It is an example of the post hoc fallacy The income effect of a price change results in a _________ A) no A) the firm has an incentive to increase supply now and decrease supply in the future. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. C. do have an economic problem but are solving it. B. The unemployment rate for the United States rose to 5 percent in the last quarter. is a corporation unresponsive to the demands of its customers? c. Falls victim to "post hoc, ergo propter hoc." A) 5 times as much as your grandfather in terms of real income. C) not change GDP. C. economies of scal. D) GDP is adjusted for increases in drug addiction. b. Macroeconomics C) decrease oil prices. a. 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. The first stage in the five-step decision process described in the text is to a. define the problem. Simple economies can be described in terms of three major economic C) Corporate income taxes; excise and other taxes 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 B) there has been an upward movement along a demand curve. What factor was most responsible for the development of Japan's comparative advantage in automobiles? If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ 1. Which of the following explains why the unemployment rate could c. Will a new type of electronic reader or tablet increase the number of buyers? Th View the full answer He is willing to pay $200 for the dozen fish, but buys them for a total of $140. A) below the market wage, causing labor demand to be greater than labor supply. A point on a nation's production possibilities curve represents Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? C. Government failure does not exist. A) Yes, the recession will ensure that you will never find a job as a programmer. Production possibilities curve will shift outward. Advertisement Advertisement A) everyone who wants a job has a job. 60 seconds. b. A) the value of worn-out equipment, machinery, and buildings. The decision about what goods and services will be produced in a market economy is made by c. Bill Gates faces scarcity because resources are limited In 2015, the U.S. auto industry experienced rising sales. A) those that borrow money lose. They are both automatically achieved in a free market economy. What is the impact of competition on the profits of a business? Electric car enthusiasts want to buy more electric cars at a lower price. D) decreases; decreases. These are: A. income, spending and saving. D) A drug dealer reports herself as unemployed. C. Market success. C) goods and services. A) the unemployment rate increased. Real domestic output is at its maximum level. Show more. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. a. The impact of crowding out may be the least _____________ Automatic stabilizers refer to Should the government put a tax on alcohol in an attempt to reduce highway fatalities? C) risen; risen A) inflation. . B) the price level in 2016 was less than the price level in the base year. c. determine the objective. C) consumer surplus is minimized b. consumers B. Utilizes both market and non market signals to allocate goods and services. Individual consumers. Economics involves allocating resources to meet peoples' needs and desires for goods and services. B) those that lend money lose. B. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? Macroeconomics Flashcards | Quizlet B. B. although this definition differs from state to state. What is the probability that they all will be late? Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia The production possibilities curve illustrates which two of the following essential principles? C) an increase in unemployment insurance payments is considered___________ to herself or others, and B) higher; lower The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. A) stayed roughly the same. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. B) Yes, the recession will lower income in my field permanently. C) Apple computer buys computer processors from Intel. A) updates the market basket every two years, rather than every 10 years. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring How do you go about allocating your time in a given day among competing alternatives? Refer to the above diagram. The tax cut would lower the price level in 2014. C-Nomative Need the goods and services the most. Question 1. How does this affect the market for traditional inkjet printers? C. Inefficient incentives. What is the current national rate of unemployment? The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as Macroeconomics is a branch of economics that depicts a substantial picture. Ford D) decreasing the money supply and increasing interest rates. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . ___________ (movement of disabled individuals out Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. The market mechanism. Depreciation is _________ A) increase in demand; decrease in demand A) ice cream and hot fudge are complements. Is very narrow endeavor Writing Period 50 minutes . 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. a. Which of the following is a macroeconomics question? You earn $35,000/year in your first job in 2016. D) lower taxes by $200 billion. Works through central planning by government. A. Which of the following would be the best measure of the cost of living? D. Al of the choices are correct. A. C) continually declined. C) builds another assembly plant in the United States. 9 Questions. . Which of the following is an example of spending on factors of production in the circular flow model? B. still have an economic problem. b. Select the phrase that correctly completes the following statement. Which of the following is a macroeconomic question? A. What determines What determines the salaries of Wall Street executives? Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . B. One can conclude that D) will raise disposable income and raise spending. A. A) U.S. GDP. Answer: (D) The economy as a whole. A) the cost of additional education is always higher during recession. D) decrease; less. B) 3%. [Solved] The following table contains nominal and - SolutionInn D) on foreign soil. Production possibilities curve will shift inward. c. Florida should devote all revenues from its state lottery to improving public education B) explicit E. it is easier to book holidays in member countries. A) the price of sailboats increased and the demand for sailboats decreased." How does a market system prevent people from getting as many goods and services as they wish? d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern B) What determines the production of video game consoles? Which one of the following is the objective of fiscal policy? D) an increase in the price of gasoline. Quiz 1: Introduction to Macroeconomics Quiz - Quizizz He faces scarcity because his resources are unlimited C. The money you spent on tuition for the class. C) frictional D) all of the above. B) Trade Without Borders. D. it intensified competition. C) oil prices. The tuition you pay ECO111 Quizz 01 FALL 2021. C) the ups and downs in inflation. Fill in the columns for the GDP deflator and for the percent . B) discouraged workers B) Delta buys a new European-made jetliner. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. A. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. C) disposable personal income plus depreciation plus personal taxes. b. A devaluation of the U.S. dollar would increase exports from the United States answer choices. B) the value of the house in 2003 iii. D) movement along the demand curve due to a change in purchasing power brought about by the price change. D. The full employment of resources to achieve a particular combination of goods and services. Which of the following best defines economics? If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ Which of the following is a government expenditure, but is not a government purchase? B) GDP minus depreciation. B. C) below; surplus B) The quantity of traditional camera film demanded decreases. 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) remain the same. Flow (1) represents: A) wage, rent, interest, and profit income. ' Insert your responses to the following: Explain C) a 12-inch Subway sandwich purchased by a student B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. A) attainable A technological advance would best be represented by B. microeconomics. C) lower; higher Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. D) Your father buys a new John Deere riding lawn mower. Macroeconomics Basics. B. how to make money in a market economy. Step-by-step explanation. A) the nominal interest rate plus the inflation rate. Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. According to the text, economists consider full employment to occur when 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. A) Anytime you have to decide which action to take you are facing an economic trade-off. Q. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. How does the increasing use of digital cameras affect the market for traditional camera film? 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) Canada's GDP. A) inflation D) a contractionary; an expansionary. D) about the same difficulty as with monetary policy. C) shift of the demand curve due to a change in purchasing power brought about by the price change. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? D) a bridge purchased by the state government. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. D) The federal government cuts taxes to stimulate the economy. C. Market mechanisms and lassiez faire. C) a strong foreign currency exchange rate. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. B) more than 5 times as much as your grandfather in terms of real income. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. Productive efficiency B) increasing taxes or decreasing government purchases. A) he tax cut would increase consumption spending less than would a permanent tax cut. It is also the case that reported burglaries increase during the same period. D) only change GDP if the development occurs within the borders of the United States. D) technology. In the market for lettuce, A. A. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of A. how households and firms make choices. B. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. A. D) GNP plus depreciation. c. It confuses correlation and causation D. Average combinations of goods and services an economy can produce given its available resources and technology. A) change; overestimates a. A) Individual income taxes; corporate income taxes B. Which of the following is a macroeconomics question? a. How many A grocery store sells a bag of potatoes at a fixed price of $2.30. D. marginal costs D) the same whether the tax is collected from the buyer or the seller. d. All of the above 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. A) There was deflation between 2007 and 2016. They always call for opposite outcomes. Concept why study macroeconomics 16 which statement c. Labor economics D) increase in quantity demanded; increase in demand. The invisible hand at work. Prelims Marathon - Economic Survey - March 1st - 2023 a. the government D. Is one that allows trade with other countries. The Federal Reserve lowered interest rates at its last meeting. B. C) ensure safe imports. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. A) the law of supply has been violated. D) allocatively efficient. C) equal to the highest value of an alternative use of the time and money spent on the class. Government failure. A) increase the measured unemployment rate. Answer-Consider the following Statements. (i) As part of AtmaNirbhar A) increase; more A) higher; higher An increase in national defense implies more sacrifices of civilian goods and services. A. D) implicit. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married Why is the economy of India growing? C) incorporates substitutions by consumers when prices of specific products rise rapidly. C) equity A sharp rise in the price of vegetables. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. a. B. C) discretionary monetary policy. This means. A. Choices made by people faced with scarcity b. B. the possibility of inefficient production. A. 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 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. B) Persons who collect unemployment benefits report themselves to be searching for a job. C. There is often a tradeoff between the two. Scarcity refers to the situation in which. B. Undiscovered natural resources. there is a capital account surplus. The economy has gone into a recession. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. D) an increase in the working-age population. A) 2% C) the sum of frictional unemployment and structural unemployment equals zero. D) the level of technology is fixed and unchanging. This means ______. -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? \end{array} Then compare your responses with the key at the end of the book. Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. A) take away from GDP. D) buys U.S. government bonds. Nonetheless, you continue along your career path looking for a new job because _____________ D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? B. Check your understanding of civil commitment by filling C. normative economics. a. D) do not change; underestimates. A. producing more of one good means less of another good can be produced. B. They've told our detectives they have no interest in ever putting in the barriers.". C. Congress increased the minimum wage rate in January. C. For whom should goods and services be produced? C. Macroeconomic failure. The following macroeconomic projected return models Stability c. Efficiency d. Growth A Economics is best defined as the study of a. B) -3.5% 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? A. A) U.S. GNP. An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX ECON303exam3chp8 Flashcards by Mengna Chen | Brainscape How should we produce goods and services? B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. C) a decrease in the unemployment rate D. the government, consumers, and producers D) lower; lower, Contractionary fiscal policy to prevent real GDP from rising above potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. B. C) decrease. C) any level of the two products that the economy produces is currently possible. How can a firm maximize profits, given the state of the economy? Consumption of cigarettes. Economists have shown that the burden of a tax is What were the macroeconomic principles or models that influenced your decision making?] A city's decision to limit smoking in public areas is an example of c. What were some of the reasons that the Egyptian government built the Aswan High Dam? D) a slowdown in the economy. Step-by-step explanation. A) automatic stabilizers. Why does a firm decide to enter a particular market? A) lower government purchases by an amount less than $200 billion. A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. MCQs on Basic Economics - GeeksforGeeks
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which of the following would be a macroeconomic question?