You . The production possibilities frontier model assumes all of the following except____________ The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. 3. The following questions relate to long-run macroeconomic Which of the following transactions represents the purchase of a final good? b. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! Preparation and presentation of Union Budget 2. A production possibilities curve indicates the The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. A) lower government purchases by an amount less than $200 billion. A) decreased government regulations on businesses. Profit opportunities are eliminated almost instantaneously "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? D) the reduction in economic surplus resulting from not being in competitive equilibrium. D. Competition, Consider the following economic agents: D) the plastic bags that Subway purchases to wrap its sandwiches. C) the demand for lawn care service has decreased. E) the cost of tuition and fees only. A. Which one of the following is a macroeconomic issue? A) 2% Exercise 01 - bi tp eco - Question 1 (3 points): Given the following Question 20. B) the value of all cars produced by Ford in Mexico See Answer. A) inflation. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Nonetheless, you continue along your career path looking for a new job because _____________ How much will be saved; what will be produced; and how can these goods and services be fairly distributed? C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? _____a. The economy experiences government failure. B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? A. A. In the past two decades the United States lost its comparative advantage in automobiles to Japan. All of the following events would have this effect except Solved Which of the following is a macroeconomic question? | Chegg.com Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. C) Yvette pays $50 to join a softball league. C. how to make money in the stock market. PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. A) Economic efficiency D) decrease tax rates. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? B) consumption; investment If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ B) gross national product of Canada. Depreciation is _________ D) the level of technology is fixed and unchanging. You know that average prices have risen steadily since 1961. B) the sum of consumer and producer surplus. c. It confuses correlation and causation B) the firm has an incentive to decrease supply now and increase supply in the future. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of Which of the following is an example of government failure? C) incorporates substitutions by consumers when prices of specific products rise rapidly. a. A. D. Increasing opportunity costs will occur with greater tank production. 300+ TOP Macroeconomics MCQs and Answers Quiz Exam D) an increase in consumers' taste for coffee. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? B) discouraged workers b. This means. C) disposable personal income plus depreciation plus personal taxes. a. C. Maximum combinations of goods and services an economy can produce given unlimited resources. 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. B) protect the environment. Which of the following would reduce the labor force participation rate, all else equal? d. Everyone always gets what they want, T/F Macroeconomics deal with the function of individual industries and the behavior of firms and households, All of the following are examples of topics examined in macroeconomics except B. C) there has been a downward movement along a demand curve. C) What factors determine the price of Oreo cookies? Answering these four questions is essential for an economy to function properly. The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as D) rises; Marla becomes more productive once she's married. d. The unemployment rate, Does the "richest man in the world" face scarcity, or does scarcity only affect those with more limited incomes and lower net worth? D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. Consumption of cigarettes. B. D. There is no conflict between the two goals. The number of work visas should not be limited by the government. C) automatic stabilizers; monetary policy Macroeconomics, 4e (Hubbard/O'Brien) Chapter 1 Economics: Foundations A) higher; higher C.. D) The minimum wage in Europe is lower than it is in the United States. 60 seconds. d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States A. Is zero B. Which of the following economic activities are included in the subject-matter of Economics? How does the increasing use of digital cameras affect the market for traditional camera film? Go to Memorandum. B) unattainable B) when real GDP is above but close to potential GDP. D) 5%. A) Yes, the recession will ensure that you will never find a job as a programmer. A) the firm has an incentive to increase supply now and decrease supply in the future. ECO 210 Ch.1 Flashcards | Quizlet C) Japanese firms benefited from external economies. Where in Oceania are outrigger canoes used? Simple economies can be described in terms of three major economic flows. = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. B) in non-licensed shops and warehouses. Let us now understand how it is different from Microeconomics. A) stayed roughly the same. B. stabilize the price level. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. A. It does not consider discouraged workers, and hence it is understated. The market mechanism. Macroeconomic quiz with answers | Math Tutor - jm49.toastenoteca.com Administrativeexpenses. Totaloperatingexpenses Incomefromoperations. Otherincome.. Incomebeforeincometax.. Incometaxexpense.. Netincome. David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Intro to Microeconomics (First Exam) (Chapter, Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. B) an increase in the unemployment rate b. consumers Government failure. Every society faces economic trade-offs. B. D) Lily purchases a new massage table for use in her therapy center. C) complete \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ Total the statement columns, compute net income (loss), and complete work sheet. Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. D. it intensified competition. Answered: Which of the following is a | bartleby Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. \hline C) gross domestic product of the United States. Select one: a. Should the government put a tax on alcohol in an attempt to reduce highway fatalities? C) a change in the amounts of one good desired. The output of U.S. citizens who work in Canada would be included in the _____________ A. A) a retired railroad engineer who receives a fixed income payment every month C-Nomative B) $60. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. If a minimum wage of $15 per hour is imposed, which of the following will occur? A) income B) Trade Without Borders. Equity D) only change GDP if the development occurs within the borders of the United States. a. B. b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. D) legalized marijuana. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. A. A) Micah purchases a new wrench for his auto repair business. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . Will a cut in the interest rate increase Canadian output? Should you go back to school and get a second major? D) all of the above. Investment, as defined by economists, would not include which of the following? C. Want the goods and services the most. A) increase in demand; decrease in demand D) 3.5% A. Answer the following questions by selecting the appropriate answer from the list below. Which of the following is a microeconomics question? 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. An outward shift of a nation's production possibilities frontier can occur due to a. Prelims Marathon - Economic Survey - February 28th - 2023 The tuition you pay C) a tank purchased by the federal government A) an induced; an autonomous D) The demand curve will shift to the left. C. There is often a tradeoff between the two. D) both U.S. GNP and German GDP. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ Increasing the federal tax on gasoline would cause shipping costs in the United States to increase A) decrease the required reserve ratio. Is a normative analysis C. Can a tax cut lead to a government budget surplus? Macroeconomics Questions and Answers | Homework.Study.com Macroeconomics MCQ: Multiple Choice Questions ________ 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. B) Consumer efficiency Solve homework. Expansionary fiscal policy involves Compose a sentence using the following word. C) total spending in 2015 was around $17.3 trillion. B) an increase in the number of manufacturers of electric cars. The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill The police were surprised the bank did not take their advice. D) building an online job database that helps workers find jobs. Question 02. C) the ACIF. D) the same whether the tax is collected from the buyer or the seller. occurred. C) the sum of frictional unemployment and structural unemployment equals zero. C) Producer efficiency A) the Pacific Trade Association. C. income, saving and . 60 seconds. Micro Economic 100% (2) 176. C) builds another assembly plant in the United States. 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 ________. The production possibilities curve illustrates which two of the following essential principles? D) $200. b. What is the impact of competition on the profits of a business? For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. B) an expansionary; a contractionary 1. D) What determines the salaries of college professors? Technological advancements have led to lower prices and an increase in the sale of color laser printers. C. when something will be produced; why something will be produced This would Which of the following is a macroeconomics question? a. How many Which of the following is a positive macroeconomic statement: a. 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 D) consumer price index. A. trade-off C) $140. A technological advance would best be represented by According to the text, economists consider full employment to occur when The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. A devaluation of the U.S. dollar would increase exports from the United States B. Allocative efficiency best explains ________, and productive efficiency best explains________. B What is the optimal number of workers for an ice cream . Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA Step-by-step explanation. 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. D) No, the recession will have no impact on my ability to get a job or my future income. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ D) efficient central planning.