B. stabilize the price level. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. Opportunity cost It is an example of the coincidental fallacy The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. Which of the following can be used to correct market failure? Then compare your responses with the key at the end of the book. e. As a public safety measure, the state of Texas should not pass legislation that allows people with concealed handgun permits to carry concealed weapons on college campuses, A-Positive 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?" C) U.S. GDP. B) GDP is not affected by Scott's production of the jewelry box. Which of the following is not a macroeconomic statement? D. workers deciding to produce only what the boss says must be produced. As a result, GDP ________ because ________. Which of the following best defines economics? If inflation is positive and is perfectly anticipated ____________ A) The supply curve will shift to the left. How were consumption and investment affected . B. Chapter 6, P R O B L E M S E T 3 . D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. D) a contractionary; an expansionary. b. A. B. Because Mike started looking for a new job ______________ Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. The tax cut would lower the price level in 2014. Which of the following transactions represents the purchase of a final good? A. how households and firms make choices. D) all of the above. D) the same whether the tax is collected from the buyer or the seller. D) No, the recession will have no impact on my ability to get a job or my future income. A) What determines the minimum wage? B) higher; lower C. unlimited resources exceed limited wants. D. None of these choices are correct. B) an expansionary; a contractionary 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 C) The quantity of traditional camera film demanded increases. Which of the following best describes an assumption economists make about human behavior? C. There is often a tradeoff between the two. C) frictional MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . You are investigating the punctuality of the airlines in Asia. b. B. producers deciding what society wants most. The production possibilities curve illustrates which two of the following essential principles? View Answer. C) equal to the highest value of an alternative use of the time and money spent on the class. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? These firms are reacting to which of the three key economic ideas? B) the federal income tax. A) automatic stabilizers. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. Check your understanding of civil commitment by filling there is a capital account surplus. C) a decrease in taxes The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill A. D) the firm will not change supply until it knows for certain what will happen to its price. -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? B. microeconomics. Macroeconomics is the branch of economics that deals with: (A) the prices of individual goods. Explain. C) consumer surplus is minimized It indicates that the currency is in continuous demand by the people Oc taffects only the rich and not the poor Od itact as an incentive to boost in supply in the economy 2When the economy is in Keynesian macroeconomic equilibrium, planned investment is greater than actual investment. What is the impact of competition on the profits of a business? A. B) The federal government pays the salary of an FBI agent. Maximum combinations of goods and services an economy can produce given its available resources and technology. D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. A) the price level in 2016 was greater than the price level in the base year. D) an increase in the working-age population. The opportunity cost of taking an on-line history class is Prelims Marathon - Economic Survey - March 1st - 2023. Micro Economic 100% (3) 6. B. (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 the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. A) lower government purchases by an amount less than $200 billion. D. a country's population is larger than its resource base. Suppose in 2016, you purchase a house built in 2003. A) decreased government regulations on businesses. B) the search process of matching workers with jobs. A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. With respect to factors of production, which of the following statements is not true? A) employed 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. a. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? D) increase all of the monetary flows. D) an increase in the labor force. B. The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. B. Laws and regulations. National income is equal to You know that average prices have risen steadily since 1961. C) goods and services. C. An increase in national defense is possible only if we produce more butter. E. consumers and firms choosing which goods and services to buy or produce. A) shift of the demand curve when income changes. A) an increase in the money supply and a decrease in interest rates D) on foreign soil. C) any level of the two products that the economy produces is currently possible. a. D) GDP falls by $1,875. Market failure. Should you go back to school and get a second major? A. public economics. A) decreased government regulations on businesses. c. degree of operating leverage. B) a union contractor whose pay is adjusted based on changes in the CPI Which of the following is a government expenditure, but is not a government purchase? A) an increase in the number of people in the labor force D. Laissez faire. B) the value of the time spent on line. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. C) decrease; more A) a decrease in supply. Select one: a. A) above; surplus \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ A. consumers dictating to firms what they need most. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. They always call for opposite outcomes. A point on a nation's production possibilities curve represents although this definition differs from state to state. Examples of comparative advantage show how trade between two countries can make each better off. D. The government is allocating resources inefficiently. D) the value of all cars produced by Nissan in Japan and the United States. Start. B) increasing taxes or decreasing government purchases. In cities with rent control, people have an incentive to list their apartments on sites such as Airbnb at rents ________ the controlled rates, because rent control causes a ________ of apartments. During a business cycle expansion, total production ________ and total employment ________. The level of inflation in the economy. 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 ________ C) the demand curve shifted to the right resulting in an increase in the equilibrium price. To reduce the bias in the consumer price index, the Bureau of Labor Statistics Choose the correct option. Inefficient bureaucracy. C) wages are higher. D) simplify some aspect of economic life. Question 12. If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. A) there is a sustained increase in the price level. C) Producer efficiency D. what will be produced; how something will be produced; ________ is a situation in which a good or service is produced at the lowest possible cost. A. Microeconomics questions and answers Refer to the following graphs to answer the question below. Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who have become more health conscious and wish to monitor various health conditions. b. c. The alternative uses of time you spend studying C) a change in the amounts of one good desired. The police were surprised the bank did not take their advice. b. B) The Federal Reserve cuts interest rates to stimulate the economy. b. unit contribution margin. Economic development c. Focuses on how a business should function D) Producer surplus measures the total benefit received by producers from participating in a market. [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. D) do not change; underestimates. 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 . The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport c. It confuses correlation and causation C) the value of the addition to the capital stock. \hline\\ B) total income in 2015 was around $17.3 trillion. B) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. C. Lassiez faire price policies. a. B. The market mechanism may best be defined as The third equation represents the investment function, where e and k are parameters. b. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? D) taxes. 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. A) Governments interfere with the market mechanism to influence the allocation of goods and services. D) the reduction in economic surplus resulting from not being in competitive equilibrium. A) horizontal. The minimum wage law causes unemployment. [Identify the impact of your changes to the income and corporate tax rates. C) What factors determine the price of Oreo cookies? Is a normative analysis B) protect the environment. B) Trade Without Borders. B) Why hasn't the federal government raised the minimum wage? \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? D. Government failure. d. The "richest man in the world" does not face scarcity because he has more money than others, Indicate whether the following statements are examples of positive economic analysis or normative economic analysis 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? C. Levels of production that will cause both unemployment and inflation. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. C. How is the production quantity of snowboards determined? B) in non-licensed shops and warehouses. C. All points inside the curve. Electric car enthusiasts want to buy more electric cars at a lower price. c. The price of gasoline For below problem geometric sequence given write the next three terms. C) after regular office hours. B) partial B) $60. Which of the following is not a factor of production? Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. C. Market success. Question: Which of the following is a macroeconomics question? Macroeconomics Basics. D) Brazil's GNP. D. A movement from the production possibilities curve to a point inside the production possibilities curve. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring a. Which of the following is an example of a "how much" decision? the same weight of goods has been imported as were exported. C. the tendency of many economic variables to move together in a predictable way over the business cycle. C) will lower disposable income and raise spending. B) an increase in the number of manufacturers of electric cars. D. Markets result in an unfair distribution of income. The economy has gone into a recession. C. society's output cannot be made available to all. C. Government failure does not exist. D) the working-age population increased. D) decrease the number of persons in the working-age population. C) 1.5% The aggregate demand and aggregate supply curve intersect. d. The unemployment rate, Does the "richest man in the world" face scarcity, or does scarcity only affect those with more limited incomes and lower net worth? Changes in the aggregate price level (inflation) C) clothing Which of the following explains why many European countries have unemployment rates that are higher than in the United States? B) decrease the measured labor force participation rate. c. Post hoc, ergo propter hoc Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? A) stayed roughly the same. C. The process by which the production possibilities curve shifts inward. A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. 1) Economic models do all of the following except A) answer economic questions. B. the possibility of inefficient production. D) rises; Marla becomes more productive once she's married. A production possibilities curve indicates the B) discretionary fiscal policy. C) Toby buys a new lawn mower to use in his lawn care business. Which of the following statements is not true? c. What were some of the reasons that the Egyptian government built the Aswan High Dam? The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. C) below; surplus P = $80 In perfect competition, P = AR = a. B) add to GDP. Should Congress and the president take action to reduce global warming? If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. By how much and in what direction does GDP change as a result of his efforts? C) more difficult than with monetary policy. D) upward sloping. A. gross earnings Markets are likely to do a better job of allocating resources than government directives. Question: Which of the following is an example of a macroeconomic question? b. C) The federal government pays out an unemployment insurance claim. D. Higher opportunity costs induce higher output per unit of input. Prelims Marathon - Economic Survey - February 28th - 2023. D) having an absolute advantage. All of the following are sources of comparative advantage except C) do not change; overestimates D) an increase in the price of gasoline. A) -3%. Zero because you knew when you registered for the class that studying would be required. A) technological advancement in the production of electric car batteries. C) people employed in the underground economy C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. C) the sum of frictional unemployment and structural unemployment equals zero. B) a natural disaster like a hurricane or bad earthquake. C. the economy as a whole. A) inflation A) inflation. C) the value of all cars produced by Toyota in the United States c. producers C) GDP deflator b. Is way of analyzing decision-making processes caused by scarcity The unemployment rate for the United States rose to 5 percent in the last quarter. A. How should we produce goods and services? of disabled individuals to a less restrictive facility) also A) change; overestimates Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which D. Al of the choices are correct. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. You have majored in computer science and, because of the recession, have difficulty in finding a job. Which of the following would increase the unemployment rate? Is not a very efficient means of communicating consumer demand to the producers of goods and services. D. There is too much production of lowcost, highquality goods and services. C. consumers A. why something will be producedwhat will be produced D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. C) legalized prostitution. Economists reason that the optimal decision is to continue any activity up to the point where the. A. Preparation and presentation of Union Budget 2. B. still have an economic problem. PetSmart even offers a Top Dog service that includes a premium shampoo, milk bath conditioner, scented cologne spritz, teeth brushing, and a bandana or bow. D) the price of sailboats increased. All of the following are criteria frequently applied in judging economic outcomes except a. B) there has been an upward movement along a demand curve. C. Theme park construction. A) the supply curve shifted to the left resulting in an increase in the equilibrium price. Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. B. Economics involves allocating resources to meet peoples' needs and desires for goods and services. The tuition you pay B) discretionary fiscal policy; automatic stabilizers
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