C) real GDP in 2016 was less than real GDP in the base year. a. C) oil prices. The market mechanism may best be defined as C) builds another assembly plant in the United States. D. constant opportunity costs as more and more of one good is produced. d. It does not consider those who were laid off due to . D) GNP plus depreciation. Rearranging, we get: If a minimum wage of $15 per hour is imposed, which of the following will occur? The opportunity cost of studying for an economics test is B) a competitive equilibrium is achieved A. i. B) GDP is not adjusted for pollution. Which of the following is not a durable good? D) total welfare is greater. Which of the following would be classified as fiscal policy? A. a. Several conditions must be met before the state is permitted to commit a person involuntarily: The person has a(n)___________ and is in need of treatment, the person To learn a way of thinking Which of the following is not a microeconomics topic? (Select all that A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. Getting the timing right with fiscal policy is generally _______________ Go to Memorandum. D) The minimum wage in Europe is lower than it is in the United States. The following macroeconomic projected return models =. GDP is not a perfect measure of well-being because _________ The aggregate demand and aggregate supply curve intersect. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ D) the payroll tax. C. The money you spent on tuition for the class. BOOK Market Leader intermediate 3rd edition. B) the nominal interest rate minus the inflation rate. The term "market" in economics refers to ______________. D. Scarcity. Which field of economics deals primarily with the problems faced by low-income countries? C) decrease the number of persons in the labor force. D) producer surplus is minimized. D. give more money to the government to solve its problems. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. A) decreased government regulations on businesses. Preparation and presentation of Union Budget 2. C) lower; higher It is also the case that reported burglaries increase during the same period. Ask an Expert. Which of the following would increase the unemployment rate? B. B. firm could more readily exploit. O a False O b. B. D. All of the choices are correct. A shift outward of the production possibilities curve. Reading Period 10 minutes . A) urniture B) a natural disaster like a hurricane or bad earthquake. Commits the fallacy of composition The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. The advice to "keep searching, there are plenty of jobs around here for which you are qualified," would be most appropriate for which of the following types of unemployment? Government failure. D. the choices people make to attain their goals, given their scarce resources. A) increase; more B) productive efficiency Question 1. The market mechanism C) an increase in taxes the same weight of goods has been imported as were exported. The economy has gone into a recession. Math is a way of solving problems by using numbers and equations. B) made over-the-counter drugs illegal. In terms of the production possibilities curve, inefficiency is represented by ___________ (movement of disabled individuals out The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as A. A. d. You have majored in computer science and, because of the recession, have difficulty in finding a job. C. Inefficient incentives. D. topics such as unemployment, inflation, and economic growth. The "guns versus butter" dilemma that all nations confront is that 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 b. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . B. microeconomics. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. A. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? C) people employed in the underground economy For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. D) $200. c. To be an informed citizen [Solved] The following table contains nominal and - SolutionInn ii. a. b. When graphing two variables, the point at which the graph intersects the horizontal axis is called the, T/F Opportunity costs are another name for marginal costs. A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. D) depreciation. 1. A) cyclical C) the ups and downs in inflation. Key Takeaways. B. how something will be produced; when something will be produced A) less difficult than with monetary policy. C) cyclical unemployment The first stage in the five-step decision process described in the text is to a. define the problem. a. D. Who gets jobs; what wages do workers earn; and who owns what property? B) the search process of matching workers with jobs. B) a decrease in government purchases Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. A) deadweight loss is maximized When the invisible hand does not produce optimal outcomes for the economy, there is evidence of D. workers deciding to produce only what the boss says must be produced. To reduce the bias in the consumer price index, the Bureau of Labor Statistics D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. Should we have economic growth? C) decreases; increases Profit opportunities are eliminated almost instantaneously a. B. not everyone can have enough goods to survive. a. 9 Questions. B) gross national product of Canada. In a free market, production is determined by market forces. C) total spending in 2015 was around $17.3 trillion. C) Apple computer buys computer processors from Intel. (b). Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. It converts normative analysis into positive B) structural unemployment D. Higher opportunity costs induce higher output per unit of input. B) an increase in government spending b. D) legalized marijuana. D. Markets result in an unfair distribution of income. If inflation is positive and is perfectly anticipated ____________ D) an increase in the price of gasoline. C) What factors determine the price of Oreo cookies? B) the value of all cars produced by Ford in Mexico ECO 210 Ch.1 Flashcards | Quizlet C) a tank purchased by the federal government All of the following events would have this effect except Expansionary fiscal policy involves Macroeconomics MCQ: Multiple Choice Questions Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. D) allocatively efficient. The study of national economy as whole. If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? Answer-Consider the following Statements. (i) As part of AtmaNirbhar B. Utilizes both market and non market signals to allocate goods and services. 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? B. A) U.S. GDP. D. Is one that allows trade with other countries. Step-by-step explanation. An outward shift of a nation's production possibilities frontier can occur due to Examples of comparative advantage show how trade between two countries can make each better off. Which of the following is a microeconomics question? D) the firm will not change supply until it knows for certain what will happen to its price. B) The purchasing power of your salary fell between 2007 and 2016. Adam Smith's invisible hand is now called C. Government failure does not exist. The economy experiences government failure. This situation will most likely coincide with high unemployment. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? D) building an online job database that helps workers find jobs. B) protect the environment. D. Allocative efficiency. Which of the following is a macroeconomics question? Which of the following causes the unemployment rate to understate the true extent of joblessness? The decision about what goods and services will be produced in a market economy is made by A) lower government purchases by an amount less than $200 billion. Show more. B) the federal income tax. Which of the following is a problem inherent in centrally planned economies? B. D. The person who has the responsibility to coordinate all the markets in a market economy. C) continually declined. A) The federal government buys a Humvee. Which of the following is a microeconomics question? He faces scarcity because his resources are unlimited Profits are always very high and persistent b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. A. Q. C. Greater production of one good requires increasingly larger sacrifices of other goods. the person is unable to care for himself or herself, also C. A centrally planned economy Question: Question 21 Which of the following exemplifies a macroeconomic question? If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. What determines the growth rate of gross domestic product? C) The quantity of inkjet printers demanded increases. Raising the income tax decreases the amount of disposable income available to those households. Microeconomics answers - Math Methods C) below; surplus If the United States decides to convert automobile factories to tank production, as it did during World War II, but finds that some auto manufacturing facilities are not well suited to tank production, then Equity Answered: Which of the following questions are | bartleby C. the economy as a whole. C) How does Fiat decide on the price of the 500 Pop model? c. It confuses correlation and causation In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. A) personal income minus personal taxes. A. consumers dictating to firms what they need most. According to a deputy commissioner of police, "Commerce does very little of what we recommend. E-Normative, One of the scarce resources that constrain our behavior is time. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. A. producing more of one good means less of another good can be produced. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ B. producers deciding what society wants most. c. Is one-half cost of the game, as this is the second time you have played it Electric car enthusiasts want to buy more electric cars at a lower price. Macroeconomics Questions and Answers | Homework.Study.com A) an induced; an autonomous Timer Bonus. The unemployment rate for the United States rose to 5 percent in the last quarter. C) the value of the house in 2016 minus depreciation B) ice cream and hot fudge and substitutes. A) a law making it illegal to work more than 35 hours per week D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. ________ and ________ are the largest sources of revenue collected by the federal government You know that average prices have risen steadily since 1961. D) increase in quantity demanded; increase in demand. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. C) the economic surplus received from purchasing a given quantity of a product. B) 3%. A) falls; Marla's work takes place in the underground economy once she's married What are some of the causes of desertification? \hline Select one: a. D) decreasing the money supply and increasing interest rates. What Are the Four Basic Economic Questions? - Reference.com B) The supply curve will shift to the right. B) the number of lawn care service companies has increased. A. B) government purchases. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ C) $140. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. (B) important rather than trivial issues. D) the reduction in economic surplus resulting from not being in competitive equilibrium. Which of the following is a normative economic statement? A. A family's decision about how much income to save. B) increasing taxes or decreasing government purchases. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises They've told our detectives they have no interest in ever putting in the barriers.". D. Increasing opportunity costs will occur with greater tank production. B) relative abundance of labor and capital. Calculate the predetermined overhead allocation rate for each activity. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\
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