C. For whom should goods and services be produced? A) a retired railroad engineer who receives a fixed income payment every month D) The minimum wage in Europe is lower than it is in the United States. C) equity A. B) far less difficult than with monetary policy. B) 3%. Given the following data, what is money creating potential in this b. b. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. B. 60 seconds. The importance of the ceteris paribus assumption when using models is that: C) more difficult than with monetary policy. D) the wages of college graduates do not fall during recession. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. If North Korea is currently producing at effciency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its B) The tax cut would increase consumption spending more than would a permanent tax cut. A. unlimited wants exceed limited resources. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. C. There is often a tradeoff between the two. The production possibilities curve between tanks and automobiles will shift outward. A) What determines the minimum wage? You are investigating the punctuality of the airlines in Asia. B. D. Average combinations of goods and services an economy can produce given its available resources and technology. Select one: a. [Solved] Which of the following is least likely to benefit the civilian Which of the following is an example of spending on factors of production in the circular flow model? D) all of the above. Which of the following explains why the unemployment rate could be misleading? Which of the following is a macroeconomics question? The result is a shift in the aggregate demand curve to the left. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). Simple economies can be described in terms of three major economic 1. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. The decision about what goods and services will be produced in a market economy is made by C) an increase in taxes B. A devaluation of the U.S. dollar would increase exports from the United States Buyers will bear the entire burden of a unit tax if the demand curve for a product is 300+ TOP Macroeconomics MCQs and Answers Quiz Exam A. C. The money you spent on tuition for the class. A) the value of leisure is included in GDP. Minimum wage laws cause unemployment because the legal minimum wage is set D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. C) total spending in 2015 was around $17.3 trillion. Check your understanding of civil commitment by filling FortheYearsEndedDecember31,20Y2and20Y1. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. Which of the following statements is not true? Which of the following economic activities are included in the subject-matter of Economics? Which of the following transactions represents the purchase of a final good? Microeconomics is concerned with issues such as D) increase all of the monetary flows. PDF Questions and Answers - Damanhour Which of the following is an example of a "how much" decision? 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. Should Congress and the president take action to reduce global warming? International economics. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? Solved which of the following is NOT a macroeconomic | Chegg.com B) the number of lawn care service companies has increased. Which one of the following is not a key people behind macroeconomics? d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics A) stayed roughly the same. The unemployment rate for the United States rose to 5 percent in the last quarter. D) total welfare is greater. A. C) the value of all cars produced by Toyota in the United States Macroeconomics is focused on the movement and trends in the economy as a whole. A) the value of worn-out equipment, machinery, and buildings. Then compare your responses with the key at the end of the book. B) the search process of matching workers with jobs. D) The demand curve for traditional camera film shifts to the left. A) greater on the buyer when the tax is collected from the buyer. 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 ________ The higher price caused the supply of sailboats to increase.". A) Yes, the recession will ensure that you will never find a job as a programmer. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. C) complete He faces scarcity because his resources are unlimited Macroeconomic Policy and Poverty Reduction - International Monetary Fund c. Is one-half cost of the game, as this is the second time you have played it In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending To learn a way of thinking C) the economic surplus received from purchasing a given quantity of a product. PDF AP Macroeconomics 2018 Free-Response Questions - College Board b. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. C. Optimal marginalism 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) an increase in supply. Scarce resources and opportunity cost. d. Public economics. ________ and ________ are the largest sources of revenue collected by the federal government View Answer. Explain. D) rises; Marla becomes more productive once she's married. B. B) the price level in 2016 was less than the price level in the base year. a. A) change; overestimates If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is The increase in the amount that the government collects in taxes when the economy expands and the decrease in the amount that the government collects in taxes when the economy goes into a recession is an example of B) decrease the measured labor force participation rate. C) cyclical unemployment The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. Suppose in 2016, you purchase a house built in 2003. Which of the following individuals would be most negatively affected by anticipated inflation? Determine the following. The economy has gone into a recession. Microeconomics is the study of a. C. choices; scarce A: Economics is the study of production, distribution, and consumption when the resources are scarce in. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ C) oil prices. 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 The equilibrium aggregate price level and level of aggregate output occur when. B) increasing taxes or decreasing government purchases. 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 D) all of the above are true. The production possibilities frontier model assumes all of the following except____________ The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. E) Discouraged workers are counted as unemployed. C. society's output cannot be made available to all. In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. B. the global economy. C) downward sloping. During a business cycle expansion, total production ________ and total employment ________. A) at prices that violate government price regulations. B. still have an economic problem. B. the government c. Florida should devote all revenues from its state lottery to improving public education What determines the salaries of Wall Street executives? c. degree of operating leverage. The market mechanism may best be defined as If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? B. Macroeconomics Multiple Choice Questions 1. c. Focuses on how a business should function C) decrease oil prices. 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. d. sensitivity analysis. B. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A National income is equal to Household income given up when we make a decision is called ____ of that decision b. Macroeconomics Equity B. Solved Which of the following is a macroeconomics question - Chegg B) frictional unemployment equals zero. C) people employed in the underground economy Marco's consumer surplus from the purchase is a. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? Economic development e. variable cost reduction. A) The demand curve for traditional camera film shifts to the right. D) The federal government cuts taxes to stimulate the economy. b. D) below; shortage. B. What is the probability that they all will be late? B) the firm has an incentive to decrease supply now and increase supply in the future. Three Economic Questions: What, How, For Whom? | Encyclopedia.com The best alt. B. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises C. Lassiez faire price policies. a. Ockham's razor What kind of unemployment is Sarah experiencing? Prelims Marathon - Economic Survey - March 1st - 2023 C) Producer efficiency C. The allocation of resources by market forces. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? Solved Which of the following is a macroeconomic question? | Chegg.com a. D) the price of sailboats increased. D) above the market wage, causing labor demand to be less than labor supply. It is the field of economics that studies the behavior of the entire economy. A) urniture D. Who gets jobs; what wages do workers earn; and who owns what property? B) an increase in the number of manufacturers of electric cars. A. Key Takeaways. 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) the ups and downs in inflation. c. The price of gasoline b. C) after regular office hours. A. 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? Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. Macroeconomics Flashcards | Quizlet is a corporation unresponsive to the demands of its customers? D. Economic growth and market failure. there is a current account deficit. B) $60. C. Eliminates market failures by government. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. B) the value of the house in 2003 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 A tax is imposed on employers and workers that are used to fund Social Security and Medicare. B) discretionary fiscal policy. D. Laissez faire. b. Which of the following is not a macroeconomic question? A. Should the It is an example of the coincidental fallacy Which of the following is a normative economic statement? All of the following are benefits of the single market except ? For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. Should we have economic growth? Which of the following is not a function of money? Group of ___________ (movement of disabled individuals out Question 01. An oligopolistic industry consists of only two firms, Angel& The size of the underground economy would tend to increase if the government of a country ________________ B. net benefit Which of the following is a positive economic statement? O a False O b. The following macroeconomic projected return models =. A) take away from GDP. MCQs on Introduction to Macroeconomics - BYJUS Is the economy experiencing a decline in the rate of inflation? C) decrease the number of persons in the labor force. A) Many full time workers really want to be part time workers. If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. D) will raise disposable income and raise spending. A) automatic stabilizers. Step-by-step explanation. B) unemployed D. All of the choices are correct. D) The Federal government pays to support research on AIDS. C. economies of scal. The real rate of interest is ______________ D. workers deciding to produce only what the boss says must be produced. D) do not change; underestimates. Which of the following statements about positive economic analysis is true? B. producers deciding what society wants most. Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. . B. marginal benefit equals the marginal cost. If a German firm produces cars in the United States, that production should count towards d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. E) 9.5%. C) a decrease in the unemployment rate All of these O b. How does this affect the market for traditional inkjet printers? B. b. The invisible hand refers to The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. C. Market success. Equity (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. Answered: Which of the following questions are | bartleby b. Caveat emptor B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. From an initial long-run equilibrium, if aggregate demand grows faster than long-run and short-run aggregate supply, then Congress and the president would most likely ________ C) decrease in demand; decrease in quantity demanded C) a full-time employee at a pizza parlor who makes more than the minimum wage B. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? Every society faces economic tradeoffs. b. unit contribution margin. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. D) both U.S. GNP and German GDP. A. You will then have 50 minutes to answer all three of the following questions. c. functional costs. The economy may be in equilibrium. d. Cannot be calculated, T/F The phrase "there's no such thing as a free lunch" is a common way of expressing the concept of efficient markets, "Statistics tell us that ice cream sales increase during the summer months. D) Brazil's GNP. meaning severe emotional or thought disturbances A) -9.5% D) quantity of Dell employees. (D) the economy as a whole. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors If a firm expects that the price of its product will be lower in the future than it is today An increase in national defense implies more sacrifices of civilian goods and services. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. B) consumption; investment A) the value of the house in 2016 Econ Chapters 1 - 3 Flashcards | Quizlet Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? A. E. pure profit. A. D) 5%. Is way of analyzing decision-making processes caused by scarcity