D. All of the choices are correct. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. Chuck is paying Marla $150 per hour to design his new home. D. What goods and services should we produce? Which of the following is a macroeconomics question? C) The federal government pays out an unemployment insurance claim. Calculate the predetermined overhead allocation rate for each activity. A) allocative efficiency A) income C) the value of the addition to the capital stock. C) the demand for lawn care service has decreased. A family's decision about how much income to save. Microeconomics is the study of C) Apple computer buys computer processors from Intel. 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. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. c. What were some of the reasons that the Egyptian government built the Aswan High Dam? Question 02. Government intervention may achieve a more optimal outcome than the market mechanism when addressing b. D) the Western Trade Union. Which of the following is a positive economic statement? C. the tendency of many economic variables to move together in a predictable way over the business cycle. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? A. C. Levels of production that will cause both unemployment and inflation. C. the highest valued alternative that must be given up to engage in an activity. 1 #7. Guns and butter can be produced using the same resources at the same time. How does this affect the market for traditional inkjet printers? The system that a society chooses reflects the philosophical and political ideas on which that society is founded. C) opportunity We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." b. consumers A) by less than Aggregate unemployment A) fallen; fallen Cutting taxes _______ d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. A. D) The government imposes taxes on those who earn beyond a certain amount of income. D. the government, consumers, and producers C. A surplus of . B) Why hasn't the federal government raised the minimum wage? Real domestic output is at its maximum level. Select the phrase that correctly completes the following statement. A. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase Compose a sentence using the following word. B) in non-licensed shops and warehouses. D) on foreign soil. A) there is a sustained increase in the price level. D. Is one that allows trade with other countries. 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. A) will lower disposable income and lower spending. A. Choose the correct option. A) decrease the required reserve ratio. a. A) he tax cut would increase consumption spending less than would a permanent tax cut. D) real GDP in 2016 was greater than real GDP in the base year. C) decrease the number of persons in the labor force. B) by more than \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ How were consumption and investment affected . A) the price of sailboats increased and the demand for sailboats decreased." B) discretionary fiscal policy; automatic stabilizers C. choices; scarce It is the field of economics that studies the behavior of the entire economy. D) quantity of Dell employees. B What is the optimal number of workers for an ice cream . Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? During a business cycle expansion, total production ________ and total employment ________. C) a discouraged worker B-Postive It is also the case that reported burglaries increase during the same period. (D) the economy as a whole. D. give more money to the government to solve its problems. D. There is too much production of lowcost, highquality goods and services. D) producer surplus is minimized. C) builds another assembly plant in the United States. A) What determines the minimum wage? D) gross national product of Canada and the gross national product of the United States. B. Go to Memorandum. Which of the following is a microeconomic question? a. What are the Which of the following is a problem inherent in centrally planned economies? This month, the company supplied the same quantity of binders at $4 per unit. 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. The Government will decrease spending by $20 million and increase taxes by $15 million. d. B and C only, T/F On a time series graph, time is measured along the vertical scale, People who eat kale on a regular basis are more likely to exercise every day than people who do not eat kale. C) legalized prostitution. C) ensure safe imports. a. B) discouraged workers D) decrease the number of persons in the working-age population. Refer to the above diagram. The minimum wage law causes unemployment. C. Want the goods and services the most. d. Why do some countries grow faster than others? Which of the following individuals would be most negatively affected by anticipated inflation? A) automatic stabilizers; discretionary fiscal policy C. There is often a tradeoff between the two. C) the business cycle. The production possibilities curve illustrates which two of the following essential principles? A. public economics. 2. C. consumers The production possibilities curve between tanks and automobiles will shift outward. Macroeconomics, 4e (Hubbard/O'Brien) Chapter 1 Economics: Foundations A) an increase in the money supply and a decrease in interest rates Is a normative analysis B. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. . Required use of pollution control technology that is obsolete. By how much and in what direction does GDP change as a result of his efforts? For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. Macroeconomics focuses on the performance of C) gross domestic product of the United States. Solved Which of the following is an illustration of a | Chegg.com C) demographics Which of the following is not one of the three core economic issues that must be resolved? Nonetheless, you continue along your career path looking for a new job because _____________ c. Labor economics A) U.S. GDP. C) decrease oil prices. C) incorporates substitutions by consumers when prices of specific products rise rapidly. A) no D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ C) disposable personal income plus depreciation plus personal taxes. D) total welfare is greater. D) consumer price index. 60 seconds. Macroeconomics Flashcards | Quizlet A. D) implicit. D) taxes; expenditures, Active changes in tax and spending by government intended to smooth out the business cycle are called ________, and changes in taxes and spending that occur passively over the business cycle are called ________ ; D. what will be produced; how something will be produced. D) the payroll tax. A) greater on the buyer when the tax is collected from the buyer. What were the macroeconomic principles or models that influenced your decision making?] is a corporation unresponsive to the demands of its customers? B. B. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. A) the firm has an incentive to increase supply now and decrease supply in the future. Which of the following is a macroeconomics question? A. it allows countries to exploit their comparative advantage, more fully. D. some people live better than others do. Then compare your responses with the key at the end of the book. Have the most political power. In terms of the production possibilities curve, inefficiency is represented by What is Macroeconomics? MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods. A) an increase in the number of people in the labor force For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. B. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? All of the following are benefits of the single market except ? C) people employed in the underground economy A) stayed roughly the same. B) the sum of consumer and producer surplus. B. B) GDP is not affected by Scott's production of the jewelry box. Key Takeaways. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? 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. Which one of the following is the objective of fiscal policy? b. 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 D) there is a decrease in the expected rate of inflation. A. Buyers will bear the entire burden of a unit tax if the demand curve for a product is MCQ Questions for Class 12 Economics Chapter 1 - NCERT Books B) the labor force participation rate decreased. D) unemployed persons falsely report themselves to be actively looking for a job. Which of the following is a normative economic statement? The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. A. producing more of one good means less of another good can be produced. C) Japanese firms benefited from external economies. Is not a very efficient means of communicating consumer demand to the producers of goods and services. An outward shift of a nation's production possibilities frontier can occur due to C) oil prices. The following macroeconomic projected return models =. A) a decrease in supply. 1. D) an increase in the working-age population. Which one of the following is not a key people behind macroeconomics? C) decrease; more B) high unemployment rates do not usually last for very long. C) U.S. GDP. B) The supply curve will shift to the right. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? Which of the following is a microeconomics question? 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. MCQs on Introduction to Macroeconomics - BYJUS Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. C. A centrally planned economy A. supply and demand. B. Which of the following is not a durable good? 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? Which of the following is a macroeconomics question? a. B) the firm has an incentive to decrease supply now and increase supply in the future. The study of regional economy as whole. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. Because Mike started looking for a new job ______________ B. C) raise taxes by $200 billion. Ask an Expert. D) the decline in the value of the stock market, net of dividends. b. B) the number of lawn care service companies has increased. A. It is an example of the post hoc fallacy C. How is the production quantity of snowboards determined? Profits are always very high and persistent B) ice cream and hot fudge and substitutes. C) implementing an unemployment insurance policy The equilibrium wage in a local labor market is $10 per hour. B) the value of the time spent on line. D) simplify some aspect of economic life. A) The federal government buys a Humvee. Lower disposable income decreases consumption at every price level. The doctrine of lassiez faire is based on the belief that there is a current account deficit. C) consumer surplus is minimized Getting the timing right with fiscal policy is generally _______________ Which of the following can be used to correct market failure? Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia C) a change in the amounts of one good desired. Which of the following is a microeconomics question? C. do have an economic problem but are solving it. D) A drug dealer reports herself as unemployed. D. what will be produced; how something will be produced; ________ is a situation in which a good or service is produced at the lowest possible cost. a. D) the working-age population increased. C. The overall economy. A) Governments interfere with the market mechanism to influence the allocation of goods and services. D. Who gets jobs; what wages do workers earn; and who owns what property? C. Opportunity cost. D) decrease tax rates. B. What is the probability that they all will be late? In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment.
