which of the following would be a macroeconomic question? which of the following would be a macroeconomic question?

c. degree of operating leverage. To understand society and global affairs C) not change GDP. b. consumers B) the sum of consumer and producer surplus. (a) Unlimited Wants A) the value of output in 2015 was around $17.3 trillion. d. Public economics. (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. 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. A) there is a sustained increase in the price level. D) All of the above will occur. C) an autonomous; an induced B) Persons who collect unemployment benefits report themselves to be searching for a job. D) Japan has abundant supplies of natural resources needed to produce automobiles. (b) the level of aggregate demand determines production, employment,. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. 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. All of the choices are correct. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ b. B) above; shortage D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. D) buys U.S. government bonds. A. public economics. 1. Which field of economics deals primarily with the problems faced by low-income countries? Start. D) equal 20%. Full employment is not considered to be zero unemployment, because The first stage in the five-step decision process described in the text is to a. define the problem. D. All of the choices are correct. The opportunity cost of studying for an economics test is Most primitive economies concentrate on producing food and shelter - the basic necessities of life. a. C. society's output cannot be made available to all. A) take away from GDP. Microeconomics focuses on supply and demand . A. B) What determines the production of video game consoles? B) the search process of matching workers with jobs. A) the value of the house in 2016 The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. C) a change in the amounts of one good desired. FortheYearsEndedDecember31,20Y2and20Y1. Technological advancements have led to lower prices and an increase in the sale of color laser printers. Expansionary fiscal policy involves is a corporation unresponsive to the demands of its customers? c. It considers part-timers as employed, and hence it is understated. C) the ACIF. What determines the salaries of Wall Street executives? Step-by-step explanation. B) Japan has abundant supplies of labor. ________ and ________ are the largest sources of revenue collected by the federal government c. It confuses correlation and causation B) 2.5% By how much and in what direction does GDP change as a result of his efforts? Several conditions must be met before the state is permitted to commit a person involuntarily: The person has a(n)___________ and is in need of treatment, the person B) increased income tax rates. The size of the underground economy would tend to increase if the government of a country ________________ Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. Investment, as defined by economists, would not include which of the following? a. C) The purchasing power of your salary remained constant between 2007 and 2016. If inflation is positive and is perfectly anticipated ____________ A sharp rise in the price of vegetables. C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. A. C. the tendency of many economic variables to move together in a predictable way over the business cycle. Which of the following is not a durable good? B. The economy has gone into a recession. As a result, GDP ________ because ________. The best alt. C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor. 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? What factors determine the price of carrots? Total the statement columns, compute net income (loss), and complete work sheet. known as ___________ Mental illness is a(n)___________ concept, typically A) stayed roughly the same. C. Production of nonmilitary goods will decrease. C. Eliminates market failures by government. Que10. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ 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. Adam Smith's invisible hand is now called A) horizontal. b. It is an example of the coincidental fallacy The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport D) the wages of college graduates do not fall during recession. Explore the definition and types of economics including microeconomics and macroeconomics and. C) lower; higher B) Individual income taxes; social insurance taxes The substitution bias in the consumer price index refers to the idea that consumers ________ the quantity of products they buy in response to price, and the CPI does not reflect this and ________ the cost of the market basket C) an increase in taxes 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). Which of the following is a macroeconomics question? D) movement along the demand curve due to a change in purchasing power brought about by the price change. Choices made by people faced with scarcity b. B) 3%. D) the decline in the value of the stock market, net of dividends. D) the Western Trade Union. C) the economic surplus received from purchasing a given quantity of a product. Combinations of goods and services an economy is actually producing. C) 3% \\\hline You'll get a detailed solution from a subject matter expert that helps you learn core concepts. This month, the company supplied the same quantity of binders at $4 per unit. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? Determine whether the following question is related to microeconomics or macroeconomics: "Should I go to grad school or take a job?" What are some important facts regarding macroeconomics? C) goods and services. A) Governments interfere with the market mechanism to influence the allocation of goods and services. Which of the following is a normative economic statement? If inflation over the year is 2%, what is the real interest rate you are paying? What is Macroeconomics? 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: Every society faces economic tradeoffs. B) high unemployment rates do not usually last for very long. b. A) a retired railroad engineer who receives a fixed income payment every month E. consumers and firms choosing which goods and services to buy or produce. Select one: a. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). d. Everyone always gets what they want, T/F Macroeconomics deal with the function of individual industries and the behavior of firms and households, All of the following are examples of topics examined in macroeconomics except of mental institutions) and ___________ (movement B. C) Corporate income taxes; excise and other taxes Chapter 6, P R O B L E M S E T 3 . Macroeconomics Basics. The purchasing. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. Equity Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. b. select the best possible solution. The study of regional economy as whole. B) structural a. C. economies of scal. Rearranging, we get: A) decreased government regulations on businesses. Timer Bonus. B) gross national product of Canada. a. D. topics such as unemployment, inflation, and economic growth. B. the government B. D. The full employment of resources to achieve a particular combination of goods and services. D) above the market wage, causing labor demand to be less than labor supply. Compared to their pre-trade positions, trade makes both countries better off because in each country D. Al of the choices are correct. Rational cost C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. b. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. These firms are reacting to which of the three key economic ideas? C) the sum of frictional unemployment and structural unemployment equals zero. D. the choices people make to attain their goals, given their scarce resources. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. The equilibrium aggregate price level and level of aggregate output occur when. C) a full-time employee at a pizza parlor who makes more than the minimum wage Factors of production and price signals. In terms of the production possibilities curve, inefficiency is represented by C) less than 5 times as much as your grandfather in terms of real income. C) opportunity C. when something will be produced; why something will be produced A. A) an increase in demand. Which of the following causes the unemployment rate to understate the true extent of joblessness? A) ice cream and hot fudge are complements. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. c. To be an informed citizen Which one of the following is not a key people behind macroeconomics? D. it intensified competition. C. An increase in national defense is possible only if we produce more butter. C) make economic ideas explicit and concrete for use by decision makers. A) The supply curve will shift to the left. A) below the market wage, causing labor demand to be greater than labor supply. Changes in the aggregate price level (inflation) Individual consumers. Which of the following statements about positive economic analysis is true? A) There will be an increase in unemployment. E. it is easier to book holidays in member countries. \hline C. consumers A) some cyclical unemployment always exists. Given this information, we know for certain that ________ Macroeconomics Multiple Choice Questions 1. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. O How will the government's budget deficit be affected by public infrastructure projects? B. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. The economy's capital stock declines. B) add to GDP. C) GDP is adjusted for changes in crime rates. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? a. the government B) The Federal Reserve cuts interest rates to stimulate the economy. D-Positive They are both automatically achieved in a free market economy. B) explicit B) German GDP. A) increase the measured unemployment rate. D. There is no conflict between the two goals. All points outside the curve. In 2015, the U.S. auto industry experienced rising sales. The output of U.S. citizens who work in Canada would be included in the _____________ Government intervention may achieve a more optimal outcome than the market mechanism when addressing The doctrine of lassiez faire is based on the belief that C) downward sloping. Number of employees in the steel industry Which of the following is an example of government failure? Suddenly, the stock market prices increased much more than expected, increasing investors' wealth and causing a short-term period of increased optimism about the future of the economy. D) GDP is adjusted for increases in drug addiction. C) consumer surplus is minimized C) the value of the house in 2016 minus depreciation C. the highest valued alternative that must be given up to engage in an activity. See Answer. D) the unemployment rate consists of only frictional and structural unemployment. A) the value of worn-out equipment, machinery, and buildings. d. The cost of the food that you consume while attending college, T/F The price is increasing as quantity increases, the slope of the line representing different prices and their corresponding quantities will be positive, The study of economics What were the macroeconomic principles or models that influenced your decision making?] B. still have an economic problem. Where in Oceania are outrigger canoes used? B. Utilizes both market and non market signals to allocate goods and services. A) increase. D. Government intervention. A) shift of the demand curve when income changes. B. b. 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) those that hold paper money lose. Economic development c. What were some of the reasons that the Egyptian government built the Aswan High Dam? B. During a business cycle expansion, total production ________ and total employment ________. A. producing more of one good means less of another good can be produced. B) -3.5% C. The market mechanism has failed to achieve social efficiency. View Answer. C. Can a tax cut lead to a government budget surplus? B) a decrease in government purchases D. Works because prices serve as a means of communication between consumers and producers. C) risen; risen A: Economics is the study of production, distribution, and consumption when the resources are scarce in. 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. A. negative because it may improve your grade. 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. 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 ________. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises 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? Combinations of production that are unattainable, given current technology and resources. A) personal income minus personal taxes. Nonetheless, you continue along your career path looking for a new job because _____________ d. B and C only, T/F On a time series graph, time is measured along the vertical scale, People who eat kale on a regular basis are more likely to exercise every day than people who do not eat kale. A. D) seasonal unemployment, Structural unemployment is the result of ____________ O a. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. Is the economy experiencing a decline in the rate of inflation? D) producer surplus is minimized. All points on the curve. This means that _______ D. Average combinations of goods and services an economy can produce given its available resources and technology. 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 _______________ d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which D) refrigerator. Choose the correct option. The use of market signals and government directives to select economic outcomes. A) an induced; an autonomous Report an issue. A) The federal government buys a Humvee. (Round percentages to one decimal place.). A. Q. 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. \hline\\ B. B) frictional unemployment equals zero. Government directives are likely to do a better job of allocating resources than markets. C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. You earn $35,000/year in your first job in 2016. D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. a. Opportunity cost A. Economics is concerned with prices and quantities of goods and services, both at the individual. D) depreciation. (B) important rather than trivial issues. A) urniture D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? A. D) the price of sailboats increased. A) Technological change occurs at a faster rate in Europe, so structural unemployment is higher in Europe. The economy experiences government failure. D) No, the recession will have no impact on my ability to get a job or my future income. Equity Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring D. There is too much production of lowcost, highquality goods and services. A) fallen; fallen C) Toby buys a new lawn mower to use in his lawn care business. A) 5 times as much as your grandfather in terms of real income. The income you could have earned D. Increasing opportunity costs will occur with greater tank production. The result is a shift in the aggregate demand curve to the left. All of the following are benefits of the single market except ? although this definition differs from state to state. Refer to the above diagram. E) Discouraged workers are counted as unemployed. A) Many full time workers really want to be part time workers. A) Individual income taxes; corporate income taxes C) No, the recession will most likely be short-lived and I can get a job after it is over. B) Consumer efficiency C. unlimited resources exceed limited wants. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). D) $200. National income is equal to B. The market mechanism. A) technological advancement in the production of electric car batteries. c. The alternative uses of time you spend studying A. supply and demand. B) increase; less E) the cost of tuition and fees only. It considers discouraged workers, and hence it is overstated. a. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. D) the payroll tax. 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. 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. producers deciding what society wants most. A) the Pacific Trade Association. Productive efficiency How should we produce goods and services? On which base structure of economic problems has been installed? B. how to make money in a market economy. The phrase "demand has increased" means that ___________ there is a current account deficit. Laws and regulations. A. unlimited wants exceed limited resources. The impact of crowding out may be the least _____________ A) everyone who wants a job has a job. In this initiative, you can attempt 10 subjective MCQs on a daily basis. D) What determines the level of U.S. imports and exports? B) Why hasn't the federal government raised the minimum wage? 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. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ there is a current account surplus. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. The market mechanism may best be defined as D) They are included only if they are imported, Which of the following are not considered part of government purchases? B) when real GDP is above but close to potential GDP. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. Ford C. normative economics. C) cyclical unemployment B) a competitive equilibrium is achieved As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls Macroeconomics is focused on the movement and trends in the economy as a whole. C. Inefficient incentives. b. Question 02. You know that average prices have risen steadily since 1961. B) below the market wage, causing labor demand to be less than labor supply. C) The demand curve will shift to the right. C) There will be a decrease in the quantity of labor supplied by households. All of the following are sources of comparative advantage except D) efficient central planning. A) -9.5% 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? A) an increase in the number of people in the labor force Aggregate unemployment C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. C) a discouraged worker occurred. It does not consider discouraged workers, and hence it is understated. Allocative efficiency best explains ________, and productive efficiency best explains________. C) the value of the addition to the capital stock. D) a demand curve has shifted to the right. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. C. Levels of production that will cause both unemployment and inflation. b. Macroeconomics A. You have majored in computer science and, because of the recession, have difficulty in finding a job. E. consumers and firms choosing which goods and services to buy or produce. Your grandfather tells you that he earned $7,000/year in his first job in 1961. C. Decreasing opportunity costs will occur with greater automobile production. The decision about what goods and services will be produced in a market economy is made by b. Caveat emptor b. B. C) wages are higher. Which of the following statements is false? Profit opportunities are eliminated almost instantaneously D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. Market failure. e. None of the above. B) $60. C) raise taxes by $200 billion. These are: A. income, spending and saving. C) complete bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. Should the government attempt to influence the interest rate to lower inflation? B) GDP is not adjusted for pollution. A ________ can change over time or across observations. B) price charged for laptop computers by Dell. Microeconomics is concerned with issues such as The invisible hand refers to The aggregate demand and aggregate supply curve intersect. c. The price of gasoline C) the value of all cars produced by Toyota in the United States Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. Which of the following correctly describes the relationship between economic efficiency and economic equity? A) Japanese firms excelled in process technology. The minimum wage law causes unemployment. This situation will most likely coincide with high unemployment. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? A. C) the unemployment rate decreased. 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,. a. 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. A) a law making it illegal to work more than 35 hours per week 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 Commits the fallacy of composition B) the equilibrium quantity of sailboats increased." 1) Economic models do all of the following except A) answer economic questions. The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. B) increase the measured labor force participation rate. Ask an Expert. Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods.