which of the following would be a macroeconomic question?

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? All points on the curve. A) fallen; fallen MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. A) below the market wage, causing labor demand to be greater than labor supply. The use of market prices and sales to signal desired output. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? It is an example of the post hoc fallacy The minimum wage law causes unemployment. A) allocative efficiency Ford Which of the following is an example of spending on goods and services in the circular flow model? B) the search process of matching workers with jobs. What are some of the causes of desertification? True 3Government fixes the floor and ceiling . C) an increase in unemployment insurance payments C. Government failure does not exist. D) Your father buys a new John Deere riding lawn mower. Should Congress and the president take action to reduce global warming? B. B. D. All of the choices are correct. It is the field of economics that studies the behavior of the entire economy. C. the economy as a whole. Equity D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called D. Average combinations of goods and services an economy can produce given its available resources and technology. A. in the blanks. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. Lower disposable income decreases consumption at every price level. What factors determine the price of carrots? Which of the following is not a macroeconomic statement? D. Are willing to pay the highest price. B) higher; lower An oligopolistic industry consists of only two firms, Angel& How should we produce goods and services? C) The quantity of traditional camera film demanded increases. A point on a nation's production possibilities curve represents The production possibilities curve between tanks and automobiles will appear as a straight line. Which of the following is a microeconomics question? Should you go back to school and get a second major? C-Nomative d. D) the wages of college graduates do not fall during recession. A) automatic stabilizers. B) total income in 2015 was around $17.3 trillion. Key Takeaways. A) total employment is greater. C) decrease in demand; decrease in quantity demanded A) U.S. GDP. A devaluation of the U.S. dollar would increase exports from the United States A) urniture A shortage of maths teachers. To learn a way of thinking (a). B) 3%. E. consumers and firms choosing which goods and services to buy or produce. O a False O b. Individual consumers. b. B) the nominal interest rate minus the inflation rate. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. B. C. The government should subsidize solar power for homeowners. D) less than 5 times as much as your grandfather in terms of nominal income. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. there is a current account deficit. a. B. Because Mike started looking for a new job ______________ A) GDP rises by $1,875. D) the payroll tax. The best alt. P = $80 In perfect competition, P = AR = B. B. stabilize the price level. Which of the following is an example of a "how much" decision? C) the value of the house in 2016 minus depreciation A) no B) The quantity of traditional camera film demanded decreases. A) a reduction in unemployment. D) movement along the demand curve due to a change in purchasing power brought about by the price change. Determine the following. B) the economy produces only two products. C. For whom should goods and services be produced? 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. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . If a minimum wage of $15 per hour is imposed, which of the following will occur? A) during a deep recession. C) productively efficient D. People should not buy imported fruits and vegetables. According to the text, economists consider full employment to occur when B) the value of the house in 2003 Expansionary fiscal policy involves D. Is one that allows trade with other countries. D) 5%. B. known as ___________ Mental illness is a(n)___________ concept, typically One can conclude that b. Persistence is A. the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth. D. Government failure. C) above the market wage, causing labor demand to be greater than labor supply. In the past two decades the United States lost its comparative advantage in automobiles to Japan. b. C. normative economics. A) Micah purchases a new wrench for his auto repair business. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. a. C) downward sloping. D) upward sloping. Which of the following would reduce the labor force participation rate, all else equal? A. ECO111 Quizz 01 FALL 2021. D. the government, consumers, and producers B) updates the market basket every 10 years, rather than every two years. D. The best alternative use of your time. D. the choices people make to attain their goals, given their scarce resources. An undesirable combination of goods and services. A. Unemployment is too high. B. The production possibilities curve between tanks and automobiles will shift outward. Macroeconomics is a branch of economics that depicts a substantial picture. B) increase in demand; increase in quantity demanded A. A. consumers dictating to firms what they need most. A. C) raise taxes by $200 billion. How do you go about allocating your time in a given day among competing alternatives? B. The tuition you pay The economy may be in equilibrium. (b). B) unemployed Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. \\\hline The tax cut would lower the price level in 2014. C) No, the recession will most likely be short-lived and I can get a job after it is over. d. Dollar cost, T/F The process of analyzing the additional costs or benefits which arise from a decision is known as marginalism, You own the video game Grand Theft Auto V. The opportunity cost of playing this game for the second time Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. _____a. B) decrease the measured labor force participation rate. The market mechanism at work. D) only change GDP if the development occurs within the borders of the United States. First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. These firms are reacting to which of the three key economic ideas? B) frictional unemployment equals zero. The production possibilities frontier model assumes all of the following except____________ C. Decreasing opportunity costs will occur with greater automobile production. Which one of the following is a macroeconomic issue? C) a tank purchased by the federal government If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is C) equal to the highest value of an alternative use of the time and money spent on the class. Based on this evidence, Tecumseh has experienced A) attainable Which of the following is a positive economic statement? The market mechanism may best be defined as Which of the following explains why the unemployment rate could be misleading? C. society's output cannot be made available to all. C) Corporate income taxes; excise and other taxes A) nondurable goods; durable goods C) do not change; overestimates C) equity C. Maximum combinations of goods and services an economy can produce given unlimited resources. The minimum wage law causes unemployment. He hasn't looked for a job in the last three months, but he's just started looking for work again. Is the economy experiencing a decline in the rate of inflation? A shift outward of the production possibilities curve. B) real GDP per person Q. A. achieve full employment. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. Rational cost 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 D. All of the choices are correct. D) about the same difficulty as with monetary policy. Answering these four questions is essential for an economy to function properly. Flow (1) represents: A) wage, rent, interest, and profit income. D) implicit. O a. Why is the economy of India growing? The study of national economy as whole. D) The government imposes taxes on those who earn beyond a certain amount of income. This means. B) increase the measured labor force participation rate. b. In terms of the production possibilities curve, inefficiency is represented by 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. B. Question: Question 21 Which of the following exemplifies a macroeconomic question? The impact of crowding out may be the least _____________ A. how households and firms make choices. C) goods and services. c. Focuses on how a business should function A) 2% Guns and butter can be produced using the same resources at the same time. B) Japan has abundant supplies of labor. A) greater on the buyer when the tax is collected from the buyer. B) discretionary fiscal policy; automatic stabilizers C) more difficult than with monetary policy. A. 1. C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. B) What determines the production of video game consoles? C) decrease the number of persons in the labor force. All of the following are sources of comparative advantage except B. net benefit C. How is the production quantity of snowboards determined? What is Macroeconomics? C. how to make money in the stock market. C. Should the government prevent the merger of two large firms? although this definition differs from state to state. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors Explanation: Macroeconomics deals with the economy as a whole. The economy experiences government failure. They are both automatically achieved in a free market economy. There are no problems and everyone, including consumers, is satisfied. C. The process by which the production possibilities curve shifts inward. E) Discouraged workers are counted as unemployed. D. Economic growth and market failure. A. C. The market mechanism has failed to achieve social efficiency. He faces scarcity because his resources are unlimited A. D) ceteris paribus. Bureaucratic delays 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. B) increases; decreases D) GDP is adjusted for increases in drug addiction. A) the value of output in 2015 was around $17.3 trillion. Therefore, exercising daily causes people to eat kale. B) Delta buys a new European-made jetliner. By definition, economics is the study of Is way of analyzing decision-making processes caused by scarcity An increase in national defense implies more sacrifices of civilian goods and services. According to a deputy commissioner of police, "Commerce does very little of what we recommend. B) German GDP. A. A) increases; increases C) investment; consumption A. why something will be producedwhat will be produced B. E. pure profit. C) opportunity c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises A) increasing government purchases or decreasing taxes. 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) a decrease in the money supply and an increase in the interest rate B. C) a discouraged worker C. The allocation of resources by market forces. C) total spending in 2015 was around $17.3 trillion. C) A state government cuts taxes to help the economy of the state. B) the bread that Subway purchases for its sandwiches The real rate of interest is ______________ The key factors of microeconomics are as follows: Demand, supply, and equilibrium Production theory Costs of production Labour economics Examples: Individual demand, and price of a product. B. the possibility of inefficient production. B) taxes; the money supply \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. a. 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 Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. A) welfare benefits C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? If a firm expects that the price of its product will be lower in the future than it is today C. A centrally planned economy What determines the growth rate of gross domestic product? . D) allocatively efficient. C) increased income tax rates. There is full employment. Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. Should the government attempt to influence the interest rate to lower inflation? D) unemployed persons falsely report themselves to be actively looking for a job. i. B) government spending and taxes that automatically increase or decrease along with the business cycle. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of B) greater on the seller when the tax is collected from the seller. = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. This tax is sometimes referred to as C) falls; Marla's architectural design services are no longer bought by Chuck once they're married D. topics such as unemployment, inflation, and economic growth. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. This situation will most likely coincide with high unemployment. 60 seconds. Which of the following is a microeconomics question? Q: Choose the statement that does not describe Microeconomics. Let us now understand how it is different from Microeconomics. c. Marginal cost A. B) some people do not want a job. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ A) the value of the house in 2016 Which of the following is a microeconomics question? Factors of production and price signals. 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 What is the standard deviation of this random variable (i.e., the risk of being late)? d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern You . You know that average prices have risen steadily since 1961. A. B. Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? B) a job retraining program An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. Which of the following best describes an assumption economists make about human behavior? Question 1. D) having an absolute advantage. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. C. Opportunity cost. B. You are investigating the punctuality of the airlines in Asia. C) There will be a decrease in the quantity of labor supplied by households. C) a full-time employee at a pizza parlor who makes more than the minimum wage It does not consider discouraged workers, and hence it is understated. All of the following are benefits of the single market except ? Getting the timing right with fiscal policy is generally _______________ C) NAFTA. B) Canada's GDP. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ D) the same whether the tax is collected from the buyer or the seller. MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . c. It considers part-timers as employed, and hence it is understated. c. Industrial organization Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. How does the increasing use of digital cameras affect the market for traditional camera film? Have the most political power. C. A surplus of . A) a retired railroad engineer who receives a fixed income payment every month Marco's consumer surplus from the purchase is a. The Government will decrease spending by $20 million and increase taxes by $15 million. They always call for opposite outcomes. 1 #7. c. producers A) the value of worn-out equipment, machinery, and buildings. A) gross domestic product of Canada. Changes in the aggregate price level (inflation) 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. Post hoc, ergo propter hoc D) out of the labor force. Which of the following is a macroeconomics question? A. A: Economics is the study of production, distribution, and consumption when the resources are scarce in. B. d. sensitivity analysis. B) the consumer surplus received from purchasing a given quantity of a product. Combinations of production that are unattainable, given current technology and resources. A) there is a sustained increase in the price level. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ A. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? A sharp rise in the price of vegetables. If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. E) States increase taxes to fund education. B) an increase in the unemployment rate B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. The "guns versus butter" dilemma that all nations confront is that Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. B. D) The demand curve for traditional camera film shifts to the left. C) the business cycle. A) the willingness of consumers to purchase a product at different prices. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. D. There is too much production of lowcost, highquality goods and services. A. Which one of the following is not a key people behind macroeconomics? On which base structure of economic problems has been installed? A. income; available B) European countries offer higher unemployment benefits than the United States. \end{array} C) How does Fiat decide on the price of the 500 Pop model? C) by the same amount as To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1).

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