The importance of the ceteris paribus assumption when using models is that: Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. Question: Question 21 Which of the following exemplifies a macroeconomic question? B) below the market wage, causing labor demand to be less than labor supply. Answered: Which of the following questions are | bartleby C) a decrease in taxes D) an increase in the labor force. a. a. A. [Solved] Which of the following is least likely to benefit the civilian B. B-Postive Production possibilities curve will shift inward. B) taxes; the money supply ___________ (movement of disabled individuals out C) 1.5% D) refrigerator. Minimum wage laws cause unemployment because the legal minimum wage is set A) personal income minus personal taxes. D) upward sloping. Historically, there have been three basic types of economic system: traditional, command, and market. Allocative efficiency best explains ________, and productive efficiency best explains________. The term economic system refers to the way in which a society organizes the production and distribution of good and services. C) ensure safe imports. B. C) gross domestic product of the United States. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. An increase in national defense implies more sacrifices of civilian goods and services. Chuck is paying Marla $150 per hour to design his new home. 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? \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ They've told our detectives they have no interest in ever putting in the barriers.". B) structural unemployment A) attainable Classify the following topics as relating to microeconomics or macroeconomics. A. b. consumers Zero because you knew when you registered for the class that studying would be required. 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. In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. A) -3%. a. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises International economics. D. A rightward shift of the curve. C) The demand curve will shift to the right. Simple economies can be described in terms of three major economic flows. The purchasing. Greater production means factor prices rise. A black market is a market where buying and selling take place B) the consumer surplus received from purchasing a given quantity of a product. E) States increase taxes to fund education. Macroeconomics Questions and Answers | Homework.Study.com True 3Government fixes the floor and ceiling . C) any level of the two products that the economy produces is currently possible. A) an increase in the minimum wage b. A. D. Competition, Consider the following economic agents: What goods and services to producehow will these goods and services be produced; and who receives them? d. Congress extends the maximum duration for the collection of unemployment benefits from 26-52 weeks, T/F The collection and use of data to test economic theory is called empirical economics, To analyze the relationship between two variables while holding the values of other variables unchanged is a device known as Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? A. trade-off B. What is Macroeconomics? C) equal to the highest value of an alternative use of the time and money spent on the class. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? The police were surprised the bank did not take their advice. Which of the following is not a function of money? Group of 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 _______________ How does the increasing use of digital cameras affect the market for traditional camera film? Marla is an architect who is designing a home for Chuck. B) frictional unemployment equals zero. The study of regional economy as whole. B. net benefit Electric car enthusiasts want to buy more electric cars at a lower price. D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called B) teachers' salaries paid by a local government A) a reduction in unemployment. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. C) by the same amount as C) GDP is adjusted for changes in crime rates. C) GDP rises by $125. C. The money you spent on tuition for the class. D. marginal costs The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} A) he tax cut would increase consumption spending less than would a permanent tax cut. Profitability b. A lassiez faire approach will reduce the level of pollution. _____a. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. Maximum combinations of goods and services an economy can produce given its available resources and technology. What determines the growth rate of gross domestic product? Question 01. D) taxes. An undesirable combination of goods and services. B) The federal government pays the salary of an FBI agent. Which of the following is included in both the U.S. GDP and U.S. GNP? B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. Concept why study macroeconomics 16 which statement Is justified by the superiority of lassiez faire over government intervention. B. A) automatic stabilizers. 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?" A. unlimited wants exceed limited resources. C) Every individual, no matter how rich or poor, is faced with making trade-offs. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. This means that _______ D) a contractionary; an expansionary. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. The conclusion of this statement: P = $80 In perfect competition, P = AR = Consumption of cigarettes. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. A) allocative efficiency D. some people live better than others do. A) welfare benefits What is the current national rate of unemployment? Choices made by people faced with scarcity b. B. microeconomics. D) $200. Should we have economic growth? Markets are likely to do a better job of allocating resources than government directives. Prelims Marathon - Economic Survey - February 28th - 2023. A) take away from GDP. The exports are equal to import. b. Caveat emptor The production possibilities curve between tanks and automobiles will appear as a straight line. A) technological advancement in the production of electric car batteries. Changes in the aggregate price level (inflation) If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. To understand society and global affairs 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. B. A) the unemployment rate increased. although this definition differs from state to state. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? d. 1) Economic models do all of the following except A) answer economic questions. a. the government c. The price of gasoline C) disposable personal income plus depreciation plus personal taxes. Que10. Should Congress and the president take action to reduce global warming? Is the value of the alternative use of the time you spend of playing this game D) no one in the economy loses. A) Yes, the recession will ensure that you will never find a job as a programmer. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). b. E) too low. This tax is sometimes referred to as C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. D) implicit. C. Congress increased the minimum wage rate in January. It is also the case that reported burglaries increase during the same period. The phrase "demand has increased" means that ___________ Rearranging, we get: Market failure. C) real GDP in 2016 was less than real GDP in the base year. Macroeconomics | Economics Quiz - Quizizz D. The full employment of resources to achieve a particular combination of goods and services. D) about the same difficulty as with monetary policy. (a) Unlimited Wants Given the following data, what is money creating potential in this Question 1 Multiple Choice Which of the following does macroeconomics C. Want the goods and services the most. B) the value of the decrease in business inventory stocks. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? C. do have an economic problem but are solving it. D) the working-age population increased. b. Suppose a drought resulted in a major reduction in the California lettuce crop. A. 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: C. Decreasing opportunity costs will occur with greater automobile production. When the laws about civil commitment emerged, Discretionary fiscal policy refers to the government's ability to spend money. Which of the following is a problem inherent in centrally planned economies? A) The demand curve for traditional camera film shifts to the right. Which of the following transactions represents the purchase of a final good? If inflation is positive and is perfectly anticipated ____________ C) goods and services. What is the impact of competition on the profits of a business? Solved Which of the following is a macroeconomics question - Chegg b. B. D. C) U.S. GDP. A. producers D) ice cream is a normal good and hot fudge is an inferior good. A. Productive efficiency A. A. it allows countries to exploit their comparative advantage, more fully. He hasn't looked for a job in the last three months, but he's just started looking for work again. Microeconomics is the study of What goods and services to produce; how will these goods and services be produced; and who receives them? D. Works because prices serve as a means of communication between consumers and producers. A. how households and firms make choices. B. D) decrease the number of persons in the working-age population. B) partial A devaluation of the U.S. dollar would increase exports from the United States MCQ Questions for Class 12 Economics Chapter 1 - NCERT Books 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 Solved Which of the following is an example of a | Chegg.com B) 3%. b. C) there are not enough jobs for everyone who wants one. 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. Reading Period 10 minutes . The use of market signals and government directives to select economic outcomes. Ford b. A. A) What determines the minimum wage? B) total income in 2015 was around $17.3 trillion. E. consumers and producers. The "guns versus butter" dilemma that all nations confront is that Which of the following is a macroeconomic question? A. How can a firm A. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. c. Opportunity costs are zero C) an increase in the quantity supplied. Cutting taxes _______ A) inflation. Ch. 1 Microeconomics Homework Flashcards | Quizlet A. income; available B) Individual income taxes; social insurance taxes B) higher; lower A) the cost of additional education is always higher during recession. National income is equal to Nonetheless, you continue along your career path looking for a new job because _____________ D. the choices people make to attain their goals, given their scarce resources. How many airlines will be late in one month? D) technology. A. A) above; surplus C) decrease the number of persons in the labor force. Solved Which of the following is an illustration of a | Chegg.com Raising the income tax decreases the amount of disposable income available to those households. A) the law of supply has been violated. A pair of shoes that costs $80 last month costs $100 this month. The opportunity cost of taking an on-line history class is B) Trade Without Borders. C) Corporate income taxes; excise and other taxes B) an expansionary; a contractionary A) greater on the buyer when the tax is collected from the buyer. 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. Government intervention may achieve a more optimal outcome than the market mechanism when addressing A technological advance would best be represented by B) the price level in 2016 was less than the price level in the base year. C) Toby buys a new lawn mower to use in his lawn care business. A. producing more of one good means less of another good can be produced. there is a capital account surplus. D) an increase in oil prices. D) the value of all cars produced by Nissan in Japan and the United States. D. There is no conflict between the two goals. C) continually declined. Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA B. If Congress passed a one-time tax cut in order to stimulate the economy in 2014, and tax rate levels returned to their pre-2014 level in 2015, how should this tax cut affect the economy? B) unattainable 1. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? C) 6.67%. that negatively affect an individuals health and safety, C) a decrease in the unemployment rate Prelims Marathon - Economic Survey - March 1st - 2023. B) high unemployment rates do not usually last for very long. View Answer The key. Step-by-step explanation. C) Japanese firms benefited from external economies. B) Delta buys a new European-made jetliner. A grocery store sells a bag of potatoes at a fixed price of $2.30. The government should reduce the tax burden to help small business. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A Micro Economic 100% (3) 6. Macroeconomic Questions Flashcards | Quizlet Which of the following events would allow the production possibilities curve to shift outward? If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ This means. For schedule, refer to the archive link given below. Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. This problem has been solved! D) decrease; less. Answered: Which of the following macroeconomic | bartleby B) consumption; investment It is the field of economics that studies the behavior of the entire economy. A. b. Macroeconomics What Are the Four Basic Economic Questions? - Reference.com B) substitution A. C. For whom should goods and services be produced? Macroeconomic Policy and Poverty Reduction - International Monetary Fund Household income Unemployment is too high. A. producing more of one good means less of another good can be produced. In a market economy, who decides what goods and services will be produced? A) an increase in demand. A) less difficult than with monetary policy. MCQs on Introduction to Macroeconomics - BYJUS Which of the following individuals would be most negatively affected by anticipated inflation? 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 ________. C) above the market wage, causing labor demand to be greater than labor supply. You have majored in computer science and, because of the recession, have difficulty in finding a job. A) create jobs. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. A) the nominal interest rate plus the inflation rate. B) a competitive equilibrium is achieved Each point on a demand curve shows C) decreases; increases C) the value of all cars produced by Toyota in the United States A) Starbucks purchases coffee beans. B) the firm has an incentive to decrease supply now and increase supply in the future. A sharp rise in the price of vegetables. D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? c. Is it sensible for a government to subsidize tobacco production? B. Getting the timing right with fiscal policy is generally _______________ Laws and regulations. Multiple Choice Quiz - Oxford University Press A) shift of the demand curve when income changes. The three fundamental questions that any economy must address are Which of the following is not one of the three core economic issues that must be resolved? B) higher; lower C. Theme park construction. A) Consumer surplus measures the difference between the highest price a consumer is willing to pay for a product and the price she actually pays. A) real GDP A) some cyclical unemployment always exists. D) increased business taxes. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease.