B) unattainable B) Laurence rents a car to drive to a wedding in San Diego. B) discouraged workers E) the cost of tuition and fees only. It allows researchers to isolate the effect of one event on another without the influence of outside variables B) In a market system, firms can charge any price they want, thus preventing poor people from getting as many goods and services as they wish. A) take away from GDP. Suppose a drought resulted in a major reduction in the California lettuce crop. Solved Which of the following is an illustration of a | Chegg.com Increasing the federal tax on gasoline would cause shipping costs in the United States to increase d. Public economics. B. marginal benefit equals the marginal cost. Choices made by people faced with scarcity b. a. margin of safety. D. Markets result in an unfair distribution of income. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? B. D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? All of the following are benefits of the single market except ? This means ______. b. Which of the following individuals would be most negatively affected by anticipated inflation? Choose the correct option. A) horizontal. B) the firm has an incentive to decrease supply now and increase supply in the future. A) there is a sustained increase in the price level. D) legalized marijuana. Rearranging, we get: All of the following events would have this effect except A) increasing government purchases or decreasing taxes. When the variable measured along the x-axis and the variable measured along the y-axis move in the same direction, it indicates a ________ relationship between the two variables. C) clothing B) protect the environment. \hline\\ A. 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. B. A) the money supply and interest rates that automatically increase or decrease along with the business cycle. B) GDP minus depreciation. A. a. C. marginal revenue D) Japan has abundant supplies of natural resources needed to produce automobiles. A) updates the market basket every two years, rather than every 10 years. B) falls; Marla's work becomes less valuable once she's married Market failure. Is zero MCQs on Basic Economics - GeeksforGeeks Your grandfather tells you that he earned $7,000/year in his first job in 1961. The aggregate demand and aggregate supply curve intersect. C. Macroeconomic failure. D. give more money to the government to solve its problems. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. b. Equity O a. A) U.S. GDP. Is very narrow endeavor How has the discovery of oil in the Niger delta affected Nigeria's environment? A. how households and firms make choices. Answer: (D) The economy as a whole. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? Check your understanding of civil commitment by filling there is a current account surplus. B) price charged for laptop computers by Dell. D-Positive B) fallen; risen C. lawmakers in the government voting on what will be produced. D) increase in quantity demanded; increase in demand. D) decrease; less. The production possibilities frontier model assumes all of the following except____________ of disabled individuals to a less restrictive facility) also C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. The tax cut would lower the price level in 2014. Economics is concerned with prices and quantities of goods and services, both at the individual. Microeconomics is the study of A. do not have an economic problem. A. producing more of one good means less of another good can be produced. D) technology. Exercise 01 - bi tp eco - Question 1 (3 points): Given the following What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? B) the federal income tax. Multiple Choice Quiz - Oxford University Press D. marginal costs b. A) by less than D. Government failure. Given this information, we know for certain that ________ A) higher; higher b. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} B) an increase in quantity demanded. Marla is an architect who is designing a home for Chuck. Given that, the question "According to the Bureau of Economic Analysis, what has been the average annual level of inflation (as measured by the GDP Deflator) over the past 10 years?" Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. 3. The following questions relate to long-run macroeconomic A tax is imposed on employers and workers that are used to fund Social Security and Medicare. Lower disposable income decreases consumption at every price level. d. It does not consider those who were laid off due to . E) Discouraged workers are counted as unemployed. A sharp rise in the price of vegetables. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? 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. D) only change GDP if the development occurs within the borders of the United States. A) higher; higher Timer Bonus. Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. B. B) the number of lawn care service companies has increased. 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? C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. C) a tank purchased by the federal government B) the value of the house in 2003 A. D) increase all of the monetary flows. B. a nation's poverty level increases faster than its population. B) greater on the seller when the tax is collected from the seller. B) vertical. D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ Oxford University Press | Online Resource Centre | Multiple choice B. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). C) oil prices. The market mechanism. 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 Which of the following can be used to correct market failure? A) the value of output in 2015 was around $17.3 trillion. Which of the following best describes an assumption economists make about human behavior? B) Consumer efficiency a. Ockham's razor A) There will be an increase in unemployment. C) the business cycle. B. For schedule, refer to the archive link given below. Que11. \end{array} A) increase; more C) there are not enough jobs for everyone who wants one. Suppose that nominal GDP in 2016 was less than real GDP in 2016. Option b: This option is incorrect because medium of exchange is a function of money as money is used to exchange goods between buyer and seller. B) updates the market basket every 10 years, rather than every two years. B) an expansionary; a contractionary The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. D. Price regulation by government. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? C. Inefficient incentives. C) Discouraged workers are not counted as unemployed. C) a 12-inch Subway sandwich purchased by a student 9 Questions. D) people do not find jobs instantaneously. D) seasonal unemployment, Structural unemployment is the result of ____________ D) They are included only if they are imported, Which of the following are not considered part of government purchases? What Are the Four Basic Economic Questions? - Reference.com e. variable cost reduction. A. C) disposable personal income plus depreciation plus personal taxes. Economic development TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. They've told our detectives they have no interest in ever putting in the barriers.". A) personal income minus personal taxes. Simple economies can be described in terms of three major economic flows. (c). D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. Government intervention may achieve a more optimal outcome than the market mechanism when addressing Which of the following is not a macroeconomic statement? D) A drug dealer reports herself as unemployed. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. D. Economic growth and market failure. 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. 3. In the following macroeconomic system, find the parametric Which of the following is a macroeconomic question? To Liza, 1) Economic models do all of the following except A) answer economic questions. D) upward sloping. E) States increase taxes to fund education. 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) 2% C. the economy as a whole. The tuition you pay Opportunity cost C) any level of the two products that the economy produces is currently possible. B) an increase in the unemployment rate Refer to the above diagram. B) total consumption of goods is greater. D) implicit. a. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. b. real costs. A) The federal government passes tax cuts to encourage firms to reduce air pollution. D. Allocative efficiency. D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? A. An oligopolistic industry consists of only two firms, Angel& The market mechanism at work. A) the free market. If North Korea is currently producing at effciency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its C. There is often a tradeoff between the two. A) -3%. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ How do you go about weighing the alternatives? Commits the fallacy of composition A) some cyclical unemployment always exists. The output of U.S. citizens who work in Canada would be included in the _____________ C) decrease the number of persons in the labor force. D) taxes. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. b. Caveat emptor A) frictional unemployment Should the government put a tax on alcohol in an attempt to reduce highway fatalities? If inflation is positive and is perfectly anticipated ____________ C. consumers A) the knowledge and enjoyment you receive from taking the class. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. Economists have shown that the burden of a tax is Explore the definition and types of economics including microeconomics and macroeconomics and. 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. B. This means. A) the money supply and a decrease in interest rates. A) allocative efficiency 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. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. Raising the income tax decreases the amount of disposable income available to those households. A. unlimited wants exceed limited resources. B) structural unemployment [Identify the impact of your changes to the income and corporate tax rates. C. Optimal marginalism 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. Electric car enthusiasts want to buy more electric cars at a lower price. D) depreciation. D) The demand curve will shift to the left. D) The federal government cuts taxes to stimulate the economy. D) the payroll tax. C) No, the recession will most likely be short-lived and I can get a job after it is over. D) decreases; decreases. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married A) attainable Government agencies. To understand society and global affairs When the invisible hand does not produce optimal outcomes for the economy, there is evidence of A. negative because it may improve your grade. A) the nominal interest rate plus the inflation rate. A. To learn a way of thinking 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 These firms are reacting to which of the three key economic ideas? a. 2. We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." With respect to factors of production, which of the following statements is not true? A) technological advancement in the production of electric car batteries. B) in non-licensed shops and warehouses. According to the text, economists consider full employment to occur when The marginal propensity to consume (MPC . B) government purchases. C) NAFTA. D. All of the choices are correct. A. Compose a sentence using the following word. A. A) a reduction in unemployment. D. the choices people make to attain their goals, given their scarce resources. (a) Unlimited Wants Is a normative analysis Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. A) cyclical Because Mike started looking for a new job ______________ 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. stabilize the price level. C) GDP rises by $125. Which of the following is a microeconomic question? a. What are the This problem has been solved! What were the macroeconomic principles or models that influenced your decision making?] The production possibilities curve between tanks and automobiles will appear as a straight line. c. degree of operating leverage. What are some of the causes of desertification? Ask an Expert. D) above the market wage, causing labor demand to be less than labor supply. B. The term economic system refers to the way in which a society organizes the production and distribution of good and services. 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 ________ The demand for bottled water by individuals. O a False O b. A) he lettuce that Subway purchases for its sandwiches D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. 1. Which of the following explains why the unemployment rate could B) government spending and taxes that automatically increase or decrease along with the business cycle. D) the value of all cars produced by Nissan in Japan and the United States. 60 seconds. ________ and ________ are the largest sources of revenue collected by the federal government C) The quantity of traditional camera film demanded increases. Micro Economic 100% (3) 6. C. Eliminates market failures by government. Explain. B. B. the government Prelims Marathon - Economic Survey - March 1st - 2023 Every society faces economic trade-offs. 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 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. Which of the following would be the best measure of the cost of living? Keynesian Economics Questions and Answers - Study.com C. All points inside the curve. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! A. Which of the following is the best example of land? Unemployment is too high. Solved Which of the following is a macroeconomics question - Chegg A) everyone who wants a job has a job. C) the unemployment rate decreased. Guns and butter can be produced using the same resources at the same time. iii. Profits are always very high and persistent D. the government, consumers, and producers How can a firm maximize profits, given the state of the economy? Determine the following. 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. An increase in ____________ A) shift of the demand curve when income changes. b. B) a competitive equilibrium is achieved B) discretionary fiscal policy. Which of the following is a macroeconomics question? B) an increase in supply. Should the government attempt to influence the interest rate to lower inflation? When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. Marco's consumer surplus from the purchase is D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. B. C) There will be a decrease in the quantity of labor supplied by households. B) partial A) a law making it illegal to work more than 35 hours per week A. C) after regular office hours. Which of the following is a macroeconomics question? a. How many ________ increases economic efficiency because it forces firms to produce and sell goods and services as long as the additional benefit to consumers is greater than the additional cost of production. B) the bread that Subway purchases for its sandwiches E) 9.5%. D. A movement from the production possibilities curve to a point inside the production possibilities curve. Which of the following is a normative economic statement? The result is a shift in the aggregate demand curve to the left. Which of the following is a positive economic statement? Equity B. Combinations of goods and services an economy is actually producing. A) Japanese firms excelled in process technology. B) The supply curve will shift to the right. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. a. C) people employed in the underground economy During a business cycle expansion, total production ________ and total employment ________. C. Production of nonmilitary goods will decrease. Prelims Marathon - Economic Survey - February 28th - 2023. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . D) Excise and other taxes; individual income taxes. D) on foreign soil. C. Want the goods and services the most. D. Higher opportunity costs induce higher output per unit of input. A) employed C. Congress increased the minimum wage rate in January. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. A) U.S. GNP. The three fundamental questions that any economy must address are Buyers will bear the entire burden of a unit tax if the demand curve for a product is Production possibilities curve will shift outward. 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. Will a new type of electronic reader or tablet increase the number of buyers? However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. Which of the following is a microeconomics question? D) $200. Solved Which of the following is a macroeconomic question? | Chegg.com A city's decision to limit smoking in public areas is an example of A) Tuan purchases a cappuccino at the student union. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. b. A) will lower disposable income and lower spending. B) real GDP per person D) refrigerator. D. All of the choices are correct. C. Can a tax cut lead to a government budget surplus? View Answer The key. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? A) the value of leisure is included in GDP. Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. This tax is sometimes referred to as All points outside the curve. D) GDP is adjusted for increases in drug addiction. C) investment; consumption He is willing to pay $200 for the dozen fish, but buys them for a total of $140. D) GDP falls by $1,875. C) interest rates; money supply How do you go about allocating your time in a given day among competing alternatives? The minimum wage law causes unemployment. A. supply and demand. C) the ups and downs in inflation. a. Which of the following is not one of the three core economic issues that must be resolved? C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. C. Government failure does not exist. C) Brazil's GDP. Cutting taxes _______ D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ The invisible hand at work. A) Consumer surplus measures the difference between the highest price a consumer is willing to pay for a product and the price she actually pays.

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