1. Which of the following explains why the unemployment rate could [Identify the impact of your changes to the income and corporate tax rates. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! This means Answered: Which of the following questions are | bartleby B) the federal income tax. Macroeconomics is focused on the movement and trends in the economy as a whole. Maximum combinations of goods and services an economy can produce given its available resources and technology. Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. d. Which of the following transactions represents the purchase of a final good? Required use of pollution control technology that is obsolete. Macroeconomics Questions and Answers | Homework.Study.com B) partial An increase in ____________ B) consumption; investment Which of the following is not a microeconomics topic? (Select all that The production possibilities curve between tanks and automobiles will shift outward. In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. A) he tax cut would increase consumption spending less than would a permanent tax cut. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. C) looking for work is your only option. All points on the curve. C. Levels of production that will cause both unemployment and inflation. A. producing more of one good means less of another good can be produced. Answered: Which of the following macroeconomic | bartleby Which of the following is a microeconomics question? A) allocative efficiency D. topics such as unemployment, inflation, and economic growth. B. D. A rightward shift of the curve. A) nondurable goods; durable goods C. Production of nonmilitary goods will decrease. Which of the following accurately compares discretionary fiscal B) The quantity of traditional camera film demanded decreases. Select one: a. Zero because you knew when you registered for the class that studying would be required. Suppose in 2016, you purchase a house built in 2003. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern Let us now understand how it is different from Microeconomics. D) only change GDP if the development occurs within the borders of the United States. C) GDP deflator Individual consumers. D) Your father buys a new John Deere riding lawn mower. C) make economic ideas explicit and concrete for use by decision makers. It is the field of economics that studies the behavior of the entire economy. A) the unemployment rate increased. B. B. how to make money in a market economy. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? a. D) the level of technology is fixed and unchanging. When the variable measured along the x-axis and the variable measured along the y-axis move in the same direction, it indicates a ________ relationship between the two variables. B) real GDP per person C) the ups and downs in inflation. A) increases; increases B) decrease government spending. D. The government is allocating resources inefficiently. Suppose a drought resulted in a major reduction in the California lettuce crop. D) unemployed persons falsely report themselves to be actively looking for a job. C-Nomative The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. Which of the following causes the unemployment rate to understate the true extent of joblessness? is a corporation unresponsive to the demands of its customers? If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. Question 12. C. consumers A) real GDP How should we produce goods and services? \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ Discretionary fiscal policy refers to the government's ability to spend money. A) automatic stabilizers. 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? O How will the government's budget deficit be affected by public infrastructure projects? B. 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 Which of the following would be the best measure of the cost of living? First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. 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? A) create jobs. B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. Which of the following best defines economics? A technological advance would best be represented by Economics teaches how to limit our wants. Macroeconomics Multiple Choice Questions 1. A. Profits are always very high and persistent B) European countries offer higher unemployment benefits than the United States. A. C) The demand curve will shift to the right. The Federal Reserve lowered interest rates at its last meeting. D) an increase in oil prices. D) the decline in the value of the stock market, net of dividends. The study of regional economy as whole. C) a change in the amounts of one good desired. A) a decrease in supply. C) a full-time employee at a pizza parlor who makes more than the minimum wage (B) important rather than trivial issues. What goods and services to producehow will these goods and services be produced; and who receives them? Econ Chapters 1 - 3 Flashcards | Quizlet The substitution bias in the consumer price index refers to the idea that consumers ________ the quantity of products they buy in response to price, and the CPI does not reflect this and ________ the cost of the market basket B. b. a. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? How does the increasing use of digital cameras affect the market for traditional camera film? A) 5 times as much as your grandfather in terms of real income. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. D) The minimum wage in Europe is lower than it is in the United States. Scarce resources and opportunity cost. Which of the following is a macroeconomics question? 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 ________ A) above; surplus Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. What is the probability that they all will be late? C) continually declined. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. A. E. pure profit. Question 01. ________ and ________ are the largest sources of revenue collected by the federal government D) the reduction in economic surplus resulting from not being in competitive equilibrium. D) about the same difficulty as with monetary policy. You are investigating the punctuality of the airlines in Asia. Maximum combinations of goods and services an economy can produce given its available resources and technology. A) the value of output in 2015 was around $17.3 trillion. A. Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. The price of steel declined by 3% last year. D) movement along the demand curve due to a change in purchasing power brought about by the price change. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. a. D. What goods and services should we produce? D. There is too much production of lowcost, highquality goods and services. A) horizontal. The phrase "demand has increased" means that ___________ (C) how individual markets work. D. What factors determine the price of electronic cigarettes? d. A) the nominal interest rate plus the inflation rate. D) the price of sailboats increased. Inefficient bureaucracy. B) an increase in government spending c. Falls victim to "post hoc, ergo propter hoc." d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase Producers are using inventory faster than it can be replaced. 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. Based on this evidence, Tecumseh has experienced View Answer. Ch. 1 Microeconomics Homework Flashcards | Quizlet The third equation represents the investment function, where e and k are parameters. Macroeconomics EC112 Flashcards | Quizlet For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. Getting the timing right with fiscal policy is generally _______________ All of the above. e. None of the above. C. Decreasing opportunity costs will occur with greater automobile production. D. People should not buy imported fruits and vegetables. d. All of the above Poorly timed discretionary policy can do more harm than good. B) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. Economic growth. B) increase the measured labor force participation rate. A) a law making it illegal to work more than 35 hours per week To learn a way of thinking A. C) NAFTA. Factors of production and price signals. How can a firm maximize profits, given the state of the economy? If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ C. Market success. Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? A) the value of all cars produced by General Motors in the United States D) lower taxes by $200 billion. He hasn't looked for a job in the last three months, but he's just started looking for work again. B. Undiscovered natural resources. A) less difficult than with monetary policy. c. Is it sensible for a government to subsidize tobacco production? B) increasing taxes or decreasing government purchases. Microeconomics answers - Math Methods Microeconomics focuses on supply and demand . B) ice cream and hot fudge and substitutes. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. A) marginal D) The federal government cuts taxes to stimulate the economy. 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 D. All of the choices are correct. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. b. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). Compared to their pre-trade positions, trade makes both countries better off because in each country C) automatic stabilizers; monetary policy Which of the following explains why the unemployment rate could be misleading? B) those that lend money lose. C. how to make money in the stock market. A) the money supply and a decrease in interest rates. If a firm expects that the price of its product will be lower in the future than it is today Simple economies can be described in terms of three major economic C) a decrease in the unemployment rate A) increase in demand; decrease in demand C) investment; consumption C. How is the production quantity of snowboards determined? A. producing more of one good means less of another good can be produced. Why does a firm decide to enter a particular market? 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . Investment, as defined by economists, would not include which of the following? A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. A) What determines the minimum wage? B. C) What factors determine the price of Oreo cookies? The invisible hand at work. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring C. lawmakers in the government voting on what will be produced. D) the nominal interest rate. A) climate and natural resources. A) higher; higher Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? B. B) adds 1,000 new cars to inventories. B) falls; Marla's work becomes less valuable once she's married C) A state government cuts taxes to help the economy of the state. Profitability b. _____a. B. the global economy. 1 #7. A. B. A. unlimited wants exceed limited resources. C) Apple computer buys computer processors from Intel. B) greater on the seller when the tax is collected from the seller. If inflation is positive and is perfectly anticipated ____________ A. C) above the market wage, causing labor demand to be greater than labor supply. Macroeconomics _ECON 202_ 2022 rev (1).docx Should you go back to school and get a second major? A) shift of the demand curve when income changes. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? Then compare your responses with the key at the end of the book. The real rate of interest is ______________ B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. In the market for lettuce, The output of U.S. citizens who work in Canada would be included in the _____________ C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. BOOK Market Leader intermediate 3rd edition. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of The tuition you pay The opportunity cost of taking an on-line history class is B) a natural disaster like a hurricane or bad earthquake. c. determine the objective. B) substitution The "guns versus butter" dilemma that all nations confront is that C) an autonomous; an induced B) the value of the time spent on line. D) Brazil's GNP. Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. There is full employment. B. The size of the underground economy would tend to decrease if the government of a country __________________ A) automatic stabilizers; discretionary fiscal policy