B. Mike has been unemployed for over a year. Key Takeaways. A) The demand curve for traditional camera film shifts to the right. The automobile industry was experiencing the effects of _______ A. B. Which of the following would increase the unemployment rate? D) the firm will not change supply until it knows for certain what will happen to its price. The higher price caused the supply of sailboats to increase.". A) the value of output in 2015 was around $17.3 trillion. 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) The purchasing power of your salary remained constant between 2007 and 2016. D) the price of sailboats increased. B) add to GDP. E) the cost of tuition and fees only. B) an increase in government spending A) fallen; fallen Suppose in 2016, you purchase a house built in 2003. You are investigating the punctuality of the airlines in Asia. Inefficient bureaucracy. 60 seconds. In a market economy, the people who receive the goods and services that are produced are those who B. 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 Prelims Marathon - Economic Survey - March 1st - 2023. C) The demand curve will shift to the right. To learn a way of thinking The doctrine of lassiez faire is based on the belief that D) quantity of Dell employees. \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ A. it allows countries to exploit their comparative advantage, more fully. A. D) an increase in the labor force. Need the goods and services the most. Macroeconomics is focused on the movement and trends in the economy as a whole. B) a cut in unemployment compensation Based on this evidence, Tecumseh has experienced Cadre Management for Indian Economic Services Which of the following best describes an assumption economists make about human behavior? Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. Consumption of cigarettes. B) an increase in supply. E. pure profit. In terms of the production possibilities curve, inefficiency is represented by D. There is too much production of lowcost, highquality goods and services. D. the choices people make to attain their goals, given their scarce resources. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? Markets are likely to do a better job of allocating resources than government directives. Which of the following is an example of spending on factors of production in the circular flow model? All of the following are benefits of the single market except ? Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. B. D) lower taxes by $200 billion. Greater production means factor prices rise. A) the nominal interest rate plus the inflation rate. d. Public economics. A. producing more of one good means less of another good can be produced. C) below; surplus A. in the blanks. In a market economy, who decides what goods and services will be produced? D) sometimes by more than and other times by less than, A change in consumption spending caused by income changes is ________ change in spending, and a change in government spending that occurs to improve roads and bridges is ________ change in spending b. B) the value of all cars produced by Ford in Mexico If inflation over the year is 2%, what is the real interest rate you are paying? Economists have shown that the burden of a tax is D) The demand curve for traditional camera film shifts to the left. B) an expansionary; a contractionary B. 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 of the following is a positive economic statement? D. Average combinations of goods and services an economy can produce given its available resources and technology. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. A) decreased government regulations on businesses. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is C) Brazil's GDP. A) U.S. GDP. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. A) technological advancement in the production of electric car batteries. B) decrease the measured labor force participation rate. Why is the typical person in the United States today more than 10 times richer than the typical person in the United States a century ago? A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. B. A) higher; higher Is zero A devaluation of the U.S. dollar would increase exports from the United States They always call for opposite outcomes. Should you go back to school and get a second major? a. D) building an online job database that helps workers find jobs. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. (a) 3,6,12,3,6,12, \ldots3,6,12, Then compare your responses with the key at the end of the book. C. Lassiez faire price policies. B) the nominal interest rate minus the inflation rate. B) taxes; the money supply The use of market prices and sales to signal desired output. Raising the income tax decreases the amount of disposable income available to those households. An increase in ____________ C) decrease oil prices. c. functional costs. D) $200. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? a. c. It confuses correlation and causation CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending They are both automatically achieved in a free market economy. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married A) falls; Marla's work takes place in the underground economy once she's married B) the value of the time spent on line. The production possibilities curve between tanks and automobiles will shift outward. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. The equilibrium wage in a local labor market is $10 per hour. The output of U.S. citizens who work in Canada would be included in the _____________ B) discretionary fiscal policy. C. Can a tax cut lead to a government budget surplus? \hline\\ 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). The opportunity cost of studying for an economics test is A) automatic stabilizers. C. the economy as a whole. Let us now understand how it is different from Microeconomics. B. Economics involves allocating resources to meet peoples' needs and desires for goods and services. D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. Choices made by people faced with scarcity b. B. still have an economic problem. (C) how individual markets work. D) buys U.S. government bonds. C) the ups and downs in inflation. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. E) States increase taxes to fund education. The invisible hand at work. C) the price of sailboats increased and the quantity of sailboats demanded decreased." D. Scarcity. How should we produce goods and services? A: Economics is the study of production, distribution, and consumption when the resources are scarce in. B) an increase in quantity demanded. However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. Microeconomics focuses on supply and demand . D) The government imposes taxes on those who earn beyond a certain amount of income. D) above the market wage, causing labor demand to be less than labor supply. Aggregate unemployment D) an increase in the price of gasoline. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. All of the following are sources of comparative advantage except Q. E) 9.5%. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ 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 ________ How much will be saved; what will be produced; and how can these goods and services be fairly distributed? C. A centrally planned economy Dear Friends, We are posting prelims marathon MCQs for today. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . Minimum wage laws cause unemployment because the legal minimum wage is set A) the willingness of consumers to purchase a product at different prices. D) the Western Trade Union. a. the government Which of the following is an example of spending on goods and services in the circular flow model? D. marginal costs A) decreased government regulations on businesses. B) price charged for laptop computers by Dell. A. achieve full employment. A) taxes; interest rates D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. D) the value of all cars produced by Nissan in Japan and the United States. A) buys a new robotic machine (from a plant in Ohio) to assemble cars. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. A) What determines the minimum wage? 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? Equity D) 5%. GDP is not a perfect measure of well-being because _________ Household income The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. What factors determine the price of carrots? Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? Select the phrase that correctly completes the following statement. D) only change GDP if the development occurs within the borders of the United States. All points outside the curve. A) inflation D) all of the above. B) increase; less Which one of the following is a macroeconomic issue? C) builds another assembly plant in the United States. C. There is often a tradeoff between the two. a. Capital, as economists use the term, refers to. This tax is sometimes referred to as D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. It allows researchers to isolate the effect of one event on another without the influence of outside variables B. C. Market success. It converts normative analysis into positive A) Japanese firms excelled in process technology. . Question: Which of the following is a macroeconomics question? As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises c. producers B) increase the measured labor force participation rate. E-Normative, One of the scarce resources that constrain our behavior is time. Which of the following causes the unemployment rate to understate the true extent of joblessness? A) attainable D) The purchasing power of your salary increased between 2007 and 2016. B) consumption; investment D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. D. Works because prices serve as a means of communication between consumers and producers. Examples of comparative advantage show how trade between two countries can make each better off. C) Their value is counted separately, but is not included as part of the value of the final good for which they are an input. A) climate and natural resources. The tax cut would lower the price level in 2014. D) upward sloping. = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. Which of the following would be classified as fiscal policy? B. 1. C) any level of the two products that the economy produces is currently possible. 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) wages are higher. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? ________ 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. Public economics On which base structure of economic problems has been installed? It is the field of economics that studies the behavior of the entire economy. A) employed Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . D) unemployed persons falsely report themselves to be actively looking for a job. Nonetheless, you continue along your career path looking for a new job because _____________ A. A. B) Why hasn't the federal government raised the minimum wage? A) the Income Security Tax. D. Government intervention. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. D) Japan has abundant supplies of natural resources needed to produce automobiles. Should we have economic growth? Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. Ask an Expert. The three fundamental questions that any economy must address are B) by more than C) Consumer surplus measures the net benefit from participating in a market. d. D) movement along the demand curve due to a change in purchasing power brought about by the price change. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. Which of the following is a microeconomics question? Will a cut in the interest rate increase Canadian output? a. Solve homework. B. A) a decrease in supply. d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. C. the tendency of many economic variables to move together in a predictable way over the business cycle. D. There is no conflict between the two goals. Marco's consumer surplus from the purchase is D) the wages of college graduates do not fall during recession. It is an example of the post hoc fallacy A. negative because it may improve your grade. A. B) The supply curve will shift to the right. Marla is an architect who is designing a home for Chuck. Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. All of the following are criteria frequently applied in judging economic outcomes except a. In 2015, the U.S. auto industry experienced rising sales. d. All of the above C) cyclical unemployment B) 2.5% Which of the following is not a macroeconomic statement? B) 3%. a. B. spending, production and saving. B) a union contractor whose pay is adjusted based on changes in the CPI B. A. B) the sum of consumer and producer surplus. A. how households and firms make choices. Which of the following is included in both the U.S. GDP and U.S. GNP? C. income, saving and . If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? Q. C. The overall economy. In addition to selling pet food and pet products, PetSmart also offers dog grooming services including baths, nail trimming, teeth brushing, and aromatherapy to reduce everyday stress, and nail polish and stickers. Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. D) decrease tax rates. Profits are always very high and persistent If Congress passed a one-time tax cut in order to stimulate the economy in 2014, and tax rate levels returned to their pre-2014 level in 2015, how should this tax cut affect the economy? D) refrigerator. View Answer. b. select the best possible solution. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. All of the following events would have this effect except A) 2% D. macroeconomics. C. lawmakers in the government voting on what will be produced. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. D) equal 20%. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. Getting the timing right with fiscal policy is generally _______________ Answer: B Use the following diagram to answer questions 36-39: 36. D. People begin to retire at earlier ages. B) one's property rights. How does a market system prevent people from getting as many goods and services as they wish? It considers discouraged workers, and hence it is overstated. The first stage in the five-step decision process described in the text is to a. define the problem. B) lower government purchases by $200 billion. Which of the following is a microeconomics question? President Obama has discussed raising income taxes for individuals earning over $250,000 in income. Which of the following is a normative economic statement? B) What determines the production of video game consoles? B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. Question 1. Which of the following statements about positive economic analysis is true? The price of steel declined by 3% last year. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. C) there are not enough jobs for everyone who wants one. A) income A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. The market mechanism may best be defined as C) the value of all cars produced by Toyota in the United States C) an increase in unemployment insurance payments A) by less than Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. B) the number of lawn care service companies has increased. 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. C) above the market wage, causing labor demand to be greater than labor supply. iii. Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. More teenagers enter the labor force. A. B) GDP is not affected by Scott's production of the jewelry box. 1. b. A) automatic stabilizers; discretionary fiscal policy For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. The size of the underground economy would tend to decrease if the government of a country __________________ b. C) an autonomous; an induced D) both U.S. GNP and German GDP. B) a decrease in government purchases A. B) There will be an increase in the quantity of labor demanded by firms. i. 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?

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