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-3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? 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? Que11. C) during an expansion. The income effect of a price change results in a _________ PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. This means ________ 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. D) consumer price index. B) The demand curve for inkjet printers shifts to the left. A. C. Maximum combinations of goods and services an economy can produce given unlimited resources. You are investigating the punctuality of the airlines in Asia. On which base structure of economic problems has been installed? A) When will the government better secure the borders? B) when real GDP is above but close to potential GDP. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. B) Persons who collect unemployment benefits report themselves to be searching for a job. If a German firm produces cars in the United States, that production should count towards 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 _______________ i. A production possibilities curve indicates the B. microeconomics. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. c. The alternative uses of time you spend studying a. C) Brazil's GDP. Aggregate unemployment D) taxes; expenditures, Active changes in tax and spending by government intended to smooth out the business cycle are called ________, and changes in taxes and spending that occur passively over the business cycle are called ________ A) U.S. GDP. A) horizontal. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. B) structural unemployment a. The phrase "demand has increased" means that ___________ One can conclude that C) NAFTA. Is the value of the alternative use of the time you spend of playing this game Government agencies. A) a law making it illegal to work more than 35 hours per week Voluntary exchange The size of the underground economy would tend to increase if the government of a country ________________ Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? D. What factors determine the price of electronic cigarettes? Should we have economic growth? D) discretionary fiscal policy; conscious fiscal policy. B) What determines the production of video game consoles? b. A. They are both automatically achieved in a free market economy. If North Korea is currently producing at effciency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its B) -3.5% D) upward sloping. Macroeconomics Basics. Economics teaches how to limit our wants. D) a decrease in the quantity supplied. Combinations of goods and services an economy is actually producing. D) the decline in the value of the stock market, net of dividends. a. B) GDP is not adjusted for pollution. Chuck is paying Marla $150 per hour to design his new home. However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. a. An outward shift of a nation's production possibilities frontier can occur due to The Federal Reserve lowered interest rates at its last meeting. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. Where in Oceania are outrigger canoes used? C) an increase in taxes Let n=3n2n1\alpha_n=\frac{3-n}{2 n-1}n=2n13n and n=n2+2n13n22,n=1,2,\beta_n=\frac{n^2+2 n-1}{3 n^2-2}, n=1,2, \ldotsn=3n22n2+2n1,n=1,2,. A. You earn $35,000/year in your first job in 2016. B. B) some people do not want a job. C) Corporate income taxes; excise and other taxes Will a cut in the interest rate increase Canadian output? Why does a firm decide to enter a particular market? C) the demand curve shifted to the right resulting in an increase in the equilibrium price. A) an increase in the minimum wage 60 seconds. C. Market mechanisms and lassiez faire. D) quantity of Dell employees. D. There is too much production of lowcost, highquality goods and services. B. the possibility of inefficient production. C) a decrease in the unemployment rate C) automatic stabilizers; monetary policy Combinations of goods and services an economy is actually producing. B. C. economies of scal. A) increases; increases A) increasing government purchases or decreasing taxes. It is an example of the coincidental fallacy Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. d. All of the above Explain. If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? Cadre Management for Indian Economic Services Which of the following can be used to correct market failure? Which of the following would reduce the labor force participation rate, all else equal? Preparation and presentation of Budget for state governments under President's Rule 3. A) the Pacific Trade Association. A) Starbucks purchases coffee beans. C. Maintaining a strong level of economic growth. View Answer. Question: Which of the following is an example of a macroeconomic question? D. All of the choices are correct. D. Laissez faire. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? C) gross domestic product of the United States. What is the standard deviation of this random variable (i.e., the risk of being late)? A lassiez faire approach will reduce the level of pollution. A. income; available Which of the following is a positive economic statement? Question: Question 21 Which of the following exemplifies a macroeconomic question? Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? The economy's capital stock declines. 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. C) those that hold paper money lose. Which of the following is the best example of land? B) change; underestimates You have majored in computer science and, because of the recession, have difficulty in finding a job. The economy experiences government failure. How should we produce goods and services? A) greater on the buyer when the tax is collected from the buyer. Bill Gates does not face scarcity because he is a billionaire C. The process by which the production possibilities curve shifts inward. The number of work visas should not be limited by the government. C. income, saving and . B. Utilizes both market and non market signals to allocate goods and services. a. The importance of the ceteris paribus assumption when using models is that: C. Eliminates market failures by government. Economics promotes which of the following as the way to make the best decision? Q. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. D) the working-age population increased. a. the government A. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. C. the economy as a whole. If a firm expects that the price of its product will be lower in the future than it is today Rational cost C. Opportunity cost. D) taxes. e. variable cost reduction. although this definition differs from state to state. A) The demand curve for inkjet printers shifts to the right. Which of the following best defines economics? The aggregate demand and aggregate supply curve intersect. The market mechanism may best be defined as A) technological advancement in the production of electric car batteries. B) the firm has an incentive to decrease supply now and increase supply in the future. A) GDP rises by $1,875. is a corporation unresponsive to the demands of its customers? A) ice cream and hot fudge are complements. In a market economy, who decides what goods and services will be produced? b. As a result, GDP ________ because ________. B) an expansionary; a contractionary C) real GDP in 2016 was less than real GDP in the base year. C) GDP is adjusted for changes in crime rates. Which of the following statements is not true? B) taxes; the money supply The output of U.S. citizens who work in Canada would be included in the _____________ D. Allocative efficiency. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase A) the knowledge and enjoyment you receive from taking the class. C. when something will be produced; why something will be produced A) the price of sailboats increased and the demand for sailboats decreased." Which of the following is not one of the three core economic issues that must be resolved? How much will be saved; what will be produced; and how can these goods and services be fairly distributed? A) the money supply and interest rates that automatically increase or decrease along with the business cycle. C) total spending in 2015 was around $17.3 trillion. c. It eliminates the need for abstraction or simplification The tax cut would lower the price level in 2014. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. D. Is one that allows trade with other countries. A) increase in demand; decrease in demand B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. National income is equal to 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. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises Macroeconomics Multiple Choice Questions 1. D. The government is allocating resources inefficiently. B) a decrease in government purchases It converts normative analysis into positive a. B. An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX Then compare your responses with the key at the end of the book. Is the economy experiencing a decline in the rate of inflation? D. Price regulation by government. C) disposable personal income plus depreciation plus personal taxes. Key Takeaways. C) the interest rate determined by the supply and demand in the money market. B) total consumption of goods is greater. For schedule, refer to the archive link given below. C) How does Fiat decide on the price of the 500 Pop model? Unemployment is too high. C. Congress increased the minimum wage rate in January. Maximum combinations of goods and services an economy can produce given its available resources and technology. D. a country's population is larger than its resource base. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? 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. C) below; surplus D. Economic growth and market failure. Which of the following causes the unemployment rate to understate the true extent of joblessness? a. B) the economy produces only two products. The size of the underground economy would tend to decrease if the government of a country __________________ A. B) below the market wage, causing labor demand to be less than labor supply. B) there is a one-time increase in the price level. D) all of the above are true. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. D. People begin to retire at earlier ages. D) Lily purchases a new massage table for use in her therapy center. B) the nominal interest rate minus the inflation rate. B) higher; lower Getting the timing right with fiscal policy is generally _______________ B-Postive The "guns versus butter" dilemma that all nations confront is that C) GDP deflator The three fundamental questions that any economy must address are D-Positive D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor. B) the value of all cars produced by Ford in Mexico 1. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses.