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) total income in 2015 was around $17.3 trillion. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises C) GDP rises by $125. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. B) greater on the seller when the tax is collected from the seller. B) add to GDP. Which of the following would be the best measure of the cost of living? As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls Question: Which of the following is an illustration of a macroeconomic question? D) the level of technology is fixed and unchanging. What kind of unemployment is Sarah experiencing? d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? C) automatic stabilizers; monetary policy C. A centrally planned economy Greater production means factor prices rise. B) unemployed A. Which of the following is the best example of land? B. Utilizes both market and non market signals to allocate goods and services. D) decrease the number of persons in the working-age population. c. Marginal cost If a German firm produces cars in the United States, that production should count towards C. There is often a tradeoff between the two. occurred. The production possibilities curve between tanks and automobiles will shift outward. E. it is easier to book holidays in member countries. C) an autonomous; an induced By definition, economics is the study of A) real GDP a. margin of safety. there is a capital account surplus. The invisible hand refers to A) the cost of additional education is always higher during recession. Deadweight loss refers to The aggregate demand and aggregate supply curve intersect. Is way of analyzing decision-making processes caused by scarcity All of the following are benefits of the single market except ? This problem has been solved! A) taxes; interest rates Step-by-step explanation. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. a. C) Producer efficiency E) raise taxes by an amount more than $200 billion. D) Lily purchases a new massage table for use in her therapy center. Which of the following correctly describes the relationship between economic efficiency and economic equity? In a market economy, those who are willing and able to buy what is produced. Maximum combinations of goods and services an economy can produce given its available resources and technology. B) a union contractor whose pay is adjusted based on changes in the CPI This situation will most likely coincide with high unemployment. D. A movement from the production possibilities curve to a point inside the production possibilities curve. C. choices; scarce The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport B. firm could more readily exploit. B. the possibility of inefficient production. D. the government, consumers, and producers C) decrease the number of persons in the labor force. The opportunity cost of taking an on-line history class is MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . A) inflation. Electric car enthusiasts want to buy more electric cars at a lower price. Examples of comparative advantage show how trade between two countries can make each better off. The market mechanism. A) Yes, the recession will ensure that you will never find a job as a programmer. Explain how these higher income taxes will affect the aggregate demand curve. b. D) below; shortage. 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. C) the sum of frictional unemployment and structural unemployment equals zero. D) about the same difficulty as with monetary policy. D) A drug dealer reports herself as unemployed. What were the macroeconomic principles or models that influenced your decision making?] B. microeconomics. It indicates that the currency is in continuous demand by the people Oc taffects only the rich and not the poor Od itact as an incentive to boost in supply in the economy 2When the economy is in Keynesian macroeconomic equilibrium, planned investment is greater than actual investment. b. C. the tendency of many economic variables to move together in a predictable way over the business cycle. Microeconomics is the study of Economics involves allocating resources to meet peoples' needs and desires for goods and services. B) increase the measured labor force participation rate. B. producers deciding what society wants most. b. A. B) the underground economy. C) the demand for lawn care service has decreased. C. economies of scal. The money-creating potential in the banking system in the given case is computed as follows: A) the supply curve shifted to the left resulting in an increase in the equilibrium price. Rearranging, we get: Explain. D) The purchasing power of your salary increased between 2007 and 2016. It allows researchers to isolate the effect of one event on another without the influence of outside variables A. What determines the growth rate of gross domestic product? The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} D) The demand curve for traditional camera film shifts to the left. D) buys U.S. government bonds. b. Government intervention may achieve a more optimal outcome than the market mechanism when addressing B) movement along the demand curve due to a change in relative prices. Select one: a. [Identify the impact of your changes to the income and corporate tax rates. A. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. Cadre Management for Indian Economic Services Economics promotes which of the following as the way to make the best decision? D. Al of the choices are correct. C) below; surplus If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. B. D) Your father buys a new John Deere riding lawn mower. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? d. D. What goods and services should we produce? D) GDP falls by $1,875. What is the probability that they all will be late? It is an example of the post hoc fallacy 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. B. Which of the following is a positive economic statement? D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ C) those that hold paper money lose. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? Which of the following economic activities are included in the subject-matter of Economics? A) What determines the minimum wage? Profit opportunities are eliminated almost instantaneously D) the legally determined maximum price that sellers may charge for a given quantity of a product. c. Opportunity costs are zero Macroeconomics is focused on the movement and trends in the economy as a whole. How does a market system prevent people from getting as many goods and services as they wish? The price of steel declined by 3% last year. Households and firms; the economy as a whole, T/F Resources are limited in both wealthy and poor societies, All of the following are criteria frequently applied in judging economic outcomes except, Economics is best defined as the study of, The most common method for graphing the relationship between two variables is by drawing two __________ lines, where the __________ is a horizontal line and the __________ is a vertical line. In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. All points on the curve. C. Relies on the use of central planning by private firms rather than the government. Step-by-step explanation. Which of the following best defines economics? Which of the following would be classified as fiscal policy? 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 B) continually risen. B) far less difficult than with monetary policy. C) The quantity of traditional camera film demanded increases. The "guns versus butter" dilemma that all nations confront is that c. Will a new type of electronic reader or tablet increase the number of buyers? Which of the following is a normative economic statement? B) increases; decreases D. the choices people make to attain their goals, given their scarce resources. D) 15%. B. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? You will then have 50 minutes to answer all three of the following questions. B) price charged for laptop computers by Dell. Aggregate unemployment B) Laurence rents a car to drive to a wedding in San Diego. To understand society and global affairs Marla is an architect who is designing a home for Chuck. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. c. Florida should devote all revenues from its state lottery to improving public education C) people employed in the underground economy How has the discovery of oil in the Niger delta affected Nigeria's environment? D) increase in quantity demanded; increase in demand. B) a job retraining program If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? B) the value of the house in 2003 D) the working-age population increased. There are no problems and everyone, including consumers, is satisfied. B. D. All of the choices are correct. A) automatic stabilizers. How can a firm maximize profits, given the state of the economy? B) one's property rights. b. Production possibilities curve will shift outward. D. The best alternative use of your time. D. All of the choices are correct. A. The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. D) all of the above. When graphing two variables, the point at which the graph intersects the horizontal axis is called the, T/F Opportunity costs are another name for marginal costs. A) create jobs. B) discouraged workers A) the willingness of consumers to purchase a product at different prices. A) frictional unemployment a. Ockham's razor Automatic stabilizers refer to C) $140. 1) Economic models do all of the following except A) answer economic questions. Factors of production and price signals. ________ and ________ are the largest sources of revenue collected by the federal government c. It confuses correlation and causation C) A state government cuts taxes to help the economy of the state. Combinations of goods and services an economy is actually producing. They always call for opposite outcomes. B) productive efficiency This means that _______ D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? B) an increase in the unemployment rate Real domestic output is at its maximum level. C. All points inside the curve. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. D) an increase in the working-age population. The use of market signals and government directives to select economic outcomes. B) The supply curve will shift to the right. D. topics such as unemployment, inflation, and economic growth. 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) decrease the required reserve ratio. D) decrease the number of persons in the working-age population. What are some of the causes of desertification? International economics. C) What factors determine the price of Oreo cookies? B) German GDP. The study of national economy as whole. (C) how individual markets work. B. Undiscovered natural resources. Prelims Marathon - Economic Survey - March 1st - 2023. C) The quantity of inkjet printers demanded increases. This change will______________ Is zero in the blanks. Which of the following causes the unemployment rate to understate the true extent of joblessness? These are: A. income, spending and saving. [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. Which of the following best describes an assumption economists make about human behavior? B) lower government purchases by $200 billion. B) vertical. If the BLS counted persons that are on active military service in the totals for employment, the labor force, or the working-age population, this would _______________ You'll get a detailed solution from a subject matter expert that helps you learn core concepts. E. pure profit. C) legalized prostitution. C. how to make money in the stock market. B) by more than Market failure. A) decreased government regulations on businesses. B) an expansionary; a contractionary B) the value of the decrease in business inventory stocks. A) the money supply and interest rates that automatically increase or decrease along with the business cycle. D) a contractionary; an expansionary. C. Theme park construction. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. During a business cycle expansion, total production ________ and total employment ________. 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. B) a natural disaster like a hurricane or bad earthquake. Every society faces economic tradeoffs. D) Unlike positive economic analysis, normative economic analysis can be tested. C. The government should subsidize solar power for homeowners. Step-by-step explanation. Which of the following is a microeconomics question? 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? 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? C) clothing C. unlimited resources exceed limited wants. a. B) Persons who collect unemployment benefits report themselves to be searching for a job. How do you go about weighing the alternatives? A) he lettuce that Subway purchases for its sandwiches \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ Raising the income tax decreases the amount of disposable income available to those households. A) employed B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. D. all of the above Answer: D.all of the above 2. 60 seconds. A. Is the economy experiencing a decline in the rate of inflation? The production possibilities curve between tanks and automobiles will appear as a straight line. A)Government must maintain the current level of defense spending to keep the nation safe B)The minimum wage should be increased to give people a decent wage C)Americans should buy American products in order to boost the national economy D) an increase in the labor force. D) a demand curve has shifted to the right. B. spending, production and saving. Producers are using inventory faster than it can be replaced. A. B. There is full employment. A) The federal government buys a Humvee. C) Toby buys a new lawn mower to use in his lawn care business. A. it allows countries to exploit their comparative advantage, more fully. \hline\\ Explore the definition and types of economics including microeconomics and macroeconomics and. Select the phrase that correctly completes the following statement. (d). 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 d. Public economics. A) an increase in demand. If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables.
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