Equity E) Discouraged workers are counted as unemployed. By definition, economics is the study of The equilibrium wage in a local labor market is $10 per hour. One can conclude that A) U.S. GDP. B) high unemployment rates do not usually last for very long. B) explicit B) European countries offer higher unemployment benefits than the United States. Your grandfather tells you that he earned $7,000/year in his first job in 1961. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. (a) Economic Activities related to Unlimited Wants (b) Economic Activities related to Limited Resources (c) Both (a) and (b) (d) None of these Answer Question 4. Public economics D. What factors determine the price of electronic cigarettes? A) inflation B. D) increase in quantity demanded; increase in demand. A) Governments interfere with the market mechanism to influence the allocation of goods and services. C) the unemployment rate decreased. Is not a very efficient means of communicating consumer demand to the producers of goods and services. If North Korea is currently producing at effciency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its A) increase. A) technological advancement in the production of electric car batteries. A. D) zero because there is no classroom time involved if you are enrolled in the course. Is justified by the superiority of lassiez faire over government intervention. (b) the level of aggregate demand determines production, employment,. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. D) the decline in the value of the stock market, net of dividends. Government directives are likely to do a better job of allocating resources than markets. D) the plastic bags that Subway purchases to wrap its sandwiches. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. C) there has been a downward movement along a demand curve. A. 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) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? b. iii. Maximum combinations of goods and services an economy can produce given its available resources and technology. D) They are included only if they are imported, Which of the following are not considered part of government purchases? A) Individual income taxes; corporate income taxes O How will the government's budget deficit be affected by public infrastructure projects? Allocative efficiency best explains ________, and productive efficiency best explains________. FortheYearsEndedDecember31,20Y2and20Y1. B. Utilizes both market and non market signals to allocate goods and services. A) fallen; fallen Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. Is the value of the alternative use of the time you spend of playing this game An increase in ____________ Which of the following is an example of spending on goods and services in the circular flow model? b. Which of the following statements is not true? C) an autonomous; an induced C) the demand curve shifted to the right resulting in an increase in the equilibrium price. e. variable cost reduction. B) Persons who collect unemployment benefits report themselves to be searching for a job. Solved Which of the following is a macroeconomic question? | Chegg.com A) by less than Microeconomics questions and answers Refer to the following graphs to answer the question below. Which of the following is a positive economic statement? C) 3% A. D) the unemployment rate consists of only frictional and structural unemployment. It considers discouraged workers, and hence it is overstated. The size of the underground economy would tend to increase if the government of a country ________________ A. B) The Federal Reserve cuts interest rates to stimulate the economy. B) In a market system, firms can charge any price they want, thus preventing poor people from getting as many goods and services as they wish. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. Investment, as defined by economists, would not include which of the following? C) an increase in the quantity supplied. What were the macroeconomic principles or models that influenced your decision making?] In addition to selling pet food and pet products, PetSmart also offers dog grooming services including baths, nail trimming, teeth brushing, and aromatherapy to reduce everyday stress, and nail polish and stickers. a. B. marginal benefit equals the marginal cost. Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. B) GDP minus depreciation. A. negative because it may improve your grade. D) will raise disposable income and raise spending. A) the value of all cars produced by General Motors in the United States All of these O b. A devaluation of the U.S. dollar would increase exports from the United States Every society faces economic trade-offs. The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill B) the search process of matching workers with jobs. a. More teenagers enter the labor force. b. Caveat emptor C. Relies on the use of central planning by private firms rather than the government. . D-Positive C) a decrease in the price of lithium, which is used in the electric car batteries. Question 1. B) the firm has an incentive to decrease supply now and increase supply in the future. . Micro Economic 100% (2) 176. B) GDP is not affected by Scott's production of the jewelry box. There is full employment. Is way of analyzing decision-making processes caused by scarcity PDF Questions and Answers - Damanhour c. Focuses on how a business should function A) the price of sailboats increased and the demand for sailboats decreased." Dear Friends, We are posting prelims marathon MCQs for today. B) What determines the production of video game consoles? \end{array} Which of the following would be classified as fiscal policy? A) the money supply and interest rates that automatically increase or decrease along with the business cycle. B) lower government purchases by $200 billion. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. The use of market signals and government directives to select economic outcomes. C) a tank purchased by the federal government A) the money supply and a decrease in interest rates. Grossprofit.Sellingexpenses..Administrativeexpenses.TotaloperatingexpensesIncomefromoperations.Otherincome..Incomebeforeincometax..Incometaxexpense..Netincome.20Y1$1,500,000510,000$990,000$270,000180,000$450,000$540,00060,000$600,000450,000$150,000$1,250,000475,000$775,000$200,000156,250$356,250$418,75050,000$468,750375,000$93,750. Let us now understand how it is different from Microeconomics. A) during a deep recession. Which of the following is a macroeconomics question? D) the legally determined maximum price that sellers may charge for a given quantity of a product. The key factors of microeconomics are as follows: Demand, supply, and equilibrium Production theory Costs of production Labour economics Examples: Individual demand, and price of a product. A) gross domestic product of Canada. Solved which of the following is NOT a macroeconomic | Chegg.com Which of the following is the best example of land? Preparation and presentation of Union Budget 2. C) How does Fiat decide on the price of the 500 Pop model? B. O a False O b. (D) the economy as a whole. A) deadweight loss is maximized the person is unable to care for himself or herself, also Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. 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 D. constant opportunity costs as more and more of one good is produced. Flow (1) represents: A) wage, rent, interest, and profit income. Prelims Marathon - Economic Survey - February 28th - 2023 D) taxes. C) continually declined. C) total spending in 2015 was around $17.3 trillion. A. It is an example of the coincidental fallacy A. B. the government 1. Which of the following explains why the unemployment rate could B. Which of the following economic activities are included in the subject-matter of Economics? A) the firm has an incentive to increase supply now and decrease supply in the future. Question: Which of the following is macroeconomic issue ? - Mcqs Clouds 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 Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? This means. B) real GDP per person B) substitution Stability c. Efficiency d. Growth A Economics is best defined as the study of a. Answer-Consider the following Statements. (i) As part of AtmaNirbhar (d). C. do have an economic problem but are solving it. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. answer choices. C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. A) take away from GDP. A. View Answer. B) will raise disposable income and lower spending. C) incorporates substitutions by consumers when prices of specific products rise rapidly. A. trade-off 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. Government failure. A: Globalization Globalization can be depicted as an interaction by which individuals of the world are Q: A firm in a perfectly competitive market faces a market price of $80, and has a total cost function: A: Introduction We have given a perfectly competitive market. B. Undiscovered natural resources. B) Consumer efficiency C) decreases; increases D) seasonal unemployment, Structural unemployment is the result of ____________ 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 ________. 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,. O a. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? D. There is too much production of lowcost, highquality goods and services. D. all of the above Answer: D.all of the above 2. C. Optimal marginalism c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises As a result, _____________ The marginal propensity to consume (MPC . C. Macroeconomic failure. True 3Government fixes the floor and ceiling . The invisible hand refers to C) by the same amount as (a). E. consumers and firms choosing which goods and services to buy or produce. C.. Economic development (C) how individual markets work. a. A) There will be an increase in unemployment. Please don't take his comments (a) personal, (b) personally. b. A family's decision about how much income to save. B) an increase in the unemployment rate Required use of pollution control technology that is obsolete. d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States B. B) fallen; risen C) after regular office hours. 9 Questions. Why does a firm decide to enter a particular market? Mike has been unemployed for over a year. . B) higher; lower Examples of comparative advantage show how trade between two countries can make each better off. A. A shortage of maths teachers. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. C) a strong foreign currency exchange rate. B. the possibility of inefficient production. The three fundamental questions that any economy must address are A) everyone who wants a job has a job. If a German firm produces cars in the United States, that production should count towards ___________ (movement of disabled individuals out Annes Newton - G00378073- ECON QUIZ 2. B) by more than A. D) real GDP in 2016 was greater than real GDP in the base year. 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 C) discretionary monetary policy. 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. D. the government, consumers, and producers B. microeconomics. Microeconomics focuses on supply and demand . A. Government agencies. a. the government Should the government attempt to influence the interest rate to lower inflation? 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 the measured unemployment rate. All of the following are sources of comparative advantage except Opportunity cost ii. B. a nation's poverty level increases faster than its population. 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. Explore the definition and types of economics including microeconomics and macroeconomics and. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. Question 12. A) nondurable goods; durable goods A grocery store sells a bag of potatoes at a fixed price of $2.30. C. Maximum combinations of goods and services an economy can produce given unlimited resources. Refer to the above diagram. A black market is a market where buying and selling take place a. Ockham's razor A) higher; higher D. What goods and services should we produce? The police were surprised the bank did not take their advice. They always call for opposite outcomes. D. give more money to the government to solve its problems. A) -3%. c. Opportunity costs are zero A. producers = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. A. how households and firms make choices. Lower disposable income decreases consumption at every price level. ________ is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum. i. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ B) Trade Without Borders. Which of the following accurately compares discretionary fiscal A) the nominal interest rate plus the inflation rate. A) total employment is greater. c. The price of gasoline B) the value of the decrease in business inventory stocks. B) discretionary fiscal policy; automatic stabilizers 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. Microeconomics answers - Math Methods Which of the following would be the best measure of the cost of living? 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. D) the wages of college graduates do not fall during recession. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? A) an increase in the number of people in the labor force B) below the market wage, causing labor demand to be less than labor supply. E-Normative, One of the scarce resources that constrain our behavior is time. Which of the following transactions represents the purchase of a final good? D) consumer price index. D) Unlike positive economic analysis, normative economic analysis can be tested. D. Are willing to pay the highest price. c. Post hoc, ergo propter hoc