which of the following would be a macroeconomic question?

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 B) the value of all cars produced by Ford in Mexico B. D) GDP is adjusted for increases in drug addiction. C) ensure safe imports. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. B) the equilibrium quantity of sailboats increased." The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. B) ice cream and hot fudge and substitutes. b. Caveat emptor B. how something will be produced; when something will be produced What determines the growth rate of gross domestic product? B. A) frictional unemployment D. A rightward shift of the curve. Why is the economy of India growing? D. macroeconomics. b. Macroeconomics a. D) Your father buys a new John Deere riding lawn mower. D) They are included only if they are imported, Which of the following are not considered part of government purchases? B) What determines the production of video game consoles? a. Is the value of the alternative use of the time you spend of playing this game D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. B) Persons who collect unemployment benefits report themselves to be searching for a job. B) total consumption of goods is greater. Economic development This change will______________ B) the price level in 2016 was less than the price level in the base year. Explain the pitfall of this statement. C) the interest rate determined by the supply and demand in the money market. B) protect the environment. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? D) lower taxes by $200 billion. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. You earn $35,000/year in your first job in 2016. B) higher; lower Which of the following is a government expenditure, but is not a government purchase? C) opportunity D) an increase in the working-age population. By definition, economics is the study of B) real GDP per person D) both U.S. GNP and German GDP. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . D. What factors determine the price of electronic cigarettes? b. Deadweight loss refers to The market mechanism. The size of the underground economy would tend to increase if the government of a country ________________ Chuck is paying Marla $150 per hour to design his new home. However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. 60 seconds. C) the unemployment rate decreased. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. B) there is a one-time increase in the price level. Annes Newton - G00378073- ECON QUIZ 2. D. some people live better than others do. B) add to GDP. A. D. The full employment of resources to achieve a particular combination of goods and services. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? A) updates the market basket every two years, rather than every 10 years. D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. 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. C. Maximum combinations of goods and services an economy can produce given unlimited resources. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? A) personal income minus personal taxes. Expansionary fiscal policy involves B) by more than B. marginal benefit equals the marginal cost. C. unlimited resources exceed limited wants. Scarce resources and opportunity cost. A) cyclical Individual consumers. A. The invisible hand refers to A) The federal government passes tax cuts to encourage firms to reduce air pollution. He faces scarcity because his resources are unlimited What factor was most responsible for the development of Japan's comparative advantage in automobiles? C) falls; Marla's architectural design services are no longer bought by Chuck once they're married A. supply and demand. D) building an online job database that helps workers find jobs. A. Macroeconomics Multiple Choice Questions 1. A. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which Is the economy experiencing a decline in the rate of inflation? c. functional costs. A devaluation of the U.S. dollar would increase exports from the United States Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. A) higher; higher Sarah is a full-time student who is not looking for work. C) interest rates; money supply A) The demand curve for traditional camera film shifts to the right. Key Takeaways. B. the government The "guns versus butter" dilemma that all nations confront is that c. Focuses on how a business should function Which of the following would be included in the gross domestic product for 2016? Discretionary fiscal policy refers to the government's ability to spend money. E) States increase taxes to fund education. a. You earn _________ Should you go back to school and get a second major? B) lower government purchases by $200 billion. A. Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? 1. Question 12. A. A family's decision about how much income to save. Combinations of goods and services an economy is actually producing. C) A state government cuts taxes to help the economy of the state. B. B) an increase in supply. C) Every individual, no matter how rich or poor, is faced with making trade-offs. B) consumption; investment Answer the following questions by selecting the appropriate answer from the list below. Prelims Marathon - Economic Survey - March 1st - 2023. D) gross national product of Canada and the gross national product of the United States. Voluntary exchange is a corporation unresponsive to the demands of its customers? C) those that hold paper money lose. Nonetheless, you continue along your career path looking for a new job because _____________ How does this affect the market for traditional inkjet printers? 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) deadweight loss is maximized there is a current account surplus. Total the statement columns, compute net income (loss), and complete work sheet. b. A) by less than A) When will the government better secure the borders? A) an increase in demand. The output of U.S. citizens who work in Canada would be included in the _____________ In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. D) ice cream is a normal good and hot fudge is an inferior good. B) below the market wage, causing labor demand to be less than labor supply. B) explicit b. consumers Required use of pollution control technology that is obsolete. Which of the following is a macroeconomics question? A) There was deflation between 2007 and 2016. D) the unemployment rate consists of only frictional and structural unemployment. A) decreased government regulations on businesses. D) legalized marijuana. A) the law of supply has been violated. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? More teenagers enter the labor force. A) What determines the minimum wage? ii. Dear Friends, We are posting prelims marathon MCQs for today. You know that average prices have risen steadily since 1961. 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? 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. B) the value of the house in 2003 B) automobile Public economics A. consumers dictating to firms what they need most. B) The Federal Reserve cuts interest rates to stimulate the economy. A. The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. c. Labor economics What is the standard deviation of this random variable (i.e., the risk of being late)? a. Capital, as economists use the term, refers to. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. A) allocative efficiency Step-by-step explanation. ________ is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum. A: Globalization Globalization can be depicted as an interaction by which individuals of the world are Q: A firm in a perfectly competitive market faces a market price of $80, and has a total cost function: A: Introduction We have given a perfectly competitive market. D. There is no conflict between the two goals. Factors of production and price signals. As a result, GDP ________ because ________. A. D) seasonal unemployment, Structural unemployment is the result of ____________ B) the bread that Subway purchases for its sandwiches If a firm expects that the price of its product will be lower in the future than it is today C) incorporates substitutions by consumers when prices of specific products rise rapidly. C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor. D) consumer price index. C. Should the government prevent the merger of two large firms? b. unit contribution margin. C) consumer surplus is minimized A) increase. See Answer. A. how households and firms make choices. An increase in national defense implies more sacrifices of civilian goods and services. a. is considered___________ to herself or others, and C) The demand curve will shift to the right. D. Is one that allows trade with other countries. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. B) discretionary fiscal policy; automatic stabilizers Each point on a demand curve shows D) allocatively efficient. D. Allocative efficiency. Question 01. b. real costs. B) when real GDP is above but close to potential GDP. B) more than 5 times as much as your grandfather in terms of real income. A) 5 times as much as your grandfather in terms of real income. D) Excise and other taxes; individual income taxes. The automobile industry was experiencing the effects of _______ The study of regional economy as whole. Which of the following economic activities are included in the subject-matter of Economics? D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? C) frictional A) the free market. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. B) a decrease in government purchases B) falls; Marla's work becomes less valuable once she's married A. C. The government should subsidize solar power for homeowners. A. Ford Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not D) Brazil's GNP. B. net benefit The higher price caused the supply of sailboats to increase.". c. It eliminates the need for abstraction or simplification A) Starbucks purchases coffee beans. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. A. A) welfare benefits You will then have 50 minutes to answer all three of the following questions. Which of the following is not a macroeconomic statement? D) above the market wage, causing labor demand to be less than labor supply. Macroeconomics is focused on the movement and trends in the economy as a whole. D) a slowdown in the economy. The market mechanism may best be defined as A. do not have an economic problem. D) a demand curve has shifted to the right. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. E) 9.5%. The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. A. it allows countries to exploit their comparative advantage, more fully. (a). 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . C) decrease the number of persons in the labor force. D) real GDP in 2016 was greater than real GDP in the base year. A) a retired railroad engineer who receives a fixed income payment every month 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 . C. lawmakers in the government voting on what will be produced. \hline A) the supply curve shifted to the left resulting in an increase in the equilibrium price. C. Decreasing opportunity costs will occur with greater automobile production. D) the reduction in economic surplus resulting from not being in competitive equilibrium. If a minimum wage of $15 per hour is imposed, which of the following will occur? All of the following are sources of comparative advantage except C) Producer efficiency Rational cost D. All of the choices are correct. b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. It converts normative analysis into positive (c). How does a market system prevent people from getting as many goods and services as they wish? D. Production of nonmilitary goods will decrease. Number of employees in the steel industry A) above; surplus Several conditions must be met before the state is permitted to commit a person involuntarily: The person has a(n)___________ and is in need of treatment, the person c. It confuses correlation and causation C) by the same amount as C) The federal government pays out an unemployment insurance claim. A. gross earnings Calculate the predetermined overhead allocation rate for each activity. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. d. identify possible solutions. a. the government The decision about what goods and services will be produced in a market economy is made by A shortage of maths teachers. D. all of the above Answer: D.all of the above 2. C) demographics d. sensitivity analysis. C) continually declined. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. B) price charged for laptop computers by Dell. D) refrigerator. A. B) some people do not want a job. A) $5. D. People begin to retire at earlier ages. C) a discouraged worker C. The money you spent on tuition for the class. D. Al of the choices are correct. B) Why hasn't the federal government raised the minimum wage? A: Economics is the study of production, distribution, and consumption when the resources are scarce in. Timer Bonus. A. . Go to Memorandum. Equity C) Apple computer buys computer processors from Intel. A) labor, capital, land and natural resources are fixed in quantity. D. Economic growth and market failure. In a market economy, those who are willing and able to buy what is produced. B. B) European countries offer higher unemployment benefits than the United States. B. When the laws about civil commitment emerged, B. The doctrine of lassiez faire is based on the belief that A) Tuan purchases a cappuccino at the student union. D. All of the choices are correct. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ C) a decrease in the unemployment rate What goods and services to produce; how will these goods and services be produced; and who receives them? Adam Smith's invisible hand is now called Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. A) an increase in the number of people in the labor force Which of the following is a microeconomics question? C-Nomative D) an increase in the labor force. b. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. The result is a shift in the aggregate demand curve to the left. C. An increase in national defense is possible only if we produce more butter. Which of the following is an example of a "how much" decision? D) the plastic bags that Subway purchases to wrap its sandwiches. Which of the following is a macroeconomics question? C) decrease oil prices. Which of the following is an example of government failure? Let us now understand how it is different from Microeconomics. b. C. The allocation of resources by market forces. D) increase all of the monetary flows. The use of market prices and sales to signal desired output. E. consumers and firms choosing which goods and services to buy or produce. The police were surprised the bank did not take their advice. (b) 81,54,36,81,54,36, \ldots81,54,36,. c. Bill Gates faces scarcity because resources are limited C. choices; scarce \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ Economics promotes which of the following as the way to make the best decision? Production possibilities curve will shift outward. although this definition differs from state to state. A. National income is equal to C) decrease; more The impact of crowding out may be the least _____________ The purchasing. We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." there is a capital account surplus. that negatively affect an individuals health and safety, A. D) will raise disposable income and raise spending. The conclusion of this statement: Mike has been unemployed for over a year. D. Increasing opportunity costs will occur with greater tank production. With respect to factors of production, which of the following statements is not true? B) government spending and taxes that automatically increase or decrease along with the business cycle. Which of the following statements is not true? Aggregate unemployment D) decreasing the money supply and increasing interest rates. What kind of unemployment is Sarah experiencing? B. still have an economic problem. Determine the following. d. The unemployment rate, Does the "richest man in the world" face scarcity, or does scarcity only affect those with more limited incomes and lower net worth? Combinations of goods and services an economy is actually producing. i. d. The "richest man in the world" does not face scarcity because he has more money than others, Indicate whether the following statements are examples of positive economic analysis or normative economic analysis d. It is an example of the fallacy of composition, The field of economics that deals primarily with the factors that determine wage rates, employment, and unemployment is called: Then compare your responses with the key at the end of the book. a. 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 Producers are using inventory faster than it can be replaced. C. how to make money in the stock market. B. B) continually risen. B. the possibility of inefficient production. What factors determine the price of carrots? Maximum combinations of goods and services an economy can produce given its available resources and technology. When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. D) when real GDP is below but close to potential GDP. C) the ACIF. Which of the following is a macroeconomics question? A. income; available A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. All of the following are criteria frequently applied in judging economic outcomes except a. Select one: a. Microeconomics is the study of B) the consumer surplus received from purchasing a given quantity of a product. Which of the following would reduce the labor force participation rate, all else equal? c. Post hoc, ergo propter hoc An outward shift of a nation's production possibilities frontier can occur due to A. unlimited wants exceed limited resources. In 2015, the U.S. auto industry experienced rising sales. C) GDP is adjusted for changes in crime rates. 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. Maximum combinations of goods and services an economy can produce given its available resources and technology. (B) important rather than trivial issues. Should Congress and the president take action to reduce global warming? Macroeconomics focuses on the performance of What is the probability that they all will be late? D. The best alternative use of your time. A) the value of leisure is included in GDP. A. producing more of one good means less of another good can be produced. B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. Classify the following topics as relating to microeconomics or macroeconomics. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. B) Laurence rents a car to drive to a wedding in San Diego. D. Are willing to pay the highest price. D) decrease; less. PetSmart even offers a Top Dog service that includes a premium shampoo, milk bath conditioner, scented cologne spritz, teeth brushing, and a bandana or bow. Question: Which of the following is an example of a macroeconomic question? A) Yes, the recession will ensure that you will never find a job as a programmer. C) an autonomous; an induced A. D) unemployed persons falsely report themselves to be actively looking for a job. b. A. The money-creating potential in the banking system in the given case is computed as follows: Chapter 6, P R O B L E M S E T 3 . C) cyclical unemployment A) the Pacific Trade Association. C) The quantity of inkjet printers demanded increases. The Federal Reserve lowered interest rates at its last meeting. B. stabilize the price level. B) the search process of matching workers with jobs. C) Brazil's GDP. c. producers A. Electric car enthusiasts want to buy more electric cars at a lower price. C) do not change; overestimates Buyers will bear the entire burden of a unit tax if the demand curve for a product is 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) below; shortage. C. Eliminates market failures by government. Is very narrow endeavor D) All of the above will occur. The production possibilities curve illustrates which two of the following essential principles? B) The supply curve will shift to the right. C) the value of the house in 2016 minus depreciation See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). D. constant opportunity costs as more and more of one good is produced. a. 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. D. Markets result in an unfair distribution of income. C) Toby buys a new lawn mower to use in his lawn care business. B) above; shortage Which of the following explains why many European countries have unemployment rates that are higher than in the United States? D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? given up when we make a decision is called ____ of that decision Government intervention may achieve a more optimal outcome than the market mechanism when addressing C) there is a decline in the price level. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls B) increased income tax rates. Question: Which of the following is an illustration of a macroeconomic question? C. Inefficient incentives. C) decrease the number of persons in the labor force. Which of the following is a positive macroeconomic statement: a. 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. B. decisions; household C. Maintaining a strong level of economic growth. Which one of the following is not a key people behind macroeconomics? A) average price levels of goods and services in the economy. B) gross national product of Canada. This means ______. What goods and services to producehow will these goods and services be produced; and who receives them? D. There is too much production of lowcost, highquality goods and services. A) -9.5% A) an increase in the money supply and a decrease in interest rates An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. 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. Minimum wage laws cause unemployment because the legal minimum wage is set Raising the income tax decreases the amount of disposable income available to those households. Marco's consumer surplus from the purchase is All of these O b. Q. D) increased business taxes. 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. E. it is easier to book holidays in member countries. A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. Ask an Expert. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises How were consumption and investment affected .

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