Chuck is paying Marla $150 per hour to design his new home. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." Given that, the question "According to the Bureau of Economic Analysis, what has been the average annual level of inflation (as measured by the GDP Deflator) over the past 10 years?" A. producers If inflation over the year is 2%, what is the real interest rate you are paying? The president has proposed increasing the marginal tax rate for people whose annual earnings exceed $275,000 and lowering the marginal tax rate for those who earn less than $275,000 D) Japan has abundant supplies of natural resources needed to produce automobiles. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . C. Market mechanisms and lassiez faire. C. the economy as a whole. B) total income in 2015 was around $17.3 trillion. C) risen; risen A) horizontal. C. An increase in national defense is possible only if we produce more butter. B) falls; Marla's work becomes less valuable once she's married C) automatic stabilizers; monetary policy Greater production means factor prices rise. The money-creating potential in the banking system in the given case is computed as follows: 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. A. how households and firms make choices. C. The market mechanism has failed to achieve social efficiency. Step-by-step explanation. How many airlines will be late in one month? A) the price of sailboats increased and the demand for sailboats decreased." c. The price of gasoline C) The purchasing power of your salary remained constant between 2007 and 2016. C. normative economics. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. C) will lower disposable income and raise spending. The study of national economy as whole. Will a cut in the interest rate increase Canadian output? D) decrease the number of persons in the working-age population. A) Anytime you have to decide which action to take you are facing an economic trade-off. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? Th View the full answer Which of the following is included in both the U.S. GDP and U.S. GNP? Start. The production possibilities curve illustrates which two of the following essential principles? The economy experiences government failure. According to a deputy commissioner of police, "Commerce does very little of what we recommend. A. a. To learn a way of thinking B. a. Flow (1) represents: A) wage, rent, interest, and profit income. b. B) adds 1,000 new cars to inventories. D. What factors determine the price of electronic cigarettes? B. The output of U.S. citizens who work in Canada would be included in the _____________ A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. C) the interest rate determined by the supply and demand in the money market. D) real GDP in 2016 was greater than real GDP in the base year. More teenagers enter the labor force. C) a discouraged worker d. It does not consider those who were laid off due to . 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. B. C) decreases; increases C. A centrally planned economy a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. A) U.S. GDP. D. People begin to retire at earlier ages. D) when real GDP is below but close to potential GDP. You earn _________ Which of the following economic activities are included in the subject-matter of Economics? A) Starbucks purchases coffee beans. Electric car enthusiasts want to buy more electric cars at a lower price. C) Brazil's GDP. Que11. C. Should the government prevent the merger of two large firms? Government intervention may achieve a more optimal outcome than the market mechanism when addressing D) on foreign soil. c. functional costs. Report an issue. A. Allocative efficiency best explains ________, and productive efficiency best explains________. C. There is often a tradeoff between the two. C. Theme park construction. C) wages are higher. Which of the following statements is false? C. Market success. Which of the following best defines economics? Suppose in 2016, you purchase a house built in 2003. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. C) ice cream and hot fudge are normal goods. A) higher; higher Macroeconomics Multiple Choice Questions 1. The first stage in the five-step decision process described in the text is to a. define the problem. Guns and butter can be produced using the same resources at the same time. Economic development The invisible hand at work. Getting the timing right with fiscal policy is generally _______________ B) the equilibrium quantity of sailboats increased." Which of the following is a problem inherent in centrally planned economies? [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. c. The overall price level in the economy D) less than 5 times as much as your grandfather in terms of nominal income. (a) 3,6,12,3,6,12, \ldots3,6,12, a. Where in Oceania are outrigger canoes used? Chapter 6, P R O B L E M S E T 3 . Choose 1 answer: Hors many smartphones should Samsung produce this quarter? Math is a way of solving problems by using numbers and equations. A ________ can change over time or across observations. D. all of the above Answer: D.all of the above 2. Q. Which one of the following is not a key people behind macroeconomics? 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. A) marginal B) more than 5 times as much as your grandfather in terms of real income. Select the phrase that correctly completes the following statement. Rational cost An increase in national defense implies more sacrifices of civilian goods and services. B) one's property rights. 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. What factors determine the price of carrots? B) the firm has an incentive to decrease supply now and increase supply in the future. D) Lily purchases a new massage table for use in her therapy center. Because Mike started looking for a new job ______________ Which of the following is a microeconomics question? C) GDP rises by $125. A. He hasn't looked for a job in the last three months, but he's just started looking for work again. D) lower; lower, Contractionary fiscal policy to prevent real GDP from rising above potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. D) refrigerator. 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 Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? D) GDP falls by $1,875. B) -3.5% What goods and services to producehow will these goods and services be produced; and who receives them? B) the federal income tax. C) raise taxes by $200 billion. Is zero B) consumption; investment \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ A. Which of the following best describes an assumption economists make about human behavior? B) the economy produces only two products. c. Labor economics Key Takeaways. Q. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. D. some people live better than others do. E) the cost of tuition and fees only. The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. A) greater on the buyer when the tax is collected from the buyer. Which of the following statements is not true? Examples of comparative advantage show how trade between two countries can make each better off. D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. C) decrease oil prices. A) increase in demand; decrease in demand a. Timer Bonus. A pair of shoes that costs $80 last month costs $100 this month. B) an increase in the unemployment rate B) The Federal Reserve cuts interest rates to stimulate the economy. Markets are likely to do a better job of allocating resources than government directives. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not How do you go about weighing the alternatives? D) out of the labor force. 1. C) the demand for lawn care service has decreased. The Government will decrease spending by $20 million and increase taxes by $15 million. ________ 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) the value of output in 2015 was around $17.3 trillion. The price of steel declined by 3% last year. (b) the level of aggregate demand determines production, employment,. During a business cycle expansion, total production ________ and total employment ________. C) the sum of frictional unemployment and structural unemployment equals zero. You will then have 50 minutes to answer all three of the following questions. The three fundamental questions that any economy must address are answer choices. A. c. The alternative uses of time you spend studying A) the value of worn-out equipment, machinery, and buildings. As a result, GDP ________ because ________. D-Positive C) above the market wage, causing labor demand to be greater than labor supply. With respect to factors of production, which of the following statements is not true? C. Opportunity cost. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. C. how to make money in the stock market. ECO111 Quizz 01 FALL 2021. B. b. real costs. C. Technology is lost. Total the statement columns, compute net income (loss), and complete work sheet. The Bureau of Economic Analysis calculates a number of different measures of inflation: the GDP Deflator, the Consumer Price Index, the Wholesale Price Index, etc. b. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. According to the text, economists consider full employment to occur when A. it allows countries to exploit their comparative advantage, more fully. D) seasonal unemployment, Structural unemployment is the result of ____________ A) labor, capital, land and natural resources are fixed in quantity. D. Higher opportunity costs induce higher output per unit of input. D. All of the choices are correct. B. Why does a firm decide to enter a particular market? Explain the pitfall of this statement. If a firm expects that the price of its product will be lower in the future than it is today If a German firm produces cars in the United States, that production should count towards B) remain the same. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. Full employment is not considered to be zero unemployment, because D) unemployed persons falsely report themselves to be actively looking for a job. B) The federal government pays the salary of an FBI agent. C) GDP is adjusted for changes in crime rates. This would B. Unemployment is too high. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. . 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. The police were surprised the bank did not take their advice. 2. Changes in the aggregate price level (inflation) Which of the following is an example of a "how much" decision? Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? D) an increase in oil prices. D. Price regulation by government. A. 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. B. BOOK Market Leader intermediate 3rd edition. Microeconomics focuses on supply and demand . For schedule, refer to the archive link given below. Which of the following would be classified as fiscal policy? B) The purchasing power of your salary fell between 2007 and 2016. C) productively efficient D) no one in the economy loses. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married b. consumers The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. This means ______. A) deadweight loss is maximized \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ It focuses on areas like inflation, economic growth rate, price levels of various goods and services, gross domestic product (GDP), national income and the unemployment rate in a particular country. D) No, the recession will have no impact on my ability to get a job or my future income. D) decreases; decreases. It is also the case that reported burglaries increase during the same period. Every society faces economic trade-offs. A. C) 3% D. All of the choices are correct. Government agencies. D) All of the above will occur. D. topics such as unemployment, inflation, and economic growth. D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. B) The supply curve will shift to the right. . How were consumption and investment affected . In a market economy, the people who receive the goods and services that are produced are those who D. There is too much production of lowcost, highquality goods and services. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ E) States increase taxes to fund education. D) simplify some aspect of economic life. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls C. Eliminates market failures by government. C) an increase in unemployment insurance payments B. The tax cut would lower the price level in 2014. . 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. Raising the income tax decreases the amount of disposable income available to those households. Laws and regulations. B-Postive Which of the following would reduce the labor force participation rate, all else equal? there is a current account surplus. Micro Economic 100% (2) 176. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? Macroeconomics focuses on the performance of A) attainable D) decreasing the money supply and increasing interest rates. C) the value of all cars produced by Toyota in the United States Which of the following would increase the unemployment rate? ___________ (movement of disabled individuals out of disabled individuals to a less restrictive facility) also Is not a very efficient means of communicating consumer demand to the producers of goods and services. All of the following events would have this effect except C) by the same amount as Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. D) 15%. C) GDP deflator D. Works because prices serve as a means of communication between consumers and producers. C) a change in the amounts of one good desired. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. Check your understanding of civil commitment by filling C. All points inside the curve. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . Consumption of cigarettes. C) greater on the buyer when the tax is collected from the seller and greater on the seller when the tax is collected from the buyer. A. What determines the growth rate of gross domestic product?