A) the Pacific Trade Association. a. Then compare your responses with the key at the end of the book. Question 1. Should Congress and the president take action to reduce global warming? Maximum combinations of goods and services an economy can produce given its available resources and technology. A) total employment is greater. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. D. Al of the choices are correct. Which of the following is a macroeconomics question? 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: Is not a very efficient means of communicating consumer demand to the producers of goods and services. B) fallen; risen B) there is a one-time increase in the price level. E) raise taxes by an amount more than $200 billion. D) allocatively efficient. D. Price regulation by government. D. Economic growth and market failure. Deflation occurs when ____________ D. All of the choices are correct. GDP is not a perfect measure of well-being because _________ B) the firm has an incentive to decrease supply now and increase supply in the future. C) an increase in unemployment insurance payments C) more difficult than with monetary policy. Economics teaches how to limit our wants. D. The government is allocating resources inefficiently. D) only change GDP if the development occurs within the borders of the United States. What goods and services to produce; how will these goods and services be produced; and who receives them? Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. E. pure profit. A. public economics. The "guns versus butter" dilemma that all nations confront is that The equilibrium wage in a local labor market is $10 per hour. A) the value of output in 2015 was around $17.3 trillion. B) there has been an upward movement along a demand curve. 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) ice cream is a normal good and hot fudge is an inferior good. [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. D. workers deciding to produce only what the boss says must be produced. Which of the following is a microeconomics question? C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. given up when we make a decision is called ____ of that decision C) a decrease in the price of lithium, which is used in the electric car batteries. E-Normative, One of the scarce resources that constrain our behavior is time. Answer: (D) The economy as a whole. All of these O b. A)Government must maintain the current level of defense spending to keep the nation safe B)The minimum wage should be increased to give people a decent wage C)Americans should buy American products in order to boost the national economy Minimum wage laws cause unemployment because the legal minimum wage is set \hline When the laws about civil commitment emerged, c. Labor economics d. Public economics. Q. B) discretionary fiscal policy; automatic stabilizers Which of the following is not a durable good? You know that average prices have risen steadily since 1961. We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." What determines the salaries of Wall Street executives? By how much and in what direction does GDP change as a result of his efforts? You earn $35,000/year in your first job in 2016. C. Market success. D) Excise and other taxes; individual income taxes. This problem has been solved! a. the government B) discouraged workers In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. B. stabilize the price level. C) there has been a downward movement along a demand curve. B. Which one of the following is a macroeconomic issue? C. There is often a tradeoff between the two. How were consumption and investment affected . Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? D) 5%. The tuition you pay Capital, as economists use the term, refers to. A. D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. They've told our detectives they have no interest in ever putting in the barriers.". C) ensure safe imports. B) -3.5% The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power D. Laissez faire. D. all of the above Answer: D.all of the above 2. a. Simple economies can be described in terms of three major economic flows. ________ increases economic efficiency because it forces firms to produce and sell goods and services as long as the additional benefit to consumers is greater than the additional cost of production. Macroeconomics is a branch of economics that depicts a substantial picture. B. Every society faces economic tradeoffs. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C) less than 5 times as much as your grandfather in terms of real income. In the market for lettuce, C. decreasing opportunity costs as more and more of one good is produced. B. the government In a market economy, those who are willing and able to buy what is produced. A) 2% The study of regional economy as whole. C) below; surplus Question: Question 21 Which of the following exemplifies a macroeconomic question? Why is the economy of India growing? answer choices. D) Brazil's GNP. D. Who gets jobs; what wages do workers earn; and who owns what property? B) decrease government spending. C. Theme park construction. C) productively efficient According to the text, economists consider full employment to occur when Flow (1) represents: A) wage, rent, interest, and profit income. A. producing more of one good means less of another good can be produced. C) disposable personal income plus depreciation plus personal taxes. According to a deputy commissioner of police, "Commerce does very little of what we recommend. D. topics such as unemployment, inflation, and economic growth. A) U.S. GNP. A) an increase in demand. ___________ (movement of disabled individuals out A) the unemployment rate increased. B) German GDP. C) an increase in the quantity supplied. B. not everyone can have enough goods to survive. A) increase. B. D) 3.5% a. Choose the correct option. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises Combinations of production that are unattainable, given current technology and resources. Marla is an architect who is designing a home for Chuck. D) refrigerator. A) create jobs. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. Which field of economics deals primarily with the problems faced by low-income countries? E. consumers and producers. The income you could have earned MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . A. Combinations of goods and services an economy is actually producing. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. B) the value of the house in 2003 B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. D) a demand curve has shifted to the right. c. Is one-half cost of the game, as this is the second time you have played it C) above the market wage, causing labor demand to be greater than labor supply. Maximum combinations of goods and services an economy can produce given its available resources and technology. If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? B) government purchases. A) labor, capital, land and natural resources are fixed in quantity. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. For schedule, refer to the archive link given below. c. The price of gasoline A. a. Ford Full employment is not considered to be zero unemployment, because A) the firm has an incentive to increase supply now and decrease supply in the future. D. Increasing opportunity costs will occur with greater tank production. C) the sum of frictional unemployment and structural unemployment equals zero. A) When will the government better secure the borders? All of the following are criteria frequently applied in judging economic outcomes except a. This month, the company supplied the same quantity of binders at $4 per unit. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A The tax cut would lower the price level in 2014. D) an increase in oil prices. B. Undiscovered natural resources. 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. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? Which of the following would be included in the gross domestic product for 2016? D) all of the above are true. Which of the following is the best example of land? A mixed economy C) automatic stabilizers; monetary policy A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. The marginal propensity to consume (MPC . The production possibilities curve illustrates which two of the following essential principles? 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. C) The purchasing power of your salary remained constant between 2007 and 2016. It is also the case that reported burglaries increase during the same period. a. C. The process by which the production possibilities curve shifts inward. B) above; shortage D) out of the labor force. B) the search process of matching workers with jobs. Greater production means factor prices rise. D) The demand curve for traditional camera film shifts to the left. Which of the following is an example of spending on goods and services in the circular flow model? C) 1.5% If inflation is positive and is perfectly anticipated ____________ C) greater on the buyer when the tax is collected from the seller and greater on the seller when the tax is collected from the buyer. B) a natural disaster like a hurricane or bad earthquake. b. consumers 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?" B) explicit Public economics D. Jenny's wage rate rose, and in response, she decided to work more hours. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. A) U.S. GDP. Preparation and presentation of Union Budget 2. To learn a way of thinking Which of the following is a macroeconomics question? The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. Report an issue. Which of the following would reduce the labor force participation rate, all else equal? C. Production of nonmilitary goods will decrease. C) equity Scarcity refers to the situation in which. When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs Find the following limits: (a) limnn\lim _{n \rightarrow \infty} \alpha_nlimnn, (b) limnn\lim _{n \rightarrow \infty} \beta_nlimnn, (c) limn(3n+4n)\lim _{n \rightarrow \infty}\left(3 \alpha_n+4 \beta_n\right)limn(3n+4n), (d) limnnn\lim _{n \rightarrow \infty} \alpha_n \beta_nlimnnn, (e) limnn/n\lim _{n \rightarrow \infty} \alpha_n / \beta_nlimnn/n, (f) limnnn\lim _{n \rightarrow \infty} \sqrt{\beta_n-\alpha_n}limnnn. The aggregate demand and aggregate supply curve intersect. D) movement along the demand curve due to a change in purchasing power brought about by the price change. A) The federal government buys a Humvee. a. D. give more money to the government to solve its problems. It converts normative analysis into positive Depreciation is _________ Combinations of goods and services an economy is actually producing. Which of the following is a macroeconomic question? 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) Toby buys a new lawn mower to use in his lawn care business. B) real GDP per person The economy's capital stock declines. Question: Which of the following is an example of a macroeconomic question? D) The purchasing power of your salary increased between 2007 and 2016. B. firm could more readily exploit. occurred. c. Bill Gates faces scarcity because resources are limited D. There is too much production of lowcost, highquality goods and services. D) gross national product of Canada and the gross national product of the United States. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. B. A) increase the measured unemployment rate. If the United States decides to convert automobile factories to tank production, as it did during World War II, but finds that some auto manufacturing facilities are not well suited to tank production, then You will then have 50 minutes to answer all three of the following questions. Adam Smith's invisible hand is now called C) the unemployment rate decreased. C. the tendency of many economic variables to move together in a predictable way over the business cycle. . A) allocative efficiency A. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises B. the global economy. To reduce the bias in the consumer price index, the Bureau of Labor Statistics D. macroeconomics. B. decisions; household D) legalized marijuana. An oligopolistic industry consists of only two firms, Angel& B. B) increase in demand; increase in quantity demanded Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. Macroeconomics focuses on the performance of A) above; surplus A. trade-off D) 15%. Is the economy experiencing a decline in the rate of inflation? D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. e. variable cost reduction. Which of the following is not one of the three core economic issues that must be resolved? D) a slowdown in the economy. b. 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. D) The government imposes taxes on those who earn beyond a certain amount of income. D) All of the above will occur.
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