although this definition differs from state to state. D. Markets result in an unfair distribution of income. For schedule, refer to the archive link given below. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? A) the value of the house in 2016 C) a change in the amounts of one good desired. A) inflation D) 15%. Flow (1) represents: A) wage, rent, interest, and profit income. a. iii. This month, the company supplied the same quantity of binders at $4 per unit. D) legalized marijuana. A) the price level in 2016 was greater than the price level in the base year. B) the value of all cars produced by Ford in Mexico Which of the following would be the best measure of the cost of living? 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) the value of the addition to the capital stock. D) all of the above are true. A. C. For whom should goods and services be produced? D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? \hline\\ Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. 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. The phrase "demand has increased" means that ___________ A) Governments interfere with the market mechanism to influence the allocation of goods and services. D) efficient central planning. B) GDP is not adjusted for pollution. Solve the Following Short-Essay Questions: Define demand. D) technology. What is Macroeconomics? a. See Answer. B) when real GDP is above but close to potential GDP. Aggregate unemployment C) a decrease in the unemployment rate B) substitution D. All of the choices are correct. Writing Period 50 minutes . To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). A) by less than c. It eliminates the need for abstraction or simplification Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? Consumption of cigarettes. A) greater on the buyer when the tax is collected from the buyer. Is justified by the superiority of lassiez faire over government intervention. Prelims Marathon - Economic Survey - March 1st - 2023. B. Buyers will bear the entire burden of a unit tax if the demand curve for a product is D) the price of sailboats increased. What were the macroeconomic principles or models that influenced your decision making?] B) the consumer surplus received from purchasing a given quantity of a product. C) builds another assembly plant in the United States. D. workers deciding to produce only what the boss says must be produced. Which of the following events would allow the production possibilities curve to shift outward? C) decrease; more 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. Which of the following correctly describes the relationship between economic efficiency and economic equity? A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. a. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). Which of the following is a microeconomics question? Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. An undesirable combination of goods and services. C) implementing an unemployment insurance policy Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). Which of the following is not one of the three core economic issues that must be resolved? Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. D. topics such as unemployment, inflation, and economic growth. If a minimum wage of $15 per hour is imposed, which of the following will occur? D) refrigerator. You are investigating the punctuality of the airlines in Asia. 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. Inefficient incentives. A. do not have an economic problem. The economy may be in equilibrium. A) change; overestimates E. consumers and firms choosing which goods and services to buy or produce. They are both automatically achieved in a free market economy. A. A) There will be an increase in unemployment. B) continually risen. C) interest rates; money supply B) the bread that Subway purchases for its sandwiches A) the value of leisure is included in GDP. D) The government imposes taxes on those who earn beyond a certain amount of income. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} Fill in the columns for the GDP deflator and for the percent . You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. D) GDP is adjusted for increases in drug addiction. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. (Round percentages to one decimal place.). Which of the following causes the unemployment rate to understate the true extent of joblessness? C) falls; Marla's architectural design services are no longer bought by Chuck once they're married C) the economic surplus received from purchasing a given quantity of a product. B. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not B) above; shortage B) total consumption of goods is greater. A) attainable C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. b. It is an example of the coincidental fallacy (a) 3,6,12,3,6,12, \ldots3,6,12, D) an increase in oil prices. D) Your father buys a new John Deere riding lawn mower. a. A) $5. E) Discouraged workers are counted as unemployed. a. In a market economy, who decides what goods and services will be produced? d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. b. C. income, saving and . B) ice cream and hot fudge and substitutes. B) increase in demand; increase in quantity demanded C. Maximum combinations of goods and services an economy can produce given unlimited resources. Required use of pollution control technology that is obsolete. Economics is concerned with prices and quantities of goods and services, both at the individual. C) How does Fiat decide on the price of the 500 Pop model? D) 3.5% FortheYearsEndedDecember31,20Y2and20Y1. C) total spending in 2015 was around $17.3 trillion. B) consumption; investment Refer to the above diagram. 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 The key factors of microeconomics are as follows: Demand, supply, and equilibrium Production theory Costs of production Labour economics Examples: Individual demand, and price of a product. A. B) those that lend money lose. C) The quantity of inkjet printers demanded increases. Therefore, exercising daily causes people to eat kale. Select one: a. D. Economic growth and market failure. B) the price level in 2016 was less than the price level in the base year. A) Economic efficiency C) a full-time employee at a pizza parlor who makes more than the minimum wage D) discretionary fiscal policy; conscious fiscal policy. E) 9.5%. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. C) raise taxes by $200 billion. Factors of production and price signals. A) 2% If inflation over the year is 2%, what is the real interest rate you are paying? If market signals result in pollution beyond the optimal level, then A. D) allocatively efficient. B) an increase in quantity demanded. D. a country's population is larger than its resource base. A. D) Unlike positive economic analysis, normative economic analysis can be tested. Explore the definition and types of economics including microeconomics and macroeconomics and. D) increase all of the monetary flows. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. D) the working-age population increased. B. D) They are included only if they are imported, Which of the following are not considered part of government purchases? B) an increase in supply. A) the value of output in 2015 was around $17.3 trillion. 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 1. \end{array} C) increased income tax rates. A) a retired railroad engineer who receives a fixed income payment every month Macroeconomics is a branch of economics that depicts a substantial picture. B) greater on the seller when the tax is collected from the seller. a. A: Economics is the study of production, distribution, and consumption when the resources are scarce in. Need the goods and services the most. Which of the following is a macroeconomics question? Deflation occurs when ____________ A) U.S. GDP. C) the ups and downs in inflation. C) What factors determine the price of Oreo cookies? A. B) a natural disaster like a hurricane or bad earthquake. D) an increase in the price of gasoline. Opportunity cost 1) Economic models do all of the following except A) answer economic questions. A) urniture A) the money supply and interest rates that automatically increase or decrease along with the business cycle. C) Japanese firms benefited from external economies. the same weight of goods has been imported as were exported. \hline Examples of comparative advantage show how trade between two countries can make each better off. B. spending, production and saving. B. A. B) the equilibrium quantity of sailboats increased." B) Persons who collect unemployment benefits report themselves to be searching for a job. D) upward sloping. C. Maximum combinations of goods and services an economy can produce given unlimited resources. A technological advance would best be represented by C) will lower disposable income and raise spending. Every society faces economic trade-offs. C) wages are higher. B. the possibility of inefficient production. B. Utilizes both market and non market signals to allocate goods and services. How should we produce goods and services? C) the demand for lawn care service has decreased. c. degree of operating leverage. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? B. Should you go back to school and get a second major? International economics. d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern C. Levels of production that will cause both unemployment and inflation. You earn _________ B. Rearranging, we get: B) the labor force participation rate decreased. The level of inflation in the economy. c. functional costs. B. C) Yvette pays $50 to join a softball league. 60 seconds. Which of the following is included in both the U.S. GDP and U.S. GNP? The first stage in the five-step decision process described in the text is to a. define the problem. b. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ D) Excise and other taxes; individual income 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. Which one of the following is a macroeconomic issue? B) made over-the-counter drugs illegal. Administrativeexpenses. Totaloperatingexpenses Incomefromoperations. Otherincome.. Incomebeforeincometax.. Incometaxexpense.. Netincome. David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Intro to Microeconomics (First Exam) (Chapter, Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? B) increases; decreases Which of the following best describes an assumption economists make about human behavior? In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. Works through central planning by government. B) increase; less D. The best alternative use of your time. Profit opportunities are eliminated almost instantaneously A grocery store sells a bag of potatoes at a fixed price of $2.30. c. It considers part-timers as employed, and hence it is understated. D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. In a market economy, the people who receive the goods and services that are produced are those who Should the government put a tax on alcohol in an attempt to reduce highway fatalities? Marla is an architect who is designing a home for Chuck. B) the value of the house in 2003 C) opportunity D. All of the choices are correct. The market mechanism. In a free market, production is determined by market forces. A) The federal government passes tax cuts to encourage firms to reduce air pollution. C) by the same amount as The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. C) equity C) clothing They've told our detectives they have no interest in ever putting in the barriers.". c. Falls victim to "post hoc, ergo propter hoc." A. public economics. Technological advancements have led to lower prices and an increase in the sale of color laser printers. Answer: B Use the following diagram to answer questions 36-39: 36. B) government spending and taxes that automatically increase or decrease along with the business cycle. B) will raise disposable income and lower spending. d. Why do some countries grow faster than others? B. [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. D. Works because prices serve as a means of communication between consumers and producers. A. B) European countries offer higher unemployment benefits than the United States. B. how to make money in a market economy. The equilibrium wage in a local labor market is $10 per hour. D) no one in the economy loses. The size of the underground economy would tend to decrease if the government of a country __________________ d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States Answer the following questions by selecting the appropriate answer from the list below. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. C-Nomative d. Congress extends the maximum duration for the collection of unemployment benefits from 26-52 weeks, T/F The collection and use of data to test economic theory is called empirical economics, To analyze the relationship between two variables while holding the values of other variables unchanged is a device known as Which of the following is an example of spending on factors of production in the circular flow model? A) an increase in demand. a. A lassiez faire approach will reduce the level of pollution. D. it intensified competition. The exports are equal to import. Fill in the blanks: (International Balance of Payments accounting) _ Accounts are the transfer of money/wealth that occur between countries but hope to create future revenue. there is a capital account surplus. e. None of the above. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C) decrease the number of persons in the labor force. a. C) above the market wage, causing labor demand to be greater than labor supply. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? C. the highest valued alternative that must be given up to engage in an activity. C) the unemployment rate decreased. A. Which of the following statements is false? D) decrease tax rates. To reduce the bias in the consumer price index, the Bureau of Labor Statistics Which of the following is a macroeconomics question? there is a current account deficit. The term economic system refers to the way in which a society organizes the production and distribution of good and services. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. Have the most political power. D) an increase in consumers' taste for coffee. C. maintain equilibrium in the Balance of Payments. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? B) more than 5 times as much as your grandfather in terms of real income. known as ___________ Mental illness is a(n)___________ concept, typically D) simplify some aspect of economic life. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. D) decreasing the money supply and increasing interest rates. B) remain the same. What factor was most responsible for the development of Japan's comparative advantage in automobiles? D. Competition, Consider the following economic agents: Economics promotes which of the following as the way to make the best decision? B) decrease government spending. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . B) vertical. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. C) increasing the money supply and decreasing interest rates. there is a current account surplus. C) goods and services. D. All of the choices are correct. The number of work visas should not be limited by the government. Report an issue. (C) how individual markets work. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? C. Lassiez faire price policies. Q: Choose the statement that does not describe Microeconomics. Choose the correct option. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. For below problem geometric sequence given write the next three terms. C) discretionary monetary policy. C) 6.67%. A. producers Which of the following is a government expenditure, but is not a government purchase? D) rises; Marla becomes more productive once she's married. Given this information, we know for certain that ________ All of the following are criteria frequently applied in judging economic outcomes except a. 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. Show more. C) make economic ideas explicit and concrete for use by decision makers. It does not consider discouraged workers, and hence it is understated. D. People begin to retire at earlier ages. d. The cost of the food that you consume while attending college, T/F The price is increasing as quantity increases, the slope of the line representing different prices and their corresponding quantities will be positive, The study of economics A) above; surplus Which of the following is an example of government failure? in the blanks. A) increases; increases C. when something will be produced; why something will be produced c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises A) When will the government better secure the borders? C) an increase in unemployment insurance payments If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. A. The economy experiences government failure. D. the choices people make to attain their goals, given their scarce resources. Question: Which of the following is an example of a macroeconomic question? C) an increase in the quantity supplied. d. It does not consider those who were laid off due to . To understand society and global affairs D. Price regulation by government. Is the economy experiencing a decline in the rate of inflation? Which of the following is a problem inherent in centrally planned economies? Scarce resources and opportunity cost. Nonetheless, you continue along your career path looking for a new job because _____________ C) a tank purchased by the federal government \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ Which of the following explains why many European countries have unemployment rates that are higher than in the United States? Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. The minimum wage law causes unemployment. B. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. Is not a very efficient means of communicating consumer demand to the producers of goods and services. D. the choices people make to attain their goals, given their scarce resources. A) a decrease in the money supply and an increase in the interest rate All of the following events would have this effect except B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. D) there is a decrease in the expected rate of inflation.
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