D) gross national product of Canada and the gross national product of the United States. there is a current account surplus. C) decrease the number of persons in the labor force. If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? b. select the best possible solution. D) only change GDP if the development occurs within the borders of the United States. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. What is the impact of competition on the profits of a business? Step-by-step explanation. It is an example of the post hoc fallacy Choose the correct option. ________ 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. Which of the following would be included in the gross domestic product for 2016? If your nominal wage rises faster than the price level, we can say your real wage has ________ and the purchasing power of your income has ________ A tax is imposed on employers and workers that are used to fund Social Security and Medicare. D) decreasing the money supply and increasing interest rates. C) investment; consumption E) Discouraged workers are counted as unemployed. B. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. C) There will be a decrease in the quantity of labor supplied by households. Which of the following correctly describes the relationship between economic efficiency and economic equity? What determines the growth rate of gross domestic product? A. A) Governments interfere with the market mechanism to influence the allocation of goods and services. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? 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. You have majored in computer science and, because of the recession, have difficulty in finding a job. C. The overall economy. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. D) equal 20%. Opportunity cost B. stabilize the price level. B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. D. Average combinations of goods and services an economy can produce given its available resources and technology. The aggregate demand and aggregate supply curve intersect. Explain the pitfall of this statement. C) a strong foreign currency exchange rate. A) horizontal. B. A. B) relative abundance of labor and capital. B. a nation's poverty level increases faster than its population. To Liza, B. the government C. Want the goods and services the most. B. spending, production and saving. D) the wages of college graduates do not fall during recession. D) taxes. A) automatic stabilizers. 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 A) inflation. (a) Economic Activities related to Unlimited Wants (b) Economic Activities related to Limited Resources (c) Both (a) and (b) (d) None of these Answer Question 4. In terms of the production possibilities curve, inefficiency is represented by B) real GDP per person The size of the underground economy would tend to increase if the government of a country ________________ 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. A) buys a new robotic machine (from a plant in Ohio) to assemble cars. He faces scarcity because his resources are unlimited there is a capital account surplus. Scarce resources and opportunity cost. The production possibilities curve between tanks and automobiles will appear as a straight line. B. Which of the following would be classified as fiscal policy? D) out of the labor force. PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. Factors of production and price signals. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? To reduce the bias in the consumer price index, the Bureau of Labor Statistics Which field of economics deals primarily with the problems faced by low-income countries? A) the value of worn-out equipment, machinery, and buildings. B) a union contractor whose pay is adjusted based on changes in the CPI 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. D. What goods and services should we produce? This tax is sometimes referred to as C) a decrease in taxes C. The process by which the production possibilities curve shifts inward. A) climate and natural resources. 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,. C) below; surplus What are some of the causes of desertification? C) increasing the money supply and decreasing interest rates. D) the plastic bags that Subway purchases to wrap its sandwiches. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. B. ________ and ________ are the largest sources of revenue collected by the federal government \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ C) Corporate income taxes; excise and other taxes A) the Income Security Tax. A) the firm has an incentive to increase supply now and decrease supply in the future. C) Brazil's GDP. bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. What kind of unemployment is Sarah experiencing? Key Takeaways. C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. C) opportunity Profits are always very high and persistent B) the economy produces only two products. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. A) fallen; fallen (c). An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX B) The purchasing power of your salary fell between 2007 and 2016. i. b. D) refrigerator. If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? A) the willingness of consumers to purchase a product at different prices. d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern d. B What is the optimal number of workers for an ice cream . What is the standard deviation of this random variable (i.e., the risk of being late)? d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. D) an increase in consumers' taste for coffee. If a firm expects that the price of its product will be lower in the future than it is today B) fallen; risen The tax cut would lower the price level in 2014. 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) decreases; increases 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. C. the economy as a whole. C-Nomative B. Which of the following is a macroeconomics question? D) rises; Marla becomes more productive once she's married. According to the text, economists consider full employment to occur when Which of the following is an example of spending on factors of production in the circular flow model? D) GDP falls by $1,875. a. A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. C) risen; risen To find the parametric solutions for the predicted GDP (Y) and the predicted investment (I), we can substitute the second equation into the first equation: Y = a + b (Y - T0) + e + kY + G0. a. Zero because you knew when you registered for the class that studying would be required. A shift outward of the production possibilities curve. A. E. consumers and firms choosing which goods and services to buy or produce. D) a slowdown in the economy. D. There is too much production of lowcost, highquality goods and services. A) labor, capital, land and natural resources are fixed in quantity. C) total spending in 2015 was around $17.3 trillion. B. [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. Dear Friends, We are posting prelims marathon MCQs for today. Given this information, we know for certain that ________ Select one: a. D) A drug dealer reports herself as unemployed. of mental institutions) and ___________ (movement A) increase in demand; decrease in demand The money-creating potential in the banking system is simply the amount of new money that can be created using the excess reserves of the bank. B) a decrease in government purchases \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ B) a competitive equilibrium is achieved A) The demand curve for traditional camera film shifts to the right. 1 #7. C. Decreasing opportunity costs will occur with greater automobile production. A) below the market wage, causing labor demand to be greater than labor supply. d. It is an example of the fallacy of composition, The field of economics that deals primarily with the factors that determine wage rates, employment, and unemployment is called: B) the nominal interest rate minus the inflation rate. In addition to selling pet food and pet products, PetSmart also offers dog grooming services including baths, nail trimming, teeth brushing, and aromatherapy to reduce everyday stress, and nail polish and stickers. All points on the curve. Que10. All of these O b. Electric car enthusiasts want to buy more electric cars at a lower price. Which of the following is a microeconomics question? Is zero B) discretionary fiscal policy; automatic stabilizers C) The purchasing power of your salary remained constant between 2007 and 2016. D) less than 5 times as much as your grandfather in terms of nominal income. Equity Which of the following would increase the unemployment rate? C) more difficult than with monetary policy. Question 12. Which one of the following is not a key people behind macroeconomics? To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). a. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . D) decrease; less. B) when real GDP is above but close to potential GDP. Production possibilities curve will shift inward. a. answer choices. C. Market mechanisms and lassiez faire. C. Market success. B) will raise disposable income and lower spending. Your grandfather tells you that he earned $7,000/year in his first job in 1961. A devaluation of the U.S. dollar would increase exports from the United States The minimum wage law causes unemployment. Which of the following economic activities are included in the subject-matter of Economics? Answering these four questions is essential for an economy to function properly. D. Markets result in an unfair distribution of income. a. B) The Federal Reserve cuts interest rates to stimulate the economy. Which of the following is a microeconomics question? B) by more than A) When will the government better secure the borders? In a market economy, those who are willing and able to buy what is produced. Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring b. The equilibrium aggregate price level and level of aggregate output occur when. B) change; underestimates A) he lettuce that Subway purchases for its sandwiches although this definition differs from state to state. c. degree of operating leverage. D. Jenny's wage rate rose, and in response, she decided to work more hours. D) Lily purchases a new massage table for use in her therapy center. Real domestic output is at its maximum level. As a result, _____________ A) ice cream and hot fudge are complements. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises B. Bill Gates does not face scarcity because he is a billionaire GDP is not a perfect measure of well-being because _________ The impact of crowding out may be the least _____________ C) decrease; more Based on this evidence, Tecumseh has experienced Let us now understand how it is different from Microeconomics. B) frictional unemployment equals zero. B) the value of all cars produced by Ford in Mexico Which of the following transactions represents the purchase of a final good? B. A) Economic efficiency B) government spending and taxes that automatically increase or decrease along with the business cycle. B) the value of the house in 2003 \\\hline C) demographics Question: Which of the following is an example of a macroeconomic question? Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. C. How is the production quantity of snowboards determined? ________ 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. C) raise taxes by $200 billion. P = $80 In perfect competition, P = AR = The following macroeconomic projected return models =. A. b. D) upward sloping. B) an increase in supply. C. Macroeconomic failure. C) A state government cuts taxes to help the economy of the state. A) Tuan purchases a cappuccino at the student union. Which of the following best describes an assumption economists make about human behavior? Buyers will bear the entire burden of a unit tax if the demand curve for a product is Greater production means factor prices rise. The Federal Reserve lowered interest rates at its last meeting. 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. C. marginal revenue A) the law of supply has been violated. All points outside the curve. 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 . This means What factors determine the price of carrots? 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? D. What factors determine the price of electronic cigarettes? C) U.S. GDP. All of the above. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? B. microeconomics. C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut.
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