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B) add to GDP. A production possibilities curve indicates the 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 b. C) an increase in taxes What goods and services to produce; how will these goods and services be produced; and who receives them? D) an increase in the price of gasoline. C) opportunity Getting the timing right with fiscal policy is generally _______________ A) the Pacific Trade Association. A) income What determines the salaries of Wall Street executives? C) people employed in the underground economy 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 Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. A) The demand curve for traditional camera film shifts to the right. C) Toby buys a new lawn mower to use in his lawn care business. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ A) the unemployment rate increased. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. B. b. consumers Show more. A) buys a new robotic machine (from a plant in Ohio) to assemble cars. B) 2.5% B) will raise disposable income and lower spending. For schedule, refer to the archive link given below. A) horizontal. Every society faces economic tradeoffs. B. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. Consumption of cigarettes. Should the government attempt to influence the interest rate to lower 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. C) more difficult than with monetary policy. A) the free market. b. C) wages paid to employees by Dell. d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. A) employed It allows researchers to isolate the effect of one event on another without the influence of outside variables D) taxes. Macroeconomics Basics. A) a decrease in supply. If a firm expects that the price of its product will be lower in the future than it is today A) a retired railroad engineer who receives a fixed income payment every month Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. Your grandfather tells you that he earned $7,000/year in his first job in 1961. A. D. Works because prices serve as a means of communication between consumers and producers. By definition, economics is the study of c. What were some of the reasons that the Egyptian government built the Aswan High Dam? During a business cycle expansion, total production ________ and total employment ________. B) decrease the measured labor force participation rate. Economics teaches how to limit our wants. (d). Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? C) after regular office hours. D) people do not find jobs instantaneously. B) Trade Without Borders. A. C. All points inside the curve. D) What determines the salaries of college professors? D. All of the choices are correct. B. the global economy. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. D. There is too much production of lowcost, highquality goods and services. According to the text, economists consider full employment to occur when A. D) A drug dealer reports herself as unemployed. D. All of the choices are correct. A. producing more of one good means less of another good can be produced. (b) the level of aggregate demand determines production, employment,. C) What factors determine the price of Oreo cookies? C) those that hold paper money lose. D. Who gets jobs; what wages do workers earn; and who owns what property? D) The Federal government pays to support research on AIDS. Which of the following is a microeconomics 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: Aggregate unemployment Technological advancements have led to lower prices and an increase in the sale of color laser printers. B) Consumer efficiency We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." 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 A. C) decrease oil prices. b. Compared to their pre-trade positions, trade makes both countries better off because in each country 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. D. The full employment of resources to achieve a particular combination of goods and services. d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States Combinations of goods and services an economy is actually producing. Micro Economic 100% (3) 6. C) there is a decline in the price level. C. how to make money in the stock market. D) do not change; underestimates. The real rate of interest is ______________ C) investment; consumption B) Individual income taxes; social insurance taxes How has the discovery of oil in the Niger delta affected Nigeria's environment? Which of the following individuals would be most negatively affected by anticipated inflation? Economic development d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern C) an autonomous; an induced d. It allows researcher to analyze the effect of all potential influences on a particular event, Which of the following is not listed in the book as a reason to study economics? a. With respect to factors of production, which of the following statements is not true? 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 A) climate and natural resources. B) change; underestimates Allocative efficiency best explains ________, and productive efficiency best explains________. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. B. Number of employees in the steel industry A) the value of all cars produced by General Motors in the United States The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. C) a tank purchased by the federal government B) Yes, the recession will lower income in my field permanently. A) technological advancement in the production of electric car batteries. It considers discouraged workers, and hence it is overstated. ________ is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum. The tax cut would lower the price level in 2014. A) the willingness of consumers to purchase a product at different prices. Every society faces economic tradeoffs. Maximum combinations of goods and services an economy can produce given its available resources and technology. c. Will a new type of electronic reader or tablet increase the number of buyers? Economics involves allocating resources to meet peoples' needs and desires for goods and services. C) an increase in unemployment insurance payments B. Which of the following statements is not true? The equilibrium wage in a local labor market is $10 per hour. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. What determines the growth rate of gross domestic product? Classify the following topics as relating to microeconomics or macroeconomics. c. Post hoc, ergo propter hoc B) productive efficiency These firms are reacting to which of the three key economic ideas? Cadre Management for Indian Economic Services Public economics Increasing the federal tax on gasoline would cause shipping costs in the United States to increase Government directives are likely to do a better job of allocating resources than markets. B) one's property rights. A shortage of maths teachers. b. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. B) The tax cut would increase consumption spending more than would a permanent tax cut. b. Microeconomics is the study of A. how households and firms make choices. D) the unemployment rate consists of only frictional and structural unemployment. Market failure. C) decrease the number of persons in the labor force. Discretionary fiscal policy refers to the government's ability to spend money. c. degree of operating leverage. Advertisement Advertisement The use of market prices and sales to signal desired output. a. Greater production means factor prices rise. B. decisions; household A) lower government purchases by an amount less than $200 billion. Which of the following is not one of the three core economic issues that must be resolved? A ________ can change over time or across observations. A. D) decreases; decreases. A) ice cream and hot fudge are complements. D. Competition, Consider the following economic agents: A) cyclical Which of the following is not a factor of production? D) The minimum wage in Europe is lower than it is in the United States. D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. C) the price of sailboats increased and the quantity of sailboats demanded decreased." A) There was deflation between 2007 and 2016. Question 1. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? To Liza, Which of the following causes the unemployment rate to understate the true extent of joblessness? Expansionary fiscal policy involves D) the nominal interest rate. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ National income is equal to PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. d. B) there is a one-time increase in the price level. B. C) wages are higher. Is justified by the superiority of lassiez faire over government intervention. D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. c. determine the objective. A) deadweight loss is maximized Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. B) a natural disaster like a hurricane or bad earthquake. D) GDP falls by $1,875. Historically, there have been three basic types of economic system: traditional, command, and market. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. B) an expansionary; a contractionary A. Explain. \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ C) risen; risen Maximum combinations of goods and services an economy can produce given its available resources and technology. Macroeconomics is focused on the movement and trends in the economy as a whole. B. how to make money in a market economy. . You are investigating the punctuality of the airlines in Asia. A) higher; higher C) the ups and downs in inflation. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. A. Determine the following. A) increase in demand; decrease in demand D. Jenny's wage rate rose, and in response, she decided to work more hours. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises B) a job retraining program D) a contractionary; an expansionary. D. Average combinations of goods and services an economy can produce given its available resources and technology. The production possibilities frontier model assumes all of the following except____________ B) The federal government pays the salary of an FBI agent. C. Optimal marginalism C) frictional C) increasing the money supply and decreasing interest rates. C) a change in the amounts of one good desired. B) those that lend money lose. Adam Smith's invisible hand is now called D. constant opportunity costs as more and more of one good is produced. b. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. O a False O b. D) the decline in the value of the stock market, net of dividends. D) decrease; less. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? This means 9 Questions. C. Can a tax cut lead to a government budget surplus? B) falls; Marla's work becomes less valuable once she's married Investment, as defined by economists, would not include which of the following? A sharp rise in the price of vegetables. D. Government failure. a. Macroeconomics focuses on the performance of 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. 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. C) a change in consumer income. b. B. microeconomics. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. D) The demand curve will shift to the left. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending A. d. C) real GDP in 2016 was less than real GDP in the base year. C) any level of the two products that the economy produces is currently possible. C. society's output cannot be made available to all. Sarah is a full-time student who is not looking for work. C) Producer efficiency However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. Which of the following is not a macroeconomic statement? C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. Rational cost Ford Suppose that nominal GDP in 2016 was less than real GDP in 2016. B. a nation's poverty level increases faster than its population. B. The income you could have earned B) an increase in supply. A) an increase in demand. 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?" Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. D) there is a decrease in the expected rate of inflation. BOOK Market Leader intermediate 3rd edition. A) everyone who wants a job has a job. There are no problems and everyone, including consumers, is satisfied. D. marginal costs there is a capital account surplus. The economy experiences government failure. C) goods and services. D. the choices people make to attain their goals, given their scarce resources. C) less than 5 times as much as your grandfather in terms of real income. B) There will be an increase in the quantity of labor demanded by firms. in the blanks. Choose the correct option. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not (Round percentages to one decimal place.). c. The price of gasoline The unemployment rate for the United States rose to 5 percent in the last quarter. C) NAFTA. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. A. unlimited wants exceed limited resources. The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. To understand society and global affairs A) Economic efficiency \hline\\ Which of the following best describes an assumption economists make about human behavior? What are some of the causes of desertification? Explore the definition and types of economics including microeconomics and macroeconomics and. A lassiez faire approach will reduce the level of pollution. D) incorporates substitutions by consumers when prices of specific products fall rapidly. B) discouraged workers Nonetheless, you continue along your career path looking for a new job because _____________ Productive efficiency A shift outward of the production possibilities curve. It does not consider discouraged workers, and hence it is understated. A. ________ 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. They are both automatically achieved in a free market economy. MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . Ask an Expert. D. it intensified competition. Which of the following economic activities are included in the subject-matter of Economics? Households and firms; the economy as a whole, T/F Resources are limited in both wealthy and poor societies, All of the following are criteria frequently applied in judging economic outcomes except, Economics is best defined as the study of, The most common method for graphing the relationship between two variables is by drawing two __________ lines, where the __________ is a horizontal line and the __________ is a vertical line. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. Q. there is a current account deficit. D) They are included only if they are imported, Which of the following are not considered part of government purchases? A) increases; increases A. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. 1) Economic models do all of the following except A) answer economic questions. E. consumers and firms choosing which goods and services to buy or produce. \end{array} b. Caveat emptor C) the demand curve shifted to the right resulting in an increase in the equilibrium price. A) inflation Equity C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. C. Technology is lost. B) gross national product of Canada. The Federal Reserve lowered interest rates at its last meeting. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. B. B) updates the market basket every 10 years, rather than every two years. D) above the market wage, causing labor demand to be less than labor supply. c. Florida should devote all revenues from its state lottery to improving public education B) The quantity of traditional camera film demanded decreases. What determines the growth rate of gross domestic product? A) Tuan purchases a cappuccino at the student union. 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. Is the economy experiencing a decline in the rate of inflation? C) 1.5% A. why something will be producedwhat will be produced All of the above. B) the nominal interest rate minus the inflation rate. A) The supply curve will shift to the left. D) an increase in consumers' taste for coffee. C. the economy as a whole. The use of market signals and government directives to select economic outcomes. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. the same weight of goods has been imported as were exported. Total the statement columns, compute net income (loss), and complete work sheet. The invisible hand at work. D) depreciation. The production possibilities curve illustrates which two of the following essential principles? C) decreases; increases (c). C) equity Suppose a drought resulted in a major reduction in the California lettuce crop. D. There is no conflict between the two goals. Is zero A) higher; higher B) far less difficult than with monetary policy. C) There will be a decrease in the quantity of labor supplied by households. B) the value of the decrease in business inventory stocks. When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. C) Japanese firms benefited from external economies. A) What determines the minimum wage? What kind of unemployment is Sarah experiencing? b. A) stayed roughly the same. Explain how these higher income taxes will affect the aggregate demand curve. A) the knowledge and enjoyment you receive from taking the class. It is an example of the coincidental fallacy A) the value of leisure is included in GDP. d. sensitivity analysis. A. negative because it may improve your grade. A) the law of supply has been violated. B) In a market system, firms can charge any price they want, thus preventing poor people from getting as many goods and services as they wish. C. when something will be produced; why something will be produced Question 12. 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. Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. The decision about what goods and services will be produced in a market economy is made by 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. D) gross national product of Canada and the gross national product of the United States. Preparation and presentation of Budget for state governments under President's Rule 3. Bill Gates does not face scarcity because he is a billionaire D) implicit. a. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. International economics. A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. A) Japanese firms excelled in process technology. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? C) decrease; more A) Individual income taxes; corporate income taxes Microeconomics focuses on supply and demand . Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. 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 ________ Report an issue. These are: A. income, spending and saving. Which of the following can be used to correct market failure? C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. B. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. D) total welfare is greater. A) no Full employment is not considered to be zero unemployment, because B. B-Postive Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. D) The federal government cuts taxes to stimulate the economy. A) nondurable goods; durable goods Which of the following is the best example of land? Which of the following is an example of government failure? The three fundamental questions that any economy must address are D) Lily purchases a new massage table for use in her therapy center. b. Which of the following is a macroeconomics question? A. Real domestic output is at its maximum level. bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? Which of the following is a macroeconomics question? Go to Memorandum. A) -3%. An outward shift of a nation's production possibilities frontier can occur due to Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. B) a decrease in government purchases d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1). Please don't take his comments (a) personal, (b) personally. given up when we make a decision is called ____ of that decision D. People should not buy imported fruits and vegetables. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. Which of the following would be the best measure of the cost of living? Production possibilities curve will shift outward. D) Your father buys a new John Deere riding lawn mower. Then compare your responses with the key at the end of the book. Economics promotes which of the following as the way to make the best decision? known as ___________ Mental illness is a(n)___________ concept, typically B. Which of the following is a macroeconomic question? Cutting taxes _______ 60 seconds. This tax is sometimes referred to as B) in non-licensed shops and warehouses. B. 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 answer choices.