C) decrease in demand; decrease in quantity demanded Bureaucratic delays P = $80 In perfect competition, P = AR = B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. 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. Production possibilities curve will shift inward. D. workers deciding to produce only what the boss says must be produced. Which of the following is included in both the U.S. GDP and U.S. GNP? A. Public economics Deadweight loss refers to Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. C) 6.67%. B) government purchases. C) cyclical unemployment D) A drug dealer reports herself as unemployed. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. B) The tax cut would increase consumption spending more than would a permanent tax cut. B) a job retraining program a. margin of safety. The conclusion of this statement: b. D) What determines the salaries of college professors? 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 The best alt. B. how something will be produced; when something will be produced This month, the company supplied the same quantity of binders at $4 per unit. Real domestic output is at its maximum level. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. A) the cost of additional education is always higher during recession. B. D) will raise disposable income and raise spending. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? Micro Economic 100% (3) 6. C) interest rates; money supply On which base structure of economic problems has been installed? C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. Th View the full answer The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. 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 The market mechanism. \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ How much will be saved; what will be produced; and how can these goods and services be fairly distributed? A. trade-off Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? A. A) real GDP C) automatic stabilizers; monetary policy of disabled individuals to a less restrictive facility) also B. 1. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . How many airlines will be late in one month? A. achieve full employment. Expansionary fiscal policy involves A) some cyclical unemployment always exists. Your grandfather tells you that he earned $7,000/year in his first job in 1961. B-Postive B) the nominal interest rate minus the inflation rate. A) increases; increases View Answer The key. D. What goods and services should we produce? C) decrease. D. Jenny's wage rate rose, and in response, she decided to work more hours. A. D) on foreign soil. D. topics such as unemployment, inflation, and economic growth. D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? C) a change in consumer income. Minimum wage laws cause unemployment because the legal minimum wage is set B) far less difficult than with monetary policy. Nonetheless, you continue along your career path looking for a new job because _____________ C) opportunity (c). A) higher; higher Explain how these higher income taxes will affect the aggregate demand curve. The tax cut would lower the price level in 2014. In this initiative, you can attempt 10 subjective MCQs on a daily basis. C) the unemployment rate decreased. C) Toby buys a new lawn mower to use in his lawn care business. D) the same whether the tax is collected from the buyer or the seller. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? A) labor, capital, land and natural resources are fixed in quantity. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. C) after regular office hours. B) The federal government pays the salary of an FBI agent. D) risen; fallen. b. B) structural B) there has been an upward movement along a demand curve. Solve the Following Short-Essay Questions: Define demand. A) Individual income taxes; corporate income taxes [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. D) The minimum wage in Europe is lower than it is in the United States. B) updates the market basket every 10 years, rather than every two years. Simple economies can be described in terms of three major economic (a). A) Governments interfere with the market mechanism to influence the allocation of goods and services. B) total consumption of goods is greater. Which of the following is a microeconomics question? . Answering these four questions is essential for an economy to function properly. B) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. Which of the following is an example of government failure? D) the unemployment rate consists of only frictional and structural unemployment. Which of the following would increase the unemployment rate? A) welfare benefits A) updates the market basket every two years, rather than every 10 years. B. Which of the following is a microeconomic question? a. What are the National income is equal to A) employed C) wages paid to employees by Dell. Fill in the columns for the GDP deflator and for the percent . Producers are using inventory faster than it can be replaced. B) partial C. normative economics. D) all of the above. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. All of the following are benefits of the single market except ? A) $5. The invisible hand at work. B) There will be an increase in the quantity of labor demanded by firms. 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. B) 3%. B) the underground economy. D) They are included only if they are imported, Which of the following are not considered part of government purchases? Cutting taxes _______ C) No, the recession will most likely be short-lived and I can get a job after it is over. Commits the fallacy of composition A) personal income minus personal taxes. a. C) disposable personal income plus depreciation plus personal taxes. D) increase in quantity demanded; increase in demand. When lumber from Brazilian forests is used by a U.S.-owned company to produce furniture in Canada, the value of the furniture produced will be counted as a final good in d. 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? Question 02. PDF AP Macroeconomics 2018 Free-Response Questions - College Board C) the sum of frictional unemployment and structural unemployment equals zero. D) a bridge purchased by the state government. ________ and ________ are the largest sources of revenue collected by the federal government If market signals result in pollution beyond the optimal level, then C) raise taxes by $200 billion. B) The quantity of traditional camera film demanded decreases. C) the economic surplus received from purchasing a given quantity of a product. c. Bill Gates faces scarcity because resources are limited ________ 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. Adam Smith's invisible hand is now called C) productively efficient What Are the Four Basic Economic Questions? - Reference.com D. People should not buy imported fruits and vegetables. It is also the case that reported burglaries increase during the same period. All of the following are sources of comparative advantage except D) decrease the number of persons in the working-age population. C) The quantity of inkjet printers demanded increases. c. Industrial organization Deflation occurs when ____________ GDP is not a perfect measure of well-being because _________ b. Which of the following is an example of spending on goods and services in the circular flow model? bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. A) decrease the required reserve ratio. d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States The demand for bottled water by individuals. ECO 210 Ch.1 Flashcards | Quizlet Macroeconomic Policy and Poverty Reduction - International Monetary Fund B) remain the same. Which of the following is a microeconomics question? D) the wages of college graduates do not fall during recession. D) implicit. Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. 1. Which of the following explains why the unemployment rate could Microeconomics answers - Math Methods Where in Oceania are outrigger canoes used? Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. [Solved] The following table contains nominal and - SolutionInn Answered: Which of the following macroeconomic | bartleby D. marginal costs B) Yes, the recession will lower income in my field permanently. B) increasing taxes or decreasing government purchases. A) the price level in 2016 was greater than the price level in the base year. 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? b. D) ceteris paribus. Preparation and presentation of Budget for state governments under President's Rule 3. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. The money-creating potential in the banking system in the given case is computed as follows: B) ice cream and hot fudge and substitutes. D) real GDP in 2016 was greater than real GDP in the base year. In the past two decades the United States lost its comparative advantage in automobiles to Japan. A) those that borrow money lose. Electric car enthusiasts want to buy more electric cars at a lower price. Suppose a drought resulted in a major reduction in the California lettuce crop. C) Brazil's GDP. A. A. The aggregate demand and aggregate supply curve intersect. D) the reduction in economic surplus resulting from not being in competitive equilibrium. C) NAFTA. c. Focuses on how a business should function Question: Which of the following is a macroeconomics question? [Solved] Which of the following is least likely to benefit the civilian b. Raising the income tax decreases the amount of disposable income available to those households. Every society faces economic tradeoffs. A) nondurable goods; durable goods The production possibilities curve illustrates which two of the following essential principles? A tax is imposed on employers and workers that are used to fund Social Security and Medicare. a. i. Which of the following is not a microeconomics topic? (Select all that The impact of crowding out may be the least _____________ A) higher; higher A) no Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. Which of the following accurately compares discretionary fiscal B. B) consumption; investment A) fallen; fallen a. B. A family's decision about how much income to save. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. Question: Which of the following is an example of a macroeconomic question? A) increase in demand; decrease in demand The exports are equal to import. What is Macroeconomics? The decision about what goods and services will be produced in a market economy is made by Annes Newton - G00378073- ECON QUIZ 2. Should we have economic growth? Cadre Management for Indian Economic Services D) increased business taxes. C) How does Fiat decide on the price of the 500 Pop model? You are investigating the punctuality of the airlines in Asia. C) U.S. GDP. Rational cost A devaluation of the U.S. dollar would increase exports from the United States You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C. Congress increased the minimum wage rate in January. B) the labor force participation rate decreased. D) $200. How does the increasing use of digital cameras affect the market for traditional camera film? C) during an expansion. Annes Newton- macro economics quiz 2 - Annes Newton - G00378073- ECON D) movement along the demand curve due to a change in purchasing power brought about by the price change. A) the Income Security Tax. d. D) simplify some aspect of economic life. Solve homework. C. the tendency of many economic variables to move together in a predictable way over the business cycle. D) decreases; decreases. C. Macroeconomic failure. A. 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. known as ___________ Mental illness is a(n)___________ concept, typically c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises Which field of economics deals primarily with the problems faced by low-income countries? C. Market success. This would D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? the same weight of goods has been imported as were exported. Therefore, exercising daily causes people to eat kale. C) there is a decline in the price level. B) the sum of consumer and producer surplus. A) Japanese firms excelled in process technology. A) -9.5% 1 #7. The equilibrium wage in a local labor market is $10 per hour. B) the number of lawn care service companies has increased. \\\hline 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. Timer Bonus. D) GNP plus depreciation. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. B) an increase in supply. This situation will most likely coincide with high unemployment. Suppose that nominal GDP in 2016 was less than real GDP in 2016. C. There is often a tradeoff between the two. Profitability b. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! B) add to GDP. You have majored in computer science and, because of the recession, have difficulty in finding a job. These are: A. income, spending and saving. B. B) The supply curve will shift to the right. B) the firm has an incentive to decrease supply now and increase supply in the future. C. do have an economic problem but are solving it. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of C) will lower disposable income and raise spending. C. The allocation of resources by market forces. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. 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 ________ C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. A. unlimited wants exceed limited resources.
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