D. The full employment of resources to achieve a particular combination of goods and services. The opportunity cost of studying for an economics test is B) a decrease in government purchases b. c. Labor economics D) incorporates substitutions by consumers when prices of specific products fall rapidly. a. How does a market system prevent people from getting as many goods and services as they wish? D) GDP is adjusted for increases in drug addiction. c. Is one-half cost of the game, as this is the second time you have played it C) Producer efficiency B. D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? E. pure profit. c. Marginal cost B) The federal government pays the salary of an FBI agent. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." 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. D. it intensified competition. How does this affect the market for traditional inkjet printers? C. The allocation of resources by market forces. C) equal to the highest value of an alternative use of the time and money spent on the class. D) technology. A grocery store sells a bag of potatoes at a fixed price of $2.30. Is a normative analysis D. Production of nonmilitary goods will decrease. Allocative efficiency best explains ________, and productive efficiency best explains________. On which base structure of economic problems has been installed? The study of national economy as whole. Every society faces economic tradeoffs. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. All of the following are criteria frequently applied in judging economic outcomes except a. B. not everyone can have enough goods to survive. C) increasing the money supply and decreasing interest rates. B) will raise disposable income and lower spending. A. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. A) an increase in the money supply and a decrease in interest rates Have the most political power. D. Why is the economy of India growing? A) Micah purchases a new wrench for his auto repair business. True 3Government fixes the floor and ceiling . Which of the following would be the best measure of the cost of living? You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. The "guns versus butter" dilemma that all nations confront is that The phrase "demand has increased" means that ___________ Flow (1) represents: A) wage, rent, interest, and profit income. D. What factors determine the price of electronic cigarettes? Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. C) the economic surplus received from purchasing a given quantity of a product. D) ceteris paribus. Which of the following is a microeconomics question? D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? A) the free market. D) the working-age population increased. A. A point on a nation's production possibilities curve represents Suppose a drought resulted in a major reduction in the California lettuce crop. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. D. Higher opportunity costs induce higher output per unit of input. A. C. Relies on the use of central planning by private firms rather than the government. is a corporation unresponsive to the demands of its customers? Which of the following would increase the unemployment rate? a. B) increase the measured labor force participation rate. B) decrease government spending. When the laws about civil commitment emerged, D. a country's population is larger than its resource base. Micro Economic 100% (2) 176. A. C. Maximum combinations of goods and services an economy can produce given unlimited resources. A) The demand curve for traditional camera film shifts to the right. Assume the punctuality random variable follows a binomial distribution. D) the Western Trade Union. B) adds 1,000 new cars to inventories. Report an issue. A) Tuan purchases a cappuccino at the student union. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . A. Household income What factor was most responsible for the development of Japan's comparative advantage in automobiles? A. producing more of one good means less of another good can be produced. b. 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 ________. A) the willingness of consumers to purchase a product at different prices. B) portray reality in all its minute details. Which of the following is an example of government failure? 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 D. Is one that allows trade with other countries. D) the wages of college graduates do not fall during recession. Q. E. consumers and firms choosing which goods and services to buy or produce. C) implementing an unemployment insurance policy Step-by-step explanation. The term economic system refers to the way in which a society organizes the production and distribution of good and services. = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. B) unemployed B) there is a one-time increase in the price level. B. C. A centrally planned economy D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. Preparation and presentation of Union Budget 2. D) when real GDP is below but close to potential GDP. A. C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. A) -9.5% The ability to exercise control over one's own resources within the confines of the law refers to C) the value of all cars produced by Toyota in the United States A. producing more of one good means less of another good can be produced. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. A) increase the measured unemployment rate. D) producer surplus is minimized. Calculate the predetermined overhead allocation rate for each activity. You know that average prices have risen steadily since 1961. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. B) structural In 2015, the U.S. auto industry experienced rising sales. D) No, the recession will have no impact on my ability to get a job or my future income. International economics. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. Annes Newton - G00378073- ECON QUIZ 2. Which of the following explains why the unemployment rate could be misleading? Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. C. Can a tax cut lead to a government budget surplus? C) an autonomous; an induced The demand for bottled water by individuals. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors The invisible hand refers to A. B) the labor force participation rate decreased. C) entrepreneurship. B) a union contractor whose pay is adjusted based on changes in the CPI [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. B. b. unit contribution margin. Show more. B. C) an increase in unemployment insurance payments This change will______________ C) No, the recession will most likely be short-lived and I can get a job after it is over. C) the sum of frictional unemployment and structural unemployment equals zero. A) taxes; interest rates A) no D. the government, consumers, and producers Solve the Following Short-Essay Questions: Define demand. C. The government should subsidize solar power for homeowners. C) goods and services. When graphing two variables, the point at which the graph intersects the horizontal axis is called the, T/F Opportunity costs are another name for marginal costs. What goods and services to producehow will these goods and services be produced; and who receives them? A. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. C) consumer surplus is minimized D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ Advertisement Advertisement D. Average combinations of goods and services an economy can produce given its available resources and technology. This tax is sometimes referred to as B. Utilizes both market and non market signals to allocate goods and services. All of the above. b. B) a cut in unemployment compensation Capital, as economists use the term, refers to. Which of the following would be included in the gross domestic product for 2016? B) substitution 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 d. All of the above A) personal income minus personal taxes. Automatic stabilizers refer to Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. D) upward sloping. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? D) less than 5 times as much as your grandfather in terms of nominal income. 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 A) greater on the buyer when the tax is collected from the buyer. A) Many full time workers really want to be part time workers. The police were surprised the bank did not take their advice. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. D) The Federal government pays to support research on AIDS. Production possibilities curve will shift inward. An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX B. You have majored in computer science and, because of the recession, have difficulty in finding a job. (b). Q: Choose the statement that does not describe Microeconomics. B) an expansionary; a contractionary C) discretionary monetary policy. Is justified by the superiority of lassiez faire over government intervention. D. There is too much production of lowcost, highquality goods and services. The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. C. Decreasing opportunity costs will occur with greater automobile production. C) oil prices. 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 B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? The production possibilities curve between tanks and automobiles will shift outward. a. Fill in the columns for the GDP deflator and for the percent . A. unlimited wants exceed limited resources. P = $80 In perfect competition, P = AR = An increase in national defense implies more sacrifices of civilian goods and services. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. A. A. why something will be producedwhat will be produced E) too low. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? Chapter 6, P R O B L E M S E T 3 . A) allocative efficiency It considers discouraged workers, and hence it is overstated. D) consumer price index. ; D. what will be produced; how something will be produced. A. D. Al of the choices are correct. A) a demand curve has shifted to the left. D) an increase in the working-age population. D. Are willing to pay the highest price. D) What determines the level of U.S. imports and exports? Bill Gates does not face scarcity because he is a billionaire B. (a). Poorly timed discretionary policy can do more harm than good. A. trade-off Question: Which of the following is an illustration of a macroeconomic question? a. the government D) below; shortage. C) The quantity of inkjet printers demanded increases. D. workers deciding to produce only what the boss says must be produced. A. Let us now understand how it is different from Microeconomics. a. (Round percentages to one decimal place.). C) Japanese firms benefited from external economies. C) real GDP in 2016 was less than real GDP in the base year. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A b. A) the price of sailboats increased and the demand for sailboats decreased." D) GNP plus depreciation. D. People begin to retire at earlier ages. A) the value of the house in 2016 C. do have an economic problem but are solving it. In a market economy, those who are willing and able to buy what is produced. The result is a shift in the aggregate demand curve to the left. D) people do not find jobs instantaneously. A) higher; higher 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. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? Compared to their pre-trade positions, trade makes both countries better off because in each country If a firm expects that the price of its product will be lower in the future than it is today Which of the following is not a factor of production? Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. B) the price level in 2016 was less than the price level in the base year. A) everyone who wants a job has a job. a. B. net benefit A) increases; increases Ford However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. A. C) not change GDP. How does the increasing use of digital cameras affect the market for traditional camera film? d. sensitivity analysis. C. Production of nonmilitary goods will decrease. Economics promotes which of the following as the way to make the best decision? In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending ___________ (movement of disabled individuals out He is willing to pay $200 for the dozen fish, but buys them for a total of $140. C) shift of the demand curve due to a change in purchasing power brought about by the price change. Answering these four questions is essential for an economy to function properly. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). Economics teaches how to limit our wants. B) GDP is not affected by Scott's production of the jewelry box. B. Where in Oceania are outrigger canoes used? B) movement along the demand curve due to a change in relative prices. FortheYearsEndedDecember31,20Y2and20Y1. C) ensure safe imports. Combinations of goods and services an economy is actually producing. E) Discouraged workers are counted as unemployed. Government failure. A) increasing government purchases or decreasing taxes. A) the firm has an incentive to increase supply now and decrease supply in the future. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? C) Every individual, no matter how rich or poor, is faced with making trade-offs. C) complete A shortage of maths teachers. D) The demand curve for traditional camera film shifts to the left. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? \end{array} C. economies of scal. Is the value of the alternative use of the time you spend of playing this game
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