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O How will the government's budget deficit be affected by public infrastructure projects? C) more difficult than with monetary policy. C. Market mechanisms and lassiez faire. E) 9.5%. If a German firm produces cars in the United States, that production should count towards D) efficient central planning. D. There is no conflict between the two goals. B) increase in demand; increase in quantity demanded Which of the following is a positive macroeconomic statement: a. A. Check your understanding of civil commitment by filling C) consumer surplus is minimized B. B) portray reality in all its minute details. Question: Which of the following is a macroeconomics question? Equity C) make economic ideas explicit and concrete for use by decision makers. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. D. Who gets jobs; what wages do workers earn; and who owns what property? C) demographics (a) 3,6,12,3,6,12, \ldots3,6,12, B) increased income tax rates. A) Japanese firms excelled in process technology. b. b. ii. B) Delta buys a new European-made jetliner. The demand for bottled water by individuals. c. determine the objective. A) lower government purchases by an amount less than $200 billion. C) not change GDP. c. Focuses on how a business should function Which one of the following is a macroeconomic issue? When the invisible hand does not produce optimal outcomes for the economy, there is evidence of B. A. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ In a market economy, who decides what goods and services will be produced? The exports are equal to import. In terms of the production possibilities curve, inefficiency is represented by A. do not have an economic problem. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? Should you go back to school and get a second major? C) incorporates substitutions by consumers when prices of specific products rise rapidly. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. Marla is an architect who is designing a home for Chuck. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The tax cut would lower the price level in 2014. This means ______. C) Corporate income taxes; excise and other taxes From an initial long-run equilibrium, if aggregate demand grows faster than long-run and short-run aggregate supply, then Congress and the president would most likely ________ A) higher; higher The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . C) $140. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). The conclusion of this statement: a. D) Brazil's GNP. c. Post hoc, ergo propter hoc a. The term economic system refers to the way in which a society organizes the production and distribution of good and services. To move the economy back to potential GDP, Congress should ______________ A. It is also the case that reported burglaries increase during the same period. Bureaucratic delays By how much and in what direction does GDP change as a result of his efforts? B) updates the market basket every 10 years, rather than every two years. C) How does Fiat decide on the price of the 500 Pop model? Timer Bonus. A) What determines the minimum wage? (B) important rather than trivial issues. C. Government failure does not exist. 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? D. A rightward shift of the curve. A. A) attainable D) will raise disposable income and raise spending. B. B. A. Dear Friends, We are posting prelims marathon MCQs for today. 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. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ B) substitution C) U.S. GDP. FortheYearsEndedDecember31,20Y2and20Y1. C) by the same amount as The government should reduce the tax burden to help small business. How many airlines will be late in one month? b. They always call for opposite outcomes. A) gross domestic product of Canada. B. D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. Macroeconomics Multiple Choice Questions 1. Adam Smith's invisible hand is now called Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? D) people do not find jobs instantaneously. A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. 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. D) when real GDP is below but close to potential GDP. C) Consumer surplus measures the net benefit from participating in a market. Ford Which of the following is the best example of land? If inflation over the year is 2%, what is the real interest rate you are paying? b. For below problem geometric sequence given write the next three terms. Bill Gates does not face scarcity because he is a billionaire The income you could have earned The doctrine of lassiez faire is based on the belief that D) buys U.S. government bonds. How should we produce goods and services? B) the nominal interest rate minus the inflation rate. B. Examples of comparative advantage show how trade between two countries can make each better off. B) the value of all cars produced by Ford in Mexico If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. A ________ can change over time or across observations. B. B) vertical. Each point on a demand curve shows On which base structure of economic problems has been installed? C. Maximum combinations of goods and services an economy can produce given unlimited resources. B. A) inflation. a. the government of mental institutions) and ___________ (movement b. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. C. Maximum combinations of goods and services an economy can produce given unlimited resources. ; D. what will be produced; how something will be produced. C) looking for work is your only option. Combinations of production that are unattainable, given current technology and resources. Advertisement Advertisement In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. A) urniture 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. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. C. The government should subsidize solar power for homeowners. C) continually declined. D) risen; fallen. B) price charged for laptop computers by Dell. B. the government Explanation: Macroeconomics deals with the economy as a whole. Which of the following would be included in the gross domestic product for 2016? D) having an absolute advantage. Let us now understand how it is different from Microeconomics. D) the decline in the value of the stock market, net of dividends. D) The federal government cuts taxes to stimulate the economy. A. supply and demand. c. The alternative uses of time you spend studying Households and firms; the economy as a whole, T/F Resources are limited in both wealthy and poor societies, All of the following are criteria frequently applied in judging economic outcomes except, Economics is best defined as the study of, The most common method for graphing the relationship between two variables is by drawing two __________ lines, where the __________ is a horizontal line and the __________ is a vertical line. The output of U.S. citizens who work in Canada would be included in the _____________ The minimum wage law causes unemployment. b. The invisible hand at work. 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. A. Which one of the following is the objective of fiscal policy? A) less difficult than with monetary policy. Which of the following is a macroeconomic question? B) an increase in the unemployment rate B. B) gross national product of Canada. Which of the following causes the unemployment rate to understate the true extent of joblessness? Allocative efficiency best explains ________, and productive efficiency best explains________. The income effect of a price change results in a _________ An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. C) increasing the money supply and decreasing interest rates. B) the number of lawn care service companies has increased. Zero because you knew when you registered for the class that studying would be required. B) greater on the seller when the tax is collected from the seller. Explore the definition and types of economics including microeconomics and macroeconomics and. B) an increase in government spending C) A state government cuts taxes to help the economy of the state. D) allocatively efficient. . Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. C) ice cream and hot fudge are normal goods. C. Congress increased the minimum wage rate in January. A. B. stabilize the price level. C) wages paid to employees by Dell. The money-creating potential in the banking system in the given case is computed as follows: A) welfare benefits (c). Deadweight loss refers to When governments are borrowers in financial capital markets, which of the following is least likely to be a possible source of the funds from a macroeconomic point of view? (Round percentages to one decimal place.). A) -9.5% Which field of economics deals primarily with the problems faced by low-income countries? 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 D) Lily purchases a new massage table for use in her therapy center. A) shift of the demand curve when income changes. B) the value of the decrease in business inventory stocks. C) a decrease in the price of lithium, which is used in the electric car batteries. known as ___________ Mental illness is a(n)___________ concept, typically You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. Start. Commits the fallacy of composition B) frictional unemployment equals zero. A) an induced; an autonomous D) there is a decrease in the expected rate of inflation. B) will raise disposable income and lower spending. . C) a full-time employee at a pizza parlor who makes more than the minimum wage 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,. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. e. As a public safety measure, the state of Texas should not pass legislation that allows people with concealed handgun permits to carry concealed weapons on college campuses, A-Positive 1 #7. There are no problems and everyone, including consumers, is satisfied. A) increase. All of the following are benefits of the single market except ? What determines the growth rate of gross domestic product? Why does a firm decide to enter a particular market? a. D. the choices people make to attain their goals, given their scarce resources. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. (d). C) any level of the two products that the economy produces is currently possible. What is the standard deviation of this random variable (i.e., the risk of being late)? D. The government is allocating resources inefficiently. A) Governments interfere with the market mechanism to influence the allocation of goods and services. A black market is a market where buying and selling take place Is zero B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. C. Inefficient incentives. A pair of shoes that costs $80 last month costs $100 this month. B) European countries offer higher unemployment benefits than the United States. d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern Government directives are likely to do a better job of allocating resources than markets. D) unemployed persons falsely report themselves to be actively looking for a job. D) technology. D) the legally determined maximum price that sellers may charge for a given quantity of a product. c. Falls victim to "post hoc, ergo propter hoc." C. the economy as a whole. B. Step-by-step explanation. The result is a shift in the aggregate demand curve to the left. a. Ockham's razor 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). A) during a deep recession. B) a competitive equilibrium is achieved In a market economy, the people who receive the goods and services that are produced are those who B) discretionary fiscal policy; automatic stabilizers What goods and services to produce; how will these goods and services be produced; and who receives them? Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not C) There will be a decrease in the quantity of labor supplied by households. Reading Period 10 minutes . D) the nominal interest rate. d. All of the above C) NAFTA. D) a bridge purchased by the state government. D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. To reduce the bias in the consumer price index, the Bureau of Labor Statistics A. A. C) oil prices. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. C) Brazil's GDP. B. how to make money in a market economy. A) the price level in 2016 was greater than the price level in the base year. What goods and services to producehow will these goods and services be produced; and who receives them? Full employment is not considered to be zero unemployment, because B) an increase in the number of manufacturers of electric cars. C. Production of nonmilitary goods will decrease. bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. occurred. Buyers will bear the entire burden of a unit tax if the demand curve for a product is Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. Number of employees in the steel industry Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. B) partial C) the ups and downs in inflation. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A a. A) There will be an increase in unemployment. When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. B. B) total consumption of goods is greater. D. The best alternative use of your time. b. C) investment; consumption D) GNP plus depreciation. Which one of the following is not a key people behind macroeconomics? Electric car enthusiasts want to buy more electric cars at a lower price. Factors of production and price signals. b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. Which of the following correctly describes the relationship between economic efficiency and economic equity? B) real GDP per person c. producers d. Why do some countries grow faster than others? D) the level of technology is fixed and unchanging. A. public economics. D) increase in quantity demanded; increase in demand. B) relative abundance of labor and capital. Que11. Which of the following is a positive economic statement? answer choices. C) Apple computer buys computer processors from Intel. B) government purchases. The purchasing. Micro Economic 100% (3) 6. C) lower; higher a. Microeconomics C) Every individual, no matter how rich or poor, is faced with making trade-offs. A) an increase in the number of people in the labor force The equilibrium aggregate price level and level of aggregate output occur when. The first stage in the five-step decision process described in the text is to a. define the problem. A) an increase in the money supply and a decrease in interest rates A) The demand curve for inkjet printers shifts to the right. A) GDP rises by $1,875. B) above; shortage D) all of the above are true. Which of the following is not a durable good? Step-by-step explanation. B) discretionary fiscal policy. E-Normative, One of the scarce resources that constrain our behavior is time. B-Postive The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. Guns and butter can be produced using the same resources at the same time. b. A. O a False O b. C) decrease oil prices. This situation will most likely coincide with high unemployment. D) a slowdown in the economy. Voluntary exchange Factors of production and price signals. Th View the full answer \end{array} D. the government, consumers, and producers A. D) increased business taxes.