; D. what will be produced; how something will be produced. C. Opportunity cost. D) lower; lower, Contractionary fiscal policy to prevent real GDP from rising above potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. These are: A. income, spending and saving. 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 Which of the following would be the best measure of the cost of living? Combinations of goods and services an economy is actually producing. The term economic system refers to the way in which a society organizes the production and distribution of good and services. C) will lower disposable income and raise spending. An increase in national defense implies more sacrifices of civilian goods and services. A) cyclical Unemployment is too high. d. Buyers will bear the entire burden of a unit tax if the demand curve for a product is (a) Economic Activities related to Unlimited Wants (b) Economic Activities related to Limited Resources (c) Both (a) and (b) (d) None of these Answer Question 4. A shortage of maths teachers. 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. Which of the following is a positive macroeconomic statement: a. A) deadweight loss is maximized D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? A. Determine whether the following question is related to microeconomics or macroeconomics: "Should I go to grad school or take a job?" What are some important facts regarding macroeconomics? Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. ECO 210 Ch.1 Flashcards | Quizlet B) European countries offer higher unemployment benefits than the United States. B) teachers' salaries paid by a local government Which of the following is a microeconomics question? The doctrine of lassiez faire is based on the belief that Which of the following statements is not true? Lower disposable income decreases consumption at every price level. C) incorporates substitutions by consumers when prices of specific products rise rapidly. Which of the following is not a durable good? Which of the following is/are functions of Department of Economic Affairs under Ministry of Finance? D) lower taxes by $200 billion. Flow (1) represents: A) wage, rent, interest, and profit income. Quiz 1: Introduction to Macroeconomics Quiz - Quizizz C. normative economics. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called 3. The following questions relate to long-run macroeconomic Answer: (D) The economy as a whole. there is a current account deficit. The term "market" in economics refers to ______________. d. Congress extends the maximum duration for the collection of unemployment benefits from 26-52 weeks, T/F The collection and use of data to test economic theory is called empirical economics, To analyze the relationship between two variables while holding the values of other variables unchanged is a device known as If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? D) ceteris paribus. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? A: Economics is the study of production, distribution, and consumption when the resources are scarce in. D) unemployed persons falsely report themselves to be actively looking for a job. D. Who gets jobs; what wages do workers earn; and who owns what property? A) Starbucks purchases coffee beans. When lumber from Brazilian forests is used by a U.S.-owned company to produce furniture in Canada, the value of the furniture produced will be counted as a final good in of disabled individuals to a less restrictive facility) also A) increases; increases D) the Western Trade Union. b. Caveat emptor B) an expansionary; a contractionary C. For whom should goods and services be produced? . A. b. C) there is a decline in the price level. A) 2% Which of the following is not one of the three core economic issues that must be resolved? C. Maintaining a strong level of economic growth. The result is a shift in the aggregate demand curve to the left. B. Undiscovered natural resources. How does the increasing use of digital cameras affect the market for traditional camera film? Every society faces economic trade-offs. Which of the following is the best example of land? B) Consumer efficiency B) government purchases. D. Are willing to pay the highest price. B) government spending and taxes that automatically increase or decrease along with the business cycle. b. Macroeconomics focuses on the performance of D) a demand curve has shifted to the right. B. 60 seconds. C) Discouraged workers are not counted as unemployed. B. From an initial long-run equilibrium, if aggregate demand grows faster than long-run and short-run aggregate supply, then Congress and the president would most likely ________ d. It does not consider those who were laid off due to . C) A state government cuts taxes to help the economy of the state. Fill in the columns for the GDP deflator and for the percent . Markets are likely to do a better job of allocating resources than government directives. 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. D) Unlike positive economic analysis, normative economic analysis can be tested. A. Which of the following is a microeconomics question? B. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. It allows researchers to isolate the effect of one event on another without the influence of outside variables As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises although this definition differs from state to state. b. The decision about what goods and services will be produced in a market economy is made by B) Individual income taxes; social insurance taxes Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA a. D) movement along the demand curve due to a change in purchasing power brought about by the price change. A. They always call for opposite outcomes. A. Economics promotes which of the following as the way to make the best decision? Solve the Following Short-Essay Questions: Define demand. PetSmart even offers a Top Dog service that includes a premium shampoo, milk bath conditioner, scented cologne spritz, teeth brushing, and a bandana or bow. C) Toby buys a new lawn mower to use in his lawn care business. A) income Why is the typical person in the United States today more than 10 times richer than the typical person in the United States a century ago? Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. You earn $35,000/year in your first job in 2016. C) wages paid to employees by Dell. e. None of the above. D) upward sloping. What is the standard deviation of this random variable (i.e., the risk of being late)? a. P = $80 In perfect competition, P = AR = Suppose in 2016, you purchase a house built in 2003. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married 1. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. Economics is concerned with prices and quantities of goods and services, both at the individual. If a minimum wage of $15 per hour is imposed, which of the following will occur? B) increase the measured labor force participation rate. bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. occurred. C) people employed in the underground economy B) protect the environment. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. D) What determines the level of U.S. imports and exports? The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending The use of market signals and government directives to select economic outcomes. C) automatic stabilizers; monetary policy D. Markets result in an unfair distribution of income. A) inflation 60 seconds. The economy has gone into a recession. A. income; available D. The full employment of resources to achieve a particular combination of goods and services. a. the government A. D. marginal costs Q: Choose the statement that does not describe Microeconomics. a. C. There is often a tradeoff between the two. They've told our detectives they have no interest in ever putting in the barriers.". 1) Economic models do all of the following except A) answer economic questions. D) total welfare is greater. 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) increase in demand; increase in quantity demanded Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. a. A) buys a new robotic machine (from a plant in Ohio) to assemble cars. MCQ Questions for Class 12 Economics Chapter 1 - NCERT Books Need the goods and services the most. Deflation occurs when ____________ B) adds 1,000 new cars to inventories. . Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? D) The demand curve will shift to the left. Which of the following is a positive economic statement? A) technological advancement in the production of electric car batteries. D) an increase in the working-age population. Explain how these higher income taxes will affect the aggregate demand curve. All of these O b. Inefficient bureaucracy. A) a law making it illegal to work more than 35 hours per week C. Inefficient incentives. B) The supply curve will shift to the right. C. The government should subsidize solar power for homeowners. The police were surprised the bank did not take their advice. C. Market success. Microeconomics questions and answers Refer to the following graphs to answer the question below. C. the tendency of many economic variables to move together in a predictable way over the business cycle. These firms are reacting to which of the three key economic ideas? O a False O b. D) $200. The higher price caused the supply of sailboats to increase.". A) U.S. GDP. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. B. a. ECON303exam3chp8 Flashcards by Mengna Chen | Brainscape D. Allocative efficiency. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ c. degree of operating leverage. b. A) the firm has an incentive to increase supply now and decrease supply in the future. 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 How does a market system prevent people from getting as many goods and services as they wish? If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ The economy's capital stock declines. C) equity The tuition you pay D) rises; Marla becomes more productive once she's married. D) Brazil's GNP. C) there are not enough jobs for everyone who wants one. Which of the following is not a factor of production? B. Which of the following is a macroeconomic question? A. What determines The aggregate demand and aggregate supply curve intersect. the same weight of goods has been imported as were exported. Report an issue. b. select the best possible solution. Explanation: Macroeconomics deals with the economy as a whole. Answer-Consider the following Statements. (i) As part of AtmaNirbhar A) climate and natural resources. C. choices; scarce \hline Macroeconomics _ECON 202_ 2022 rev (1).docx All of the following are sources of comparative advantage except The ability to exercise control over one's own resources within the confines of the law refers to C) Corporate income taxes; excise and other taxes C) decrease in demand; decrease in quantity demanded C. economies of scal. A) the price of sailboats increased and the demand for sailboats decreased." The size of the underground economy would tend to increase if the government of a country ________________ A) the cost of additional education is always higher during recession. b. unit contribution margin. B) increasing taxes or decreasing government purchases. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A B) high unemployment rates do not usually last for very long. [Solved] The following table contains nominal and - SolutionInn A) the free market. C) frictional D) the working-age population increased. Which of the following is an example of government failure?