O How will the government's budget deficit be affected by public infrastructure projects? How do you go about weighing the alternatives? d. sensitivity analysis. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. A) higher; higher E) 9.5%. C. There is often a tradeoff between the two. B) decrease government spending. A. consumers dictating to firms what they need most. B) Trade Without Borders. Question 02. As a result, _____________ C) discretionary monetary policy. A) -9.5% C) downward sloping. A) the Income Security Tax. A) The federal government buys a Humvee. A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. The tax cut would lower the price level in 2014. Timer Bonus. A. Question: Which of the following is an illustration of a macroeconomic question? Which of the following would reduce the labor force participation rate, all else equal? According to a deputy commissioner of police, "Commerce does very little of what we recommend. Getting the timing right with fiscal policy is generally _______________ ___________ (movement of disabled individuals out The marginal propensity to consume (MPC . A. This tax is sometimes referred to as a. B. 60 seconds. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. C) legalized prostitution. C) an increase in unemployment insurance payments D. People begin to retire at earlier ages. Question 01. D) real GDP in 2016 was greater than real GDP in the base year. B. net benefit Which of the following statements is false? c. The alternative uses of time you spend studying Choose the correct option. D) a demand curve has shifted to the right. C) wages paid to employees by Dell. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. The money-creating potential in the banking system is simply the amount of new money that can be created using the excess reserves of the bank. Macroeconomics focuses on the performance of d. Public economics. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. Which of the following can be used to correct market failure? This month, the company supplied the same quantity of binders at $4 per unit. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. B) Yes, the recession will lower income in my field permanently. D) Excise and other taxes; individual income taxes. 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 C) NAFTA. A. B. 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. In a market economy, who decides what goods and services will be produced? C) during an expansion. You will then have 50 minutes to answer all three of the following questions. C. The market mechanism has failed to achieve social efficiency. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? 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 D) an increase in the working-age population. Economics involves allocating resources to meet peoples' needs and desires for goods and services. O a. C. normative economics. b. C) do not change; overestimates A) some cyclical unemployment always exists. The production possibilities curve illustrates which two of the following essential principles? A) decreased government regulations on businesses. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. A) the value of output in 2015 was around $17.3 trillion. A pair of shoes that costs $80 last month costs $100 this month. D. All of the choices are correct. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. D) a slowdown in the economy. C) the ACIF. B. D) the value of all cars produced by Nissan in Japan and the United States. A) frictional 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 D) only change GDP if the development occurs within the borders of the United States. C) decreases; increases Which of the following is a microeconomics question? If market signals result in pollution beyond the optimal level, then For schedule, refer to the archive link given below. Economics teaches how to limit our wants. 1. _____a. This change will______________ B) The quantity of traditional camera film demanded decreases. Prelims Marathon - Economic Survey - March 1st - 2023. 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 Equity Question 12. A) the willingness of consumers to purchase a product at different prices. National income is equal to 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). Explain how these higher income taxes will affect the aggregate demand curve. What determines the growth rate of gross domestic product? \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ A) a reduction in unemployment. D) The federal government cuts taxes to stimulate the economy. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . D. The government is allocating resources inefficiently. B) an increase in quantity demanded. What is the standard deviation of this random variable (i.e., the risk of being late)? D) The minimum wage in Europe is lower than it is in the United States. B. producers deciding what society wants most. b. A) taxes; interest rates Micro Economic 100% (2) 176. B) -3.5% B) protect the environment. D. People should not buy imported fruits and vegetables. Which of the following is a macroeconomics question? Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. O a False O b. D) increase all of the monetary flows. Microeconomics is the study of Which of the following individuals would be most negatively affected by anticipated inflation? D) equal 20%. There is full employment. B. not everyone can have enough goods to survive. C) those that hold paper money lose. Explain the pitfall of this statement. Market failure. D) on foreign soil. Bill Gates does not face scarcity because he is a billionaire Advertisement Advertisement B) substitution 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 ________ With respect to factors of production, which of the following statements is not true? A) take away from GDP. D) risen; fallen. D) an increase in oil prices. A) Many full time workers really want to be part time workers. Buyers will bear the entire burden of a unit tax if the demand curve for a product is b. Caveat emptor Government agencies. B) gross national product of Canada. An oligopolistic industry consists of only two firms, Angel& Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. Show more. a. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. D) Unlike positive economic analysis, normative economic analysis can be tested. i. View Answer The key. Markets are likely to do a better job of allocating resources than government directives. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. Opportunity cost c. Post hoc, ergo propter hoc C) the value of all cars produced by Toyota in the United States A) climate and natural resources. Maximum combinations of goods and services an economy can produce given its available resources and technology. Have the most political power. B) falls; Marla's work becomes less valuable once she's married B) discouraged workers Should you go back to school and get a second major? C. Opportunity cost. D. Government failure. D. a country's population is larger than its resource base. D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. E. pure profit. If a minimum wage of $15 per hour is imposed, which of the following will occur? D) below; shortage. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. A: Economics is the study of production, distribution, and consumption when the resources are scarce in. Suppose a drought resulted in a major reduction in the California lettuce crop. B. B) the value of the house in 2003 A) There will be an increase in unemployment. C) equity Laws and regulations. Explain. D. Price regulation by government. B. how to make money in a market economy. B) structural If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ B) add to GDP. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. A) inflation D. All of the choices are correct. Investment, as defined by economists, would not include which of the following? GDP is not a perfect measure of well-being because _________ Mike has been unemployed for over a year. C. do have an economic problem but are solving it. B) the federal income tax. D) legalized marijuana. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. B) consumption; investment A) updates the market basket every two years, rather than every 10 years. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. A technological advance would best be represented by A)Government must maintain the current level of defense spending to keep the nation safe B)The minimum wage should be increased to give people a decent wage C)Americans should buy American products in order to boost the national economy Most primitive economies concentrate on producing food and shelter - the basic necessities of life. 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. What factor was most responsible for the development of Japan's comparative advantage in automobiles? Answering these four questions is essential for an economy to function properly. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. B. C) GDP is adjusted for changes in crime rates. 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 A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors Deflation occurs when ____________ D) decrease tax rates. He hasn't looked for a job in the last three months, but he's just started looking for work again. Government directives are likely to do a better job of allocating resources than markets. The market mechanism. In terms of the production possibilities curve, inefficiency is represented by C. The process by which the production possibilities curve shifts inward. B) government spending and taxes that automatically increase or decrease along with the business cycle. A) The demand curve for traditional camera film shifts to the right. D) A drug dealer reports herself as unemployed. It converts normative analysis into positive Answer: (D) The economy as a whole. Why is the economy of India growing? C) make economic ideas explicit and concrete for use by decision makers. A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. C-Nomative In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. C) a tank purchased by the federal government The higher price caused the supply of sailboats to increase.". C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. A) Anytime you have to decide which action to take you are facing an economic trade-off. B. A. What determines the salaries of Wall Street executives? b. B. This problem has been solved! Which of the following is a positive economic statement? Every society faces economic trade-offs. A) The federal government passes tax cuts to encourage firms to reduce air pollution. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? A) automatic stabilizers; discretionary fiscal policy C) a decrease in taxes B) updates the market basket every 10 years, rather than every two years. Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). B) adds 1,000 new cars to inventories. It is an example of the post hoc fallacy D. Jenny's wage rate rose, and in response, she decided to work more hours. The importance of the ceteris paribus assumption when using models is that: C) The demand curve will shift to the right. Which of the following events would allow the production possibilities curve to shift outward? Should Congress and the president take action to reduce global warming? C. For whom should goods and services be produced? D) the wages of college graduates do not fall during recession. The following macroeconomic projected return models =. A) will lower disposable income and lower spending. C) by the same amount as A) by less than What is the probability that they all will be late? Number of employees in the steel industry E. consumers and firms choosing which goods and services to buy or produce. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. The "guns versus butter" dilemma that all nations confront is that B. B) explicit A. A. D) the plastic bags that Subway purchases to wrap its sandwiches. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. If the United States decides to convert automobile factories to tank production, as it did during World War II, but finds that some auto manufacturing facilities are not well suited to tank production, then Step-by-step explanation. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! Lower disposable income decreases consumption at every price level. B) the value of all cars produced by Ford in Mexico A) the money supply and a decrease in interest rates. The economy's capital stock declines. A) the value of the house in 2016 C) How does Fiat decide on the price of the 500 Pop model? A) a decrease in the money supply and an increase in the interest rate c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 The three fundamental questions that any economy must address are Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? The conclusion of this statement: (b) the level of aggregate demand determines production, employment,. Which of the following is not a durable good? A. Commits the fallacy of composition b. select the best possible solution. D. What factors determine the price of electronic cigarettes? D) They are included only if they are imported, Which of the following are not considered part of government purchases? A. supply and demand. B. A. Which of the following is a positive macroeconomic statement: a. A. An undesirable combination of goods and services. Flow (1) represents: A) wage, rent, interest, and profit income. D) refrigerator. B. 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. A shortage of maths teachers. a. D. give more money to the government to solve its problems. 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. C. when something will be produced; why something will be produced A) labor, capital, land and natural resources are fixed in quantity. Which of the following is an example of spending on goods and services in the circular flow model? D) efficient central planning. D. Scarce resources and opportunity cost. Which of the following is a normative economic statement? A. Given this information, we know for certain that ________ A) during a deep recession. D. constant opportunity costs as more and more of one good is produced. c. The price of gasoline C. Market success. B) the bread that Subway purchases for its sandwiches A. negative because it may improve your grade. D) GDP falls by $1,875. 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. B) productive efficiency D) upward sloping. C) $140. D) when real GDP is below but close to potential GDP. In a market economy, those who are willing and able to buy what is produced. C) less than 5 times as much as your grandfather in terms of real income. The market mechanism at work. Answer the following questions by selecting the appropriate answer from the list below. D) gross national product of Canada and the gross national product of the United States. B) Delta buys a new European-made jetliner. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises

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