___________ (movement of disabled individuals out D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. D. The government is allocating resources inefficiently. To find the parametric solutions for the predicted GDP (Y) and the predicted investment (I), we can substitute the second equation into the first equation: Y = a + b (Y - T0) + e + kY + G0. C) above the market wage, causing labor demand to be greater than labor supply. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. B) the sum of consumer and producer surplus. D. What factors determine the price of electronic cigarettes? When the laws about civil commitment emerged, C. the tendency of many economic variables to move together in a predictable way over the business cycle. B) discretionary fiscal policy; automatic stabilizers Question 01. C) The federal government pays out an unemployment insurance claim. B) far less difficult than with monetary policy. Which of the following is a macroeconomic question? b. Your grandfather tells you that he earned $7,000/year in his first job in 1961. A. A) The supply curve will shift to the left. D) Japan has abundant supplies of natural resources needed to produce automobiles. d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics The unemployment rate for the United States rose to 5 percent in the last quarter. Which of the following is an example of government failure? a. margin of safety. In the past two decades the United States lost its comparative advantage in automobiles to Japan. Answering these four questions is essential for an economy to function properly. Micro Economic 100% (3) 6. D) decrease tax rates. Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. To Liza, President Obama has discussed raising income taxes for individuals earning over $250,000 in income. A) Yes, the recession will ensure that you will never find a job as a programmer. A) ice cream and hot fudge are complements. Start. B) fallen; risen -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? Market failure. A. C. A centrally planned economy Poorly timed discretionary policy can do more harm than good. C) The purchasing power of your salary remained constant between 2007 and 2016. D) No, the recession will have no impact on my ability to get a job or my future income. B) continually risen. Select one: a. C) What factors determine the price of Oreo cookies? B) structural unemployment D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. D. Higher opportunity costs induce higher output per unit of input. C) The quantity of traditional camera film demanded increases. 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. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. The economy experiences government failure. C) looking for work is your only option. C. The overall economy. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. c. Is it sensible for a government to subsidize tobacco production? A) at prices that violate government price regulations. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? A. C) legalized prostitution. B) higher; lower Government intervention may achieve a more optimal outcome than the market mechanism when addressing The phrase "demand has increased" means that ___________ the person is unable to care for himself or herself, also Factors of production and price signals. B) the value of the decrease in business inventory stocks. This means. A. D. give more money to the government to solve its problems. Timer Bonus. The following macroeconomic projected return models =. Combinations of goods and services an economy is actually producing. E. it is easier to book holidays in member countries. View Answer The key. 1. The study of national economy as whole. C) decrease the number of persons in the labor force. = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. D) decreases; decreases. B. B) German GDP. C) the sum of frictional unemployment and structural unemployment equals zero. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending D. all of the above Answer: D.all of the above 2. 9 Questions. D) quantity of Dell employees. C) below; surplus B. C) entrepreneurship. The opportunity cost of taking an on-line history class is B) explicit D. macroeconomics. Household income Persistence is A. the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth. C) demographics 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 &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ D. the choices people make to attain their goals, given their scarce resources. [Identify the impact of your changes to the income and corporate tax rates. Which of the following is the best example of land? Preparation and presentation of Budget for state governments under President's Rule 3. B) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. Annes Newton - G00378073- ECON QUIZ 2. A. consumers dictating to firms what they need most. C) ensure safe imports. Select the phrase that correctly completes the following statement. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises D) 15%. b. Macroeconomics C. The money you spent on tuition for the class. B) There will be an increase in the quantity of labor demanded by firms. Which of the following is an example of spending on goods and services in the circular flow model? Production possibilities curve will shift inward. Profits are always very high and persistent A. producers A production possibilities curve indicates the International economics. Reading Period 10 minutes . The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. (a) Unlimited Wants A) The demand curve for traditional camera film shifts to the right. B) the labor force participation rate decreased. D) all of the above. Which of the following is a problem inherent in centrally planned economies? Commits the fallacy of composition A) personal income minus personal taxes. The price of steel declined by 3% last year. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. D) the value of all cars produced by Nissan in Japan and the United States. B. A) stayed roughly the same. B. not everyone can have enough goods to survive. c. To be an informed citizen B. producers deciding what society wants most. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. C) the value of the house in 2016 minus depreciation C) lower; higher Find the following limits: (a) limnn\lim _{n \rightarrow \infty} \alpha_nlimnn, (b) limnn\lim _{n \rightarrow \infty} \beta_nlimnn, (c) limn(3n+4n)\lim _{n \rightarrow \infty}\left(3 \alpha_n+4 \beta_n\right)limn(3n+4n), (d) limnnn\lim _{n \rightarrow \infty} \alpha_n \beta_nlimnnn, (e) limnn/n\lim _{n \rightarrow \infty} \alpha_n / \beta_nlimnn/n, (f) limnnn\lim _{n \rightarrow \infty} \sqrt{\beta_n-\alpha_n}limnnn. A. income; available Economics is concerned with prices and quantities of goods and services, both at the individual. B) -3.5% 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 ________ D) increase all of the monetary flows. of mental institutions) and ___________ (movement A) the price of sailboats increased and the demand for sailboats decreased." D) depreciation. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. C) GDP deflator B) gross national product of Canada. D) All of the above will occur. Equity Is zero D. Increasing opportunity costs will occur with greater tank production. C) discretionary monetary policy. b. A) horizontal. It allows researchers to isolate the effect of one event on another without the influence of outside variables Raising the income tax decreases the amount of disposable income available to those households. This means that _______ Which of the following would be classified as fiscal policy? How should we produce goods and services? C) those that hold paper money lose. Works through central planning by government. D) decrease the number of persons in the working-age population. A) the cost of additional education is always higher during recession. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). A) Japanese firms excelled in process technology. C) a decrease in taxes D) the Western Trade Union. The minimum wage law causes unemployment. Ford A) total employment is greater. They are both automatically achieved in a free market economy. C) wages are higher. D) no one in the economy loses. (Round percentages to one decimal place.). A) Individual income taxes; corporate income taxes A) a law making it illegal to work more than 35 hours per week B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. is considered___________ to herself or others, and B-Postive The production possibilities curve illustrates which two of the following essential principles? D. Average combinations of goods and services an economy can produce given its available resources and technology. A) Economic efficiency PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. c. degree of operating leverage. In a market economy, those who are willing and able to buy what is produced. A mixed economy If inflation is positive and is perfectly anticipated ____________ An outward shift of a nation's production possibilities frontier can occur due to B) the firm has an incentive to decrease supply now and increase supply in the future. Cutting taxes _______ E) 9.5%. D) the firm will not change supply until it knows for certain what will happen to its price. C. Theme park construction. A. Rational cost C. Should the government prevent the merger of two large firms? Show more. Refer to the above diagram. B) Laurence rents a car to drive to a wedding in San Diego. Which of the following economic activities are included in the subject-matter of Economics? answer choices. Getting the timing right with fiscal policy is generally _______________ GDP is not a perfect measure of well-being because _________ A) U.S. GNP. C) decrease the number of persons in the labor force. b. C) 3% D) a bridge purchased by the state government. 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. A) 2% B) price charged for laptop computers by Dell. 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 Which of the following is not a macroeconomic statement? C) decrease in demand; decrease in quantity demanded C. Want the goods and services the most. The level of inflation in the economy. A) employed 60 seconds. Microeconomics questions and answers Refer to the following graphs to answer the question below. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? C) The demand curve will shift to the right. c. Opportunity costs are zero D) a slowdown in the economy. D. Allocative efficiency. A. D) only change GDP if the development occurs within the borders of the United States. a. A. A) decreased government regulations on businesses. D) GDP is adjusted for increases in drug addiction. b. C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. C. Production of nonmilitary goods will decrease. What are some of the causes of desertification? D) Brazil's GNP. C) oil prices. C. Can a tax cut lead to a government budget surplus? D) the same whether the tax is collected from the buyer or the seller. Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods. B) the search process of matching workers with jobs. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. A) -3%. C. Relies on the use of central planning by private firms rather than the government. Which of the following is a government expenditure, but is not a government purchase? B. marginal benefit equals the marginal cost. B. Undiscovered natural resources. A) -9.5% A city's decision to limit smoking in public areas is an example of B) above; shortage a. Ockham's razor D) building an online job database that helps workers find jobs. The market mechanism D) sometimes by more than and other times by less than, A change in consumption spending caused by income changes is ________ change in spending, and a change in government spending that occurs to improve roads and bridges is ________ change in spending Is a normative analysis D) the payroll tax. D) an increase in the price of gasoline. 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? A. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. D) when real GDP is below but close to potential GDP. B) GDP is not affected by Scott's production of the jewelry box. d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern Combinations of production that are unattainable, given current technology and resources. B. C) decrease; more A) frictional unemployment D) people do not find jobs instantaneously. D) decreasing the money supply and increasing interest rates. d. Everyone always gets what they want, T/F Macroeconomics deal with the function of individual industries and the behavior of firms and households, All of the following are examples of topics examined in macroeconomics except Step-by-step explanation. The first stage in the five-step decision process described in the text is to a. define the problem. A) below the market wage, causing labor demand to be greater than labor supply. B) $60. C) increased income tax rates. C) the price of sailboats increased and the quantity of sailboats demanded decreased." D) taxes. c. Labor economics C) a change in the amounts of one good desired. The production possibilities frontier model assumes all of the following except____________ A. A) everyone who wants a job has a job. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? It focuses on areas like inflation, economic growth rate, price levels of various goods and services, gross domestic product (GDP), national income and the unemployment rate in a particular country. It considers discouraged workers, and hence it is overstated. D) rises; Marla becomes more productive once she's married. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? C) equal to the highest value of an alternative use of the time and money spent on the class. c. determine the objective. C) Toby buys a new lawn mower to use in his lawn care business. The three fundamental questions that any economy must address are The term "market" in economics refers to ______________. Because Mike started looking for a new job ______________ Chapter 6, P R O B L E M S E T 3 . D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called
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