post hoc fallacy 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. A. A) at prices that violate government price regulations. D) the decline in the value of the stock market, net of dividends. C) opportunity b. b. The economy may be in equilibrium. An oligopolistic industry consists of only two firms, Angel& B. not everyone can have enough goods to survive. C. Should the government prevent the merger of two large firms? D) a contractionary; an expansionary. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. B) GDP is not adjusted for pollution. A) Anytime you have to decide which action to take you are facing an economic trade-off. D) an increase in consumers' taste for coffee. A. How do you go about weighing the alternatives? A. producing more of one good means less of another good can be produced. Which of the following is the best example of land? D) All of the above will occur. d. The unemployment rate, Does the "richest man in the world" face scarcity, or does scarcity only affect those with more limited incomes and lower net worth? The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. C) increased income tax rates. Three Economic Questions: What, How, For Whom? | Encyclopedia.com given up when we make a decision is called ____ of that decision d. Dollar cost, T/F The process of analyzing the additional costs or benefits which arise from a decision is known as marginalism, You own the video game Grand Theft Auto V. The opportunity cost of playing this game for the second time Question 1 Multiple Choice Which of the following does macroeconomics meaning severe emotional or thought disturbances B) discretionary fiscal policy. E. consumers and producers. MCQs on Introduction to Macroeconomics - BYJUS C) a decrease in the unemployment rate b. The use of market signals and government directives to select economic outcomes. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ there is a capital account surplus. B. A) the value of all cars produced by General Motors in the United States B) the value of the house in 2003 Which field of economics deals primarily with the problems faced by low-income countries? To reduce the bias in the consumer price index, the Bureau of Labor Statistics A. Why is the economy of India growing? D) Lily purchases a new massage table for use in her therapy center. b. a. To find the parametric solutions for the predicted GDP (Y) and the predicted investment (I), we can substitute the second equation into the first equation: Y = a + b (Y - T0) + e + kY + G0. Technological advancements have led to lower prices and an increase in the sale of color laser printers. B) when real GDP is above but close to potential GDP. B) a decrease in government purchases B. B. stabilize the price level. \end{array} P = $80 In perfect competition, P = AR = D) do not change; underestimates. Which of the following is not a macroeconomic question? A. Should the C) ensure safe imports. A) 2% C) GDP is adjusted for changes in crime rates. B) the nominal interest rate minus the inflation rate. Writing Period 50 minutes . C) Yvette pays $50 to join a softball league. C) the demand for lawn care service has decreased. D. A movement from the production possibilities curve to a point inside the production possibilities curve. a. The minimum wage law causes unemployment. A mixed economy D) the legally determined maximum price that sellers may charge for a given quantity of a product. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). B. a. margin of safety. Profitability b. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. How does the increasing use of digital cameras affect the market for traditional camera film? Math is a way of solving problems by using numbers and equations. Which of the following is a macroeconomic question? A. What determines These firms are reacting to which of the three key economic ideas? A. public economics. MACROECON CH 1 Flashcards | Quizlet B) increased income tax rates. Answered: Which of the following is a | bartleby A) Governments interfere with the market mechanism to influence the allocation of goods and services. The economy's capital stock declines. B. Annes Newton- macro economics quiz 2 - Annes Newton - G00378073- ECON D. a country's population is larger than its resource base. B) above; shortage D) efficient central planning. The equilibrium wage in a local labor market is $10 per hour. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. B) unattainable A) fallen; fallen Bill Gates does not face scarcity because he is a billionaire B. the global economy. C. The overall economy. Capital, as economists use the term, refers to. Micro Economic 100% (2) 176. Preparation and presentation of Union Budget 2. c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 A) urniture Answered: Which of the following macroeconomic | bartleby The three fundamental questions that any economy must address are B) taxes; the money supply C. Maintaining a strong level of economic growth. The invisible hand refers to D) GNP plus depreciation. A. b. Which of the following correctly describes the relationship between economic efficiency and economic equity? Marco's consumer surplus from the purchase is D) a slowdown in the economy. If the BLS counted persons that are on active military service in the totals for employment, the labor force, or the working-age population, this would _______________ C) by the same amount as The use of market prices and sales to signal desired output. B) The supply curve will shift to the right. D) an increase in oil prices. One can conclude that A) the firm has an incentive to increase supply now and decrease supply in the future. Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia See Answer. Therefore, exercising daily causes people to eat kale. D. Government intervention. 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. You have majored in computer science and, because of the recession, have difficulty in finding a job. A. D) the working-age population increased. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? C. The market mechanism has failed to achieve social efficiency. that negatively affect an individuals health and safety, A. b. select the best possible solution. C) the business cycle. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. B) the value of the time spent on line. B) total income in 2015 was around $17.3 trillion. D. Are willing to pay the highest price. B) add to GDP. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. Is zero D) the level of technology is fixed and unchanging. Question: Which of the following is an example of a macroeconomic question? Economists reason that the optimal decision is to continue any activity up to the point where the. Which one of the following is not a key people behind macroeconomics? Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! A) the value of worn-out equipment, machinery, and buildings. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. To learn a way of thinking Ch. 1 Microeconomics Homework Flashcards | Quizlet D) all of the above. b. C) shift of the demand curve due to a change in purchasing power brought about by the price change. B) movement along the demand curve due to a change in relative prices. B. Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. 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. b. The best alt. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. B) Japan has abundant supplies of labor. d. It does not consider those who were laid off due to . Microeconomics answers - Math Methods of disabled individuals to a less restrictive facility) also Difference Between Microeconomics & Macroeconomics - BYJUS Increasing the federal tax on gasoline would cause shipping costs in the United States to increase C. The government should subsidize solar power for homeowners. B) real GDP per person iii. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods. Macroeconomics Questions and Answers | Homework.Study.com B) $60. D) Producer surplus measures the total benefit received by producers from participating in a market. B) frictional unemployment equals zero. O a. Please don't take his comments (a) personal, (b) personally. c. Is it sensible for a government to subsidize tobacco production? D) producer surplus is minimized. d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. 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. b. unit contribution margin. A. c. Focuses on how a business should function A) a retired railroad engineer who receives a fixed income payment every month FortheYearsEndedDecember31,20Y2and20Y1. The exports are equal to import. C) The demand curve will shift to the right. B) those that lend money lose. D) a demand curve has shifted to the right. (d). All of the following are sources of comparative advantage except A) increase. The level of inflation in the economy. Where in Oceania are outrigger canoes used? Should Congress and the president take action to reduce global warming? A) the Pacific Trade Association. a. It does not consider discouraged workers, and hence it is understated. More teenagers enter the labor force. Public economics C) the value of all cars produced by Toyota in the United States Getting the timing right with fiscal policy is generally _______________ An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. Oxford University Press | Online Resource Centre | Multiple choice B. Should you go back to school and get a second major? B) The demand curve for inkjet printers shifts to the left. B) an increase in supply. Determine the following. b. A production possibilities curve indicates the B. Utilizes both market and non market signals to allocate goods and services. C) the ACIF. c. functional costs. is a corporation unresponsive to the demands of its customers? D) will raise disposable income and raise spending. A. C) 3% You know that average prices have risen steadily since 1961. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ b. Caveat emptor Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA It is the field of economics that studies the behavior of the entire economy. . The following macroeconomic projected return models =. D. workers deciding to produce only what the boss says must be produced. B) there has been an upward movement along a demand curve. Question: Which of the following is an illustration of a macroeconomic question? C. The allocation of resources by market forces. Government failure. 1) Economic models do all of the following except A) answer economic questions. B) lower government purchases by $200 billion. Classify the following topics as relating to microeconomics or macroeconomics. E. consumers and firms choosing which goods and services to buy or produce. D) an increase in the labor force. B) discretionary fiscal policy; automatic stabilizers 1. D. The government is allocating resources inefficiently. Combinations of production that are unattainable, given current technology and resources. It is an example of the coincidental fallacy B. As a result, GDP ________ because ________. D. constant opportunity costs as more and more of one good is produced. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. Macroeconomic Questions Flashcards | Quizlet A. how households and firms make choices. D. Competition, Consider the following economic agents: Because Mike started looking for a new job ______________ B) automobile Which of the following would reduce the labor force participation rate, all else equal? 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,. This means ______. C. Market success. C. The money you spent on tuition for the class. a. Microeconomics Macroeconomics MCQ: Multiple Choice Questions B) unemployed Solved Which of the following is an example of a | Chegg.com The tuition you pay C) equity In cities with rent control, people have an incentive to list their apartments on sites such as Airbnb at rents ________ the controlled rates, because rent control causes a ________ of apartments. C) total spending in 2015 was around $17.3 trillion. The equilibrium aggregate price level and level of aggregate output occur when. A ________ can change over time or across observations. Explain how these higher income taxes will affect the aggregate demand curve. B) The tax cut would increase consumption spending more than would a permanent tax cut. D) the unemployment rate consists of only frictional and structural unemployment. Macroeconomic Policy and Poverty Reduction - International Monetary Fund According to the text, economists consider full employment to occur when C) gross domestic product of the United States. Which of the following is a positive macroeconomic statement: a. A. B. a. D) They are included only if they are imported, Which of the following are not considered part of government purchases? Real domestic output is at its maximum level. C. How is the production quantity of snowboards determined? D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. B. D. Laissez faire. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. Microeconomics is the study of 1. D) discretionary fiscal policy; conscious fiscal policy. ; D. what will be produced; how something will be produced. Which of the following is a problem inherent in centrally planned economies? A) higher; higher You earn $35,000/year in your first job in 2016. All of the following events would have this effect except Which of the following individuals would be most negatively affected by anticipated inflation? D) taxes. B) more than 5 times as much as your grandfather in terms of real income. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. ECO111 Quizz 01 FALL 2021. Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. Prelims Marathon - Economic Survey - February 28th - 2023. A point on a nation's production possibilities curve represents d. The cost of the food that you consume while attending college, T/F The price is increasing as quantity increases, the slope of the line representing different prices and their corresponding quantities will be positive, The study of economics A) the supply curve shifted to the left resulting in an increase in the equilibrium price. The production possibilities frontier model assumes all of the following except____________ the person is unable to care for himself or herself, also A shift inward of the production possibilities curve. Is the value of the alternative use of the time you spend of playing this game Advertisement Advertisement The unemployment rate for the United States rose to 5 percent in the last quarter. B) There will be an increase in the quantity of labor demanded by firms. Refer to the above diagram. c. What were some of the reasons that the Egyptian government built the Aswan High Dam? Marla is an architect who is designing a home for Chuck. Factors of production and price signals. Which of the following explains why the unemployment rate could be misleading? C) The purchasing power of your salary remained constant between 2007 and 2016. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? Every society faces economic tradeoffs. C) there is a decline in the price level. 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? Which of the following would increase the unemployment rate? The term economic system refers to the way in which a society organizes the production and distribution of good and services. The demand for bottled water by individuals. A. it allows countries to exploit their comparative advantage, more fully. Answer: (D) The economy as a whole. B) Trade Without Borders. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ C) There will be a decrease in the quantity of labor supplied by households. In the market for lettuce, A) increasing government purchases or decreasing taxes. A) falls; Marla's work takes place in the underground economy once she's married B) the labor force participation rate decreased. C. Optimal marginalism C) disposable personal income plus depreciation plus personal taxes. bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. Is the economy experiencing a decline in the rate of inflation? D) The purchasing power of your salary increased between 2007 and 2016. D) Your father buys a new John Deere riding lawn mower. b. Which of the following statements is not true? a. _____a. A. supply and demand. C. maintain equilibrium in the Balance of Payments. The ability to exercise control over one's own resources within the confines of the law refers to D. give more money to the government to solve its problems. C. The process by which the production possibilities curve shifts inward. MCQ Questions for Class 12 Economics Chapter 1 - NCERT Books C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. Annes Newton - G00378073- ECON QUIZ 2. c. To be an informed citizen C) decrease; more D) all of the above are true. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? B) -3.5% A. A) automatic stabilizers. Question 1. B) government spending and taxes that automatically increase or decrease along with the business cycle. 1. Which of the following explains why the unemployment rate could 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . D) The minimum wage in Europe is lower than it is in the United States. B) GDP is not affected by Scott's production of the jewelry box. B. Question 02. B) the firm has an incentive to decrease supply now and increase supply in the future.