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The number of work visas should not be limited by the government. D) Producer surplus measures the total benefit received by producers from participating in a market. B) the value of the decrease in business inventory stocks. B. Utilizes both market and non market signals to allocate goods and services. First, the poor tend to hold most of their financial assets in the form of cash rather than in interest-bearing assets. Answering these four questions is essential for an economy to function properly. 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 ________. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? a. d. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. C. Decreasing opportunity costs will occur with greater automobile production. D) will raise disposable income and raise spending. 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 _______________ B) substitution The unemployment rate for the United States rose to 5 percent in the last quarter. Which of the following is an example of government failure? C) a strong foreign currency exchange rate. C) complete B) Yes, the recession will lower income in my field permanently. B) a competitive equilibrium is achieved D) decrease tax rates. D) simplify some aspect of economic life. A. C) less than 5 times as much as your grandfather in terms of real income. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. B) one's property rights. Question: Which of the following is an illustration of a macroeconomic question? B. still have an economic problem. B) increase; less A) the Income Security Tax. Macroeconomics, 4e (Hubbard/O'Brien) Chapter 1 Economics: Foundations A tax is imposed on employers and workers that are used to fund Social Security and Medicare. Profits are always very high and persistent Micro Economic 100% (3) 6. What determines the growth rate of gross domestic product? B) the underground economy. ' Insert your responses to the following: Explain C) A state government cuts taxes to help the economy of the state. B. D) quantity of Dell employees. An outward shift of a nation's production possibilities frontier can occur due to A. supply and demand. Each point on a demand curve shows The decision about what goods and services will be produced in a market economy is made by B) the search process of matching workers with jobs. This would c. It eliminates the need for abstraction or simplification A. Which of the following is a government expenditure, but is not a government purchase? Step-by-step explanation. E-Normative, One of the scarce resources that constrain our behavior is time. D) risen and declined with different generations, Fiscal policy is defined as changes in federal ________ and ________ to achieve macroeconomic objectives such as price stability, high rates of economic growth, and high employment A) inflation Calculate the predetermined overhead allocation rate for each activity. C) the value of the addition to the capital stock. The market mechanism may best be defined as A) Starbucks purchases coffee beans. C. Levels of production that will cause both unemployment and inflation. B. C) GDP is adjusted for changes in crime rates. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. A. D. Increasing opportunity costs will occur with greater tank production. A. unlimited wants exceed limited resources. c. determine the objective. d. sensitivity analysis. C. when something will be produced; why something will be produced Macroeconomics focuses on the performance of A) a retired railroad engineer who receives a fixed income payment every month 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. Start. The police were surprised the bank did not take their advice. A) The federal government buys a Humvee. C) GDP deflator B) explicit P = $80 In perfect competition, P = AR = Every society faces economic tradeoffs. B What is the optimal number of workers for an ice cream . A pair of shoes that costs $80 last month costs $100 this month. The economy may be in equilibrium. C. the economy as a whole. A. a. O a. B) above; shortage You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. Productive efficiency b. A. how households and firms make choices. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. Which of the following best describes an assumption economists make about human behavior? 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). D. Who gets jobs; what wages do workers earn; and who owns what property? The president has proposed increasing the marginal tax rate for people whose annual earnings exceed $275,000 and lowering the marginal tax rate for those who earn less than $275,000 C. Congress increased the minimum wage rate in January. A) -3%. Guns and butter can be produced using the same resources at the same time. What goods and services to produce; how will these goods and services be produced; and who receives them? B. is a corporation unresponsive to the demands of its customers? Scarce resources and opportunity cost. C. An increase in national defense is possible only if we produce more butter. Concept why study macroeconomics 16 which statement Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com C) U.S. GDP. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. Why does a firm decide to enter a particular market? A. producers B) portray reality in all its minute details. c. The overall price level in the economy D) zero because there is no classroom time involved if you are enrolled in the course. C) Brazil's GDP. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? C) Producer efficiency B) The federal government pays the salary of an FBI agent. c. It confuses correlation and causation Macroeconomics is a branch of economics that depicts a substantial picture. The production possibilities curve illustrates which two of the following essential principles? D) consumer price index. A. negative because it may improve your grade. B) an increase in the unemployment rate a. It is an example of the post hoc fallacy A) will lower disposable income and lower spending. D) the payroll tax. Minimum wage laws cause unemployment because the legal minimum wage is set Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? B. Is the economy experiencing a decline in the rate of inflation? They always call for opposite outcomes. Macroeconomics _ECON 202_ 2022 rev (1).docx B) The quantity of traditional camera film demanded decreases. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. C. Greater production of one good requires increasingly larger sacrifices of other goods. b. \hline D) seasonal unemployment, Structural unemployment is the result of ____________ Depreciation is _________ The production possibilities curve illustrates which two of the following essential principles? Use the following (partial) chart of accountsaccount numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). \hline\\ Capital, as economists use the term, refers to. Which of the following is not a factor of production? Government failure. A) fallen; fallen Solved Question 21 Which of the following exemplifies a - Chegg Which of the following is a macroeconomics question? b. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. D) lower taxes by $200 billion. B) a job retraining program C. A surplus of . D. What factors determine the price of electronic cigarettes? Opportunity cost Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. b. real costs. A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. During a business cycle expansion, total production ________ and total employment ________. The income you could have earned C) increasing the money supply and decreasing interest rates. B) the federal income tax. B) there has been an upward movement along a demand curve. B. marginal benefit equals the marginal cost. D. constant opportunity costs as more and more of one good is produced. Answered: Which of the following macroeconomic | bartleby Scarcity refers to the situation in which. Is justified by the superiority of lassiez faire over government intervention. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. a. The aggregate demand and aggregate supply curve intersect. A. C) the price of sailboats increased and the quantity of sailboats demanded decreased." B) remain the same. B. Which of the following accurately compares discretionary fiscal B) The supply curve will shift to the right. D) equal 20%. D) decrease the number of persons in the working-age population. A) below the market wage, causing labor demand to be greater than labor supply. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. A) stayed roughly the same. Question 20. A. B. C. Production of nonmilitary goods will decrease. B) frictional unemployment equals zero. A) those that borrow money lose. Macroeconomics EC112 Flashcards | Quizlet Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! C) those that hold paper money lose. 9 Questions. Macroeconomics Multiple Choice Questions 1. It converts normative analysis into positive 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. D. Price regulation by government. a. Solved Which of the following is an illustration of a | Chegg.com D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. Check your understanding of civil commitment by filling The market mechanism D) increase all of the monetary flows. A. producing more of one good means less of another good can be produced. B. Macroeconomics is focused on the movement and trends in the economy as a whole. C) productively efficient C. Maximum combinations of goods and services an economy can produce given unlimited resources. C) during an expansion. Micro midterm chapter 1 Flashcards | Quizlet A) updates the market basket every two years, rather than every 10 years.