D) The Federal government pays to support research on AIDS. B) increased income tax rates. B. Is the value of the alternative use of the time you spend of playing this game of disabled individuals to a less restrictive facility) also The first stage in the five-step decision process described in the text is to a. define the problem. D) having an absolute advantage. To learn a way of thinking The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill d. sensitivity analysis. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls A) increases; increases B) a cut in unemployment compensation A. Solved Question 21 Which of the following exemplifies a - Chegg B. C) The demand curve will shift to the right. Suppose in 2016, you purchase a house built in 2003. Markets are likely to do a better job of allocating resources than government directives. B) the sum of consumer and producer surplus. A) Individual income taxes; corporate income taxes Which of the following is an example of spending on factors of production in the circular flow model? B) updates the market basket every 10 years, rather than every two years. Is a normative analysis D) there is a decrease in the expected rate of inflation. B) government spending and taxes that automatically increase or decrease along with the business cycle. Equity What is the probability that they all will be late? Suppose a drought resulted in a major reduction in the California lettuce crop. A) the money supply and a decrease in interest rates. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ C) interest rates; money supply D. Competition, Consider the following economic agents: D) Unlike positive economic analysis, normative economic analysis can be tested. Let n=3n2n1\alpha_n=\frac{3-n}{2 n-1}n=2n13n and n=n2+2n13n22,n=1,2,\beta_n=\frac{n^2+2 n-1}{3 n^2-2}, n=1,2, \ldotsn=3n22n2+2n1,n=1,2,. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. Combinations of goods and services an economy is actually producing. They always call for opposite outcomes. Answered: Which of the following is a | bartleby B. (B) important rather than trivial issues. C) consumer surplus is minimized Which of the following would increase the unemployment rate? Which of the following correctly describes the relationship between economic efficiency and economic equity? How should we produce goods and services? What factor was most responsible for the development of Japan's comparative advantage in automobiles? B) Individual income taxes; social insurance taxes Expected inflation is 2.3% and actual inflation may be greater by 0.4%, calculate the impact on the S&P500 projected return ( How would the projected return change) Create a portfolio invested in Boaz Allan (BAH) and Five9 (FIVN) with the . b. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. b. Works through central planning by government. C) people employed in the underground economy You earn _________ B. the global economy. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is Should Congress and the president take action to reduce global warming? C) Brazil's GDP. c. Labor economics Cadre Management for Indian Economic Services C) decrease; more A grocery store sells a bag of potatoes at a fixed price of $2.30. C) a decrease in taxes C) less than 5 times as much as your grandfather in terms of real income. Deadweight loss refers to D) increased business taxes. It allows researchers to isolate the effect of one event on another without the influence of outside variables C) opportunity Which of the following is not a macroeconomic statement? Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. Micro midterm chapter 1 Flashcards | Quizlet \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ Which one of the following is not a key people behind macroeconomics? D. Increasing opportunity costs will occur with greater tank production. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? B) portray reality in all its minute details. A) those that borrow money lose. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. B) increasing taxes or decreasing government purchases. C) increasing the money supply and decreasing interest rates. A) attainable B) ice cream and hot fudge and substitutes. c. To be an informed citizen B) $60. A. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? The study of regional economy as whole. E) too low. How has the discovery of oil in the Niger delta affected Nigeria's environment? C. For whom should goods and services be produced? B) greater on the seller when the tax is collected from the seller. According to a deputy commissioner of police, "Commerce does very little of what we recommend. c. Florida should devote all revenues from its state lottery to improving public education The doctrine of lassiez faire is based on the belief that A) the supply curve shifted to the left resulting in an increase in the equilibrium price. Select the phrase that correctly completes the following statement. (a) Unlimited Wants Question 12. C) 6.67%. Poorly timed discretionary policy can do more harm than good. How were consumption and investment affected . Solved Which of the following is an illustration of a | Chegg.com D) the decline in the value of the stock market, net of dividends. B. C) GDP is adjusted for changes in crime rates. A) cyclical A. D. The person who has the responsibility to coordinate all the markets in a market economy. C) a full-time employee at a pizza parlor who makes more than the minimum wage C) frictional a. B. how something will be produced; when something will be produced C) decrease. In this initiative, you can attempt 10 subjective MCQs on a daily basis. D) The demand curve will shift to the left. Is the economy experiencing a decline in the rate of inflation? What determines the growth rate of gross domestic product? The system that a society chooses reflects the philosophical and political ideas on which that society is founded. Every society faces economic tradeoffs. -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? D) the nominal interest rate. C) the business cycle. 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? 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. Voluntary exchange To reduce the bias in the consumer price index, the Bureau of Labor Statistics Which of the following is a macroeconomics question? If a firm expects that the price of its product will be lower in the future than it is today c. Opportunity costs are zero Expansionary fiscal policy involves iii. D) The government imposes taxes on those who earn beyond a certain amount of income. Which of the following is not a durable good? C) Japanese firms benefited from external economies. C. when something will be produced; why something will be produced c. producers Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. D. constant opportunity costs as more and more of one good is produced. c. Falls victim to "post hoc, ergo propter hoc." 1. D. All of the choices are correct. D) equal 20%. D) What determines the level of U.S. imports and exports? D) less than 5 times as much as your grandfather in terms of nominal income. There is full employment. A. supply and demand. b. real costs. C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. Macroeconomics EC112 Flashcards | Quizlet In a market economy, those who are willing and able to buy what is produced. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? b. 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) higher; higher The production possibilities frontier model assumes all of the following except____________ The "guns versus butter" dilemma that all nations confront is that \\\hline b. C) The federal government pays out an unemployment insurance claim. A) -3%. D. give more money to the government to solve its problems. C) the value of all cars produced by Toyota in the United States D) The minimum wage in Europe is lower than it is in the United States. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. On which base structure of economic problems has been installed? A. income; available Answered: Which of the following questions are | bartleby 1. A. Investment, as defined by economists, would not include which of the following? A) a demand curve has shifted to the left. An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX D) quantity of Dell employees. For below problem geometric sequence given write the next three terms. FortheYearsEndedDecember31,20Y2and20Y1. C) Every individual, no matter how rich or poor, is faced with making trade-offs. Que11. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. A) Micah purchases a new wrench for his auto repair business. B) substitution C. Optimal marginalism Minimum wage laws cause unemployment because the legal minimum wage is set An increase in ____________ \hline For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. A) the Pacific Trade Association. Which of the following statements is not true? D. Price regulation by government. Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. Macroeconomics MCQ: Multiple Choice Questions C) the ups and downs in inflation. 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 ________. C. The allocation of resources by market forces. B. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? The Federal Reserve lowered interest rates at its last meeting. C) above the market wage, causing labor demand to be greater than labor supply. Scarcity refers to the situation in which. C. unlimited resources exceed limited wants. B. C) Yvette pays $50 to join a softball league. ________ 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. What determines the growth rate of gross domestic product? A) the law of supply has been violated. Number of employees in the steel industry D) the working-age population increased. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. Bill Gates does not face scarcity because he is a billionaire ________ and ________ are the largest sources of revenue collected by the federal government If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? Classify the following topics as relating to microeconomics or macroeconomics. C) equal to the highest value of an alternative use of the time and money spent on the class. C) there are not enough jobs for everyone who wants one. B) Laurence rents a car to drive to a wedding in San Diego. C) The quantity of traditional camera film demanded increases. An oligopolistic industry consists of only two firms, Angel& To Liza, If inflation is positive and is perfectly anticipated ____________ A) welfare benefits ___________ (movement of disabled individuals out D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. D. The best alternative use of your time. Then compare your responses with the key at the end of the book. C. All points inside the curve. (b) 81,54,36,81,54,36, \ldots81,54,36,. B. 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? b. Caveat emptor Which of the following is the best example of land? Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. B. C. Maximum combinations of goods and services an economy can produce given unlimited resources. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. A. B) there is a one-time increase in the price level. To move the economy back to potential GDP, Congress should ______________ C. Levels of production that will cause both unemployment and inflation. a. b. c. It confuses correlation and causation P = $80 In perfect competition, P = AR = C) a change in consumer income. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." B) 2.5% C) the value of the house in 2016 minus depreciation D) the price of sailboats increased. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. A) Many full time workers really want to be part time workers. B) The purchasing power of your salary fell between 2007 and 2016. A. B. C) make economic ideas explicit and concrete for use by decision makers. A) The federal government passes tax cuts to encourage firms to reduce air pollution. Microeconomics is the study of D) zero because there is no classroom time involved if you are enrolled in the course. TEST 1 6 March 2019, answers - MULTIPLE CHOICE QUESTIONS - StuDocu Which of the following is not a macroeconomic question? A. Should the ECO111 Quizz 01 FALL 2021. Concept why study macroeconomics 16 which statement there is a current account deficit. \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ Which of the following is a positive economic statement? D) 3.5% B) 3%. C) looking for work is your only option. Economics is concerned with prices and quantities of goods and services, both at the individual. The level of inflation in the economy. Ch. 1 Microeconomics Homework Flashcards | Quizlet C.. A. negative because it may improve your grade. B. B) the nominal interest rate minus the inflation rate. Which of the following statements is false? 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. B) made over-the-counter drugs illegal. D) seasonal unemployment, Structural unemployment is the result of ____________ C) decrease in demand; decrease in quantity demanded 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. Which of the following is a macroeconomics question? C. Production of nonmilitary goods will decrease. A. producers B. Assume the punctuality random variable follows a binomial distribution. The automobile industry was experiencing the effects of _______ Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). Where in Oceania are outrigger canoes used? A) marginal A) increasing government purchases or decreasing taxes. All of the above. B. B. The phrase "demand has increased" means that ___________ Because Mike started looking for a new job ______________ B. D) do not change; underestimates. C) a decrease in the price of lithium, which is used in the electric car batteries. Which of the following best defines economics? B) The tax cut would increase consumption spending more than would a permanent tax cut. C) a 12-inch Subway sandwich purchased by a student D. What is Macroeconomics? E) 9.5%. A) The federal government buys a Humvee. the same weight of goods has been imported as were exported. d. It allows researcher to analyze the effect of all potential influences on a particular event, Which of the following is not listed in the book as a reason to study economics? D) legalized marijuana. a. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. A) The demand curve for inkjet printers shifts to the right. Cutting taxes _______ Inefficient bureaucracy. The exports are equal to import. C) lower; higher B) the consumer surplus received from purchasing a given quantity of a product. A) U.S. GDP. A) shift of the demand curve when income changes. A) the value of the house in 2016 Stability c. Efficiency d. Growth A Economics is best defined as the study of a. e. variable cost reduction. (b). If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. This situation will most likely coincide with high unemployment. D) unemployed persons falsely report themselves to be actively looking for a job. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . Fill in the blanks: (International Balance of Payments accounting) _ Accounts are the transfer of money/wealth that occur between countries but hope to create future revenue. A) inflation B) government purchases. B) the economy produces only two products. D) an increase in the price of gasoline. D. Average combinations of goods and services an economy can produce given its available resources and technology. A. producing more of one good means less of another good can be produced. Find the following limits: (a) limnn\lim _{n \rightarrow \infty} \alpha_nlimnn, (b) limnn\lim _{n \rightarrow \infty} \beta_nlimnn, (c) limn(3n+4n)\lim _{n \rightarrow \infty}\left(3 \alpha_n+4 \beta_n\right)limn(3n+4n), (d) limnnn\lim _{n \rightarrow \infty} \alpha_n \beta_nlimnnn, (e) limnn/n\lim _{n \rightarrow \infty} \alpha_n / \beta_nlimnn/n, (f) limnnn\lim _{n \rightarrow \infty} \sqrt{\beta_n-\alpha_n}limnnn. B. b. B) the search process of matching workers with jobs. Why does a firm decide to enter a particular market? All of the following are sources of comparative advantage except Nonetheless, you continue along your career path looking for a new job because _____________ C. Opportunity cost. C) total spending in 2015 was around $17.3 trillion. All points outside the curve. A) U.S. GNP. Economic development A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. 1. Which of the following explains why the unemployment rate could A) by less than Which of the following causes the unemployment rate to understate the true extent of joblessness? As a result, GDP ________ because ________. Is justified by the superiority of lassiez faire over government intervention. A) no In a market economy, the people who receive the goods and services that are produced are those who a. A. 3. In the following macroeconomic system, find the parametric 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.