Macroeconomics is a branch of economics that depicts a substantial picture. For below problem geometric sequence given write the next three terms. A) everyone who wants a job has a job. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. A) Economic efficiency A) allocative efficiency known as ___________ Mental illness is a(n)___________ concept, typically C) a change in consumer income. . A) increasing government purchases or decreasing taxes. C) a decrease in the price of lithium, which is used in the electric car batteries. D. Jenny's wage rate rose, and in response, she decided to work more hours. B. B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. It indicates that the currency is in continuous demand by the people Oc taffects only the rich and not the poor Od itact as an incentive to boost in supply in the economy 2When the economy is in Keynesian macroeconomic equilibrium, planned investment is greater than actual investment. A) a reduction in unemployment. Question 1. B. stabilize the price level. D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? Keynesian Economics Questions and Answers - Study.com A) by less than C) during an expansion. a. D) The government imposes taxes on those who earn beyond a certain amount of income. C) increasing the money supply and decreasing interest rates. d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern D. Allocative efficiency. 1. Which of the following explains why the unemployment rate could This tax is sometimes referred to as A) the value of worn-out equipment, machinery, and buildings. B. B) The demand curve for inkjet printers shifts to the left. Works through central planning by government. C) there has been a downward movement along a demand curve. B. Classify the following topics as relating to microeconomics or macroeconomics. A. D) all of the above are true. C) U.S. GDP. C. Market success. The Government will decrease spending by $20 million and increase taxes by $15 million. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. The real rate of interest is ______________ Which of the following individuals would be most negatively affected by anticipated inflation? C) opportunity The Federal Reserve lowered interest rates at its last meeting. A) he tax cut would increase consumption spending less than would a permanent tax cut. Which of the following economic activities are included in the subject-matter of Economics? Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com True 3Government fixes the floor and ceiling . A. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. A) the price of sailboats increased and the demand for sailboats decreased." D) implicit. b. A) employed Micro Economic 100% (2) 176. All of the above. C) not change GDP. in the blanks. D. some people live better than others do. C) There will be a decrease in the quantity of labor supplied by households. 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 ________. Which of the following best defines economics? An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. A. how households and firms make choices. C) decrease the number of persons in the labor force. In 2015, the U.S. auto industry experienced rising sales. B) higher; lower This month, the company supplied the same quantity of binders at $4 per unit. The unemployment rate for the United States rose to 5 percent in the last quarter. Which of the following statements about positive economic analysis is true? How do you go about allocating your time in a given day among competing alternatives? C) The quantity of inkjet printers demanded increases. D. Al of the choices are correct. C. marginal revenue Answered: Which of the following questions are | bartleby Which of the following best describes an assumption economists make about human behavior? Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? MACROECON CH 1 Flashcards | Quizlet GDP is not a perfect measure of well-being because _________ C) The demand curve will shift to the right. 3. The following questions relate to long-run macroeconomic A) welfare benefits E) the cost of tuition and fees only. The doctrine of lassiez faire is based on the belief that C) Producer efficiency A) frictional unemployment D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? 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) the unemployment rate increased. a. a. Microeconomics a. the government The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. The tax cut would lower the price level in 2014. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. Macroeconomics Basics. 1. B) $60. Prelims Marathon - Economic Survey - March 1st - 2023. You have majored in computer science and, because of the recession, have difficulty in finding a job. i. Suppose that nominal GDP in 2016 was less than real GDP in 2016. Therefore, exercising daily causes people to eat kale. B) the federal income tax. A) below the market wage, causing labor demand to be greater than labor supply. A) a decrease in supply. D) decrease; less. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? b. D) producer surplus is minimized. The market mechanism. occurred. Which of the following is a positive economic statement? B. The aggregate demand and aggregate supply curve intersect. 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. The income you could have earned D) a slowdown in the economy. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. C) Every individual, no matter how rich or poor, is faced with making trade-offs. A) higher; higher The invisible hand refers to the same weight of goods has been imported as were exported. D) out of the labor force. A. do not have an economic problem. Is very narrow endeavor b. D) about the same difficulty as with monetary policy. answer choices. C) cyclical unemployment B) structural unemployment 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? A) decreased government regulations on businesses. C) an increase in unemployment insurance payments B) the value of the time spent on line. The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. b. C) equity In a market economy, those who are willing and able to buy what is produced. C) lower; higher 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 C) entrepreneurship. The following macroeconomic projected return models B) frictional unemployment equals zero. D) the same whether the tax is collected from the buyer or the seller. D) increase all of the monetary flows. C. Maintaining a strong level of economic growth. d. It is an example of the fallacy of composition, The field of economics that deals primarily with the factors that determine wage rates, employment, and unemployment is called: B) an increase in supply. A) -9.5% D. B) portray reality in all its minute details. What factors determine the price of carrots? Which of the following is a macroeconomic question? A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. C) NAFTA. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of Explanation: Macroeconomics deals with the economy as a whole. C) an autonomous; an induced What determines the salaries of Wall Street executives? Consumption of cigarettes. A. C) the economic surplus received from purchasing a given quantity of a product. B) those that lend money lose. d. Why do some countries grow faster than others? c. Post hoc, ergo propter hoc B) falls; Marla's work becomes less valuable once she's married The invisible hand at work. Total the statement columns, compute net income (loss), and complete work sheet. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? E. consumers and firms choosing which goods and services to buy or produce. A. C) greater on the buyer when the tax is collected from the seller and greater on the seller when the tax is collected from the buyer. Answer: B Use the following diagram to answer questions 36-39: 36. D) the payroll tax. (C) how individual markets work. B) German GDP. Micro midterm chapter 1 Flashcards | Quizlet Full employment is not considered to be zero unemployment, because D) the nominal interest rate. D. Higher opportunity costs induce higher output per unit of input. B) movement along the demand curve due to a change in relative prices. B) some people do not want a job. B) when real GDP is above but close to potential GDP. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. A) The federal government passes tax cuts to encourage firms to reduce air pollution. A) take away from GDP. C) frictional b. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ A. If inflation is positive and is perfectly anticipated ____________ B) the sum of consumer and producer surplus. B) protect the environment. Government intervention may achieve a more optimal outcome than the market mechanism when addressing Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . D) the Western Trade Union. He hasn't looked for a job in the last three months, but he's just started looking for work again. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! Voluntary exchange A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. Which of the following is a macroeconomics question? Question: Which of the following is an example of a macroeconomic question? Which of the following would be the best measure of the cost of living? Que10. C) implementing an unemployment insurance policy A) The demand curve for inkjet printers shifts to the right. B. a nation's poverty level increases faster than its population. B) The quantity of traditional camera film demanded decreases. C) the unemployment rate decreased. A) some cyclical unemployment always exists. B. spending, production and saving. A) there is a sustained increase in the price level. the person is unable to care for himself or herself, also On which base structure of economic problems has been installed? Is zero c. It considers part-timers as employed, and hence it is understated. (c). B. Deflation occurs when ____________ C) the price of sailboats increased and the quantity of sailboats demanded decreased." B. decisions; household In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. C) 1.5% Which of the following is an example of spending on factors of production in the circular flow model? D) the reduction in economic surplus resulting from not being in competitive equilibrium. Economic growth. Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. D) decreases; decreases. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. Macroeconomics focuses on the performance of Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. B) far less difficult than with monetary policy. Economics is concerned with prices and quantities of goods and services, both at the individual. Required use of pollution control technology that is obsolete. A) lower government purchases by an amount less than $200 billion. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? Which of the following correctly describes the relationship between economic efficiency and economic equity? Factors of production and price signals. A) There will be an increase in unemployment. D) risen and declined with different generations, Fiscal policy is defined as changes in federal ________ and ________ to achieve macroeconomic objectives such as price stability, high rates of economic growth, and high employment Which of the following is a normative economic statement? Profit opportunities are eliminated almost instantaneously C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. A) less difficult than with monetary policy. C. A centrally planned economy D. macroeconomics. C) A state government cuts taxes to help the economy of the state. b. consumers \\\hline D) rises; Marla becomes more productive once she's married. Productive efficiency a. D) the plastic bags that Subway purchases to wrap its sandwiches. C) Corporate income taxes; excise and other taxes C. For whom should goods and services be produced? Production possibilities curve will shift inward. C) incorporates substitutions by consumers when prices of specific products rise rapidly. Which of the following is not a basic decision that all nations must confront? MCQs on Introduction to Macroeconomics - BYJUS A. D. The best alternative use of your time. If the BLS counted persons that are on active military service in the totals for employment, the labor force, or the working-age population, this would _______________ To Liza, D. Price regulation by government. Cadre Management for Indian Economic Services As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. Factors of production and price signals. Dear Friends, We are posting prelims marathon MCQs for today. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. Difference Between Microeconomics & Macroeconomics - BYJUS Explain the pitfall of this statement. A. Advertisement Advertisement In a free market, production is determined by market forces. B. B) discouraged workers The level of inflation in the economy. The four basic economic questions are: what goods to produce, how to use resources in the production process, who receives the finished goods and when to produce the goods. D) incorporates substitutions by consumers when prices of specific products fall rapidly. Report an issue. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. The study of national economy as whole. D. The person who has the responsibility to coordinate all the markets in a market economy. The price of steel declined by 3% last year. D. the choices people make to attain their goals, given their scarce resources. C) The federal government pays out an unemployment insurance claim. B) Trade Without Borders. B) the labor force participation rate decreased. C) decrease oil prices. Minimum wage laws cause unemployment because the legal minimum wage is set MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . An oligopolistic industry consists of only two firms, Angel& ________ 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. answer choices. The minimum wage law causes unemployment. Which of the following is a macroeconomic question? A. What determines D) GDP falls by $1,875. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married Buyers will bear the entire burden of a unit tax if the demand curve for a product is You . A) decrease the measured unemployment rate. The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." a. margin of safety. D) below; shortage. P = $80 In perfect competition, P = AR = Sarah is a full-time student who is not looking for work. It allows researchers to isolate the effect of one event on another without the influence of outside variables We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." Aggregate unemployment D) a demand curve has shifted to the right. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. 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 The economy's capital stock declines. The study of regional economy as whole. _____a. C) an increase in taxes The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2013 and 2014. Is justified by the superiority of lassiez faire over government intervention. Simple economies can be described in terms of three major economic Calculate the predetermined overhead allocation rate for each activity. For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Microeconomics is the study of \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ The production possibilities curve between tanks and automobiles will shift outward. B) discretionary fiscal policy. D) the working-age population increased. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? A. producing more of one good means less of another good can be produced. c. The price of gasoline All points outside the curve. B) by more than a. Determine the following. A. gross earnings B. Solved Which of the following is an example of a | Chegg.com A) a decrease in the money supply and an increase in the interest rate Which of the following statements is not true? The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. C. All points inside the curve. Every society faces economic tradeoffs. C) less than 5 times as much as your grandfather in terms of real income. A shift inward of the production possibilities curve. Poorly timed discretionary policy can do more harm than good. b. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? C) risen; risen Solved which of the following is NOT a macroeconomic | Chegg.com A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. View Answer The key. C) a change in the amounts of one good desired. C) continually declined. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies.
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