A devaluation of the U.S. dollar would increase exports from the United States What is the current national rate of unemployment? B) productive efficiency B. Explain. The "guns versus butter" dilemma that all nations confront is that Assume the punctuality random variable follows a binomial distribution. The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as Question 12. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending c. functional costs. Preparation and presentation of Union Budget 2. A) the value of worn-out equipment, machinery, and buildings. Raising the income tax decreases the amount of disposable income available to those households. a. D) zero because there is no classroom time involved if you are enrolled in the course. A) -3%. Economic growth. C. when something will be produced; why something will be produced The Bureau of Economic Analysis calculates a number of different measures of inflation: the GDP Deflator, the Consumer Price Index, the Wholesale Price Index, etc. How many airlines will be late in one month? D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. D. The full employment of resources to achieve a particular combination of goods and services. C. For whom should goods and services be produced? B) the value of the decrease in business inventory stocks. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. B. View Answer. b. C) there is a decline in the price level. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. Production possibilities curve will shift inward. E. consumers and producers. 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? C. unlimited resources exceed limited wants. Compared to their pre-trade positions, trade makes both countries better off because in each country D) a slowdown in the economy. C) those that hold paper money lose. What goods and services to produce; how will these goods and services be produced; and who receives them? All of the following events would have this effect except B) substitution International economics. D) ceteris paribus. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} answer choices. C) the business cycle. (B) important rather than trivial issues. Which of the following is a microeconomics question? C) oil prices. Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA You have majored in computer science and, because of the recession, have difficulty in finding a job. Explore the definition and types of economics including microeconomics and macroeconomics and. Report an issue. B. How do you go about allocating your time in a given day among competing alternatives? Th View the full answer How does a market system prevent people from getting as many goods and services as they wish? Show more. Prelims Marathon - Economic Survey - March 1st - 2023 The purchasing. The following macroeconomic projected return models =. C. income, saving and . D) the price of sailboats increased. C) a change in the amounts of one good desired. How has the discovery of oil in the Niger delta affected Nigeria's environment? B) a natural disaster like a hurricane or bad earthquake. Choose the correct option. C) clothing C. normative economics. B. A) a decrease in supply. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. D) the decline in the value of the stock market, net of dividends. A) those that borrow money lose. d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. Real domestic output is at its maximum level. C) downward sloping. The higher price caused the supply of sailboats to increase.". D-Positive Based on this evidence, Tecumseh has experienced B) teachers' salaries paid by a local government C. Government failure does not exist. B. B. D. All of the choices are correct. there is a capital account surplus. C) the economic surplus received from purchasing a given quantity of a product. A. c. It confuses correlation and causation C. All points inside the curve. Which of the following is the best example of land? B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. A) decrease the measured unemployment rate. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. By how much and in what direction does GDP change as a result of his efforts? A. C) 6.67%. B. B. 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. Which one of the following is the objective of fiscal policy? To learn a way of thinking Combinations of goods and services an economy is actually producing. According to the text, economists consider full employment to occur when Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. Ask an Expert. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors (c). D) Unlike positive economic analysis, normative economic analysis can be tested. (a) Unlimited Wants Which of the following would reduce the labor force participation rate, all else equal? Which of the following is a microeconomics question? C) Consumer surplus measures the net benefit from participating in a market. D) the unemployment rate consists of only frictional and structural unemployment. D. A. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. A ________ can change over time or across observations. The economy experiences government failure. D) when real GDP is below but close to potential GDP. D) simplify some aspect of economic life. This situation will most likely coincide with high unemployment. A. d. Zero because you knew when you registered for the class that studying would be required. B. B. marginal benefit equals the marginal cost. C) a 12-inch Subway sandwich purchased by a student 9 Questions. D) legalized marijuana. c. Opportunity costs are zero Rational cost C) The federal government pays out an unemployment insurance claim. A. Refer to the above diagram. A) frictional unemployment What Are the Four Basic Economic Questions? - Reference.com C) above the market wage, causing labor demand to be greater than labor supply. C) below; surplus C) raise taxes by $200 billion. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. A. The production possibilities frontier model assumes all of the following except____________ D) producer surplus is minimized. D. What goods and services should we produce? D. Government intervention. They always call for opposite outcomes. A) the willingness of consumers to purchase a product at different prices. Then compare your responses with the key at the end of the book. C. Inefficient incentives. Please don't take his comments (a) personal, (b) personally. Which of the following best describes an assumption economists make about human behavior? Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia The importance of the ceteris paribus assumption when using models is that: It does not consider discouraged workers, and hence it is understated. . D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? A point on a nation's production possibilities curve represents The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport D) the reduction in economic surplus resulting from not being in competitive equilibrium. C) frictional a. D) the working-age population increased. What factor was most responsible for the development of Japan's comparative advantage in automobiles? D) depreciation. In a market economy, those who are willing and able to buy what is produced. The impact of crowding out may be the least _____________ B) European countries offer higher unemployment benefits than the United States. C) lower; higher An oligopolistic industry consists of only two firms, Angel& D. Competition, Consider the following economic agents: C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. The study of regional economy as whole. 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 ________ B) greater on the seller when the tax is collected from the seller. C) Discouraged workers are not counted as unemployed. B) protect the environment. B. Undiscovered natural resources. C. A surplus of . B. If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. D. The best alternative use of your time. A family's decision about how much income to save. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. C. Technology is lost. A) decreased government regulations on businesses. C. A centrally planned economy B) GDP is not affected by Scott's production of the jewelry box. B What is the optimal number of workers for an ice cream . c. It considers part-timers as employed, and hence it is understated. b. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. B) a job retraining program A) fallen; fallen B) 3%. A) the Income Security Tax. D. the choices people make to attain their goals, given their scarce resources. 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 ________ Basic questions of economics - Economics Help B) total consumption of goods is greater. A. A) an induced; an autonomous Solve the Following Short-Essay Questions: Define demand. Answer: B Use the following diagram to answer questions 36-39: 36. Question: Which of the following is macroeconomic issue ? - Mcqs Clouds b. MACROECON CH 1 Flashcards | Quizlet A) The federal government passes tax cuts to encourage firms to reduce air pollution. A) take away from GDP. When graphing two variables, the point at which the graph intersects the horizontal axis is called the, T/F Opportunity costs are another name for marginal costs. Question 20. D) seasonal unemployment, Structural unemployment is the result of ____________ A) the firm has an incentive to increase supply now and decrease supply in the future. C) GDP is adjusted for changes in crime rates. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. What goods and services to producehow will these goods and services be produced; and who receives them? b. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ D) What determines the level of U.S. imports and exports? President Obama has discussed raising income taxes for individuals earning over $250,000 in income. D) an increase in the working-age population. B) unattainable B. C. the highest valued alternative that must be given up to engage in an activity. It considers discouraged workers, and hence it is overstated. B. producers deciding what society wants most. \hline\\ C) How does Fiat decide on the price of the 500 Pop model? B. B) The supply curve will shift to the right. B. C. The process by which the production possibilities curve shifts inward. Given this information, we know for certain that ________ A. unlimited wants exceed limited resources. b. The term "market" in economics refers to ______________. A. This change will______________ B) continually risen. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? C. Production of nonmilitary goods will decrease. B) The demand curve for inkjet printers shifts to the left. When lumber from Brazilian forests is used by a U.S.-owned company to produce furniture in Canada, the value of the furniture produced will be counted as a final good in In cities with rent control, people have an incentive to list their apartments on sites such as Airbnb at rents ________ the controlled rates, because rent control causes a ________ of apartments. Macroeconomics is a branch of economics that depicts a substantial picture. c. Falls victim to "post hoc, ergo propter hoc." d. All of the above Preparation and presentation of Budget for state governments under President's Rule 3. B. the global economy. Solved which of the following is NOT a macroeconomic | Chegg.com C) 1.5% Bill Gates does not face scarcity because he is a billionaire B) total income in 2015 was around $17.3 trillion. D. All of the choices are correct. Use the following (partial) chart of accountsaccount numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). A) Starbucks purchases coffee beans. c. Is it sensible for a government to subsidize tobacco production? B) above; shortage D) decreases; decreases. C) Yvette pays $50 to join a softball league. B) the sum of consumer and producer surplus. Which of the following is an example of government failure? C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. These are: A. income, spending and saving. In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. D) lower taxes by $200 billion. Which of the following is a government expenditure, but is not a government purchase? A) a demand curve has shifted to the left. B. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. b. unit contribution margin. The opportunity cost of studying for an economics test is (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.