a. Ockham's razor D. Competition, Consider the following economic agents: B) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. B) substitution D) having an absolute advantage. D) an increase in oil prices. A) the knowledge and enjoyment you receive from taking the class. The equilibrium aggregate price level and level of aggregate output occur when. An oligopolistic industry consists of only two firms, Angel& What determines the salaries of Wall Street executives? e. None of the above. D. all of the above Answer: D.all of the above 2. D) the same whether the tax is collected from the buyer or the seller. Which of the following is not a microeconomics topic? (Select all that D) implicit. D) the legally determined maximum price that sellers may charge for a given quantity of a product. Which of the following can be used to correct market failure? Persistence is A. the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth. You will then have 50 minutes to answer all three of the following questions. C) implementing an unemployment insurance policy 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. This means. 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) decrease in demand; decrease in quantity demanded Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. The production possibilities curve illustrates which two of the following essential principles? \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ This situation will most likely coincide with high unemployment. D. macroeconomics. C. Decreasing opportunity costs will occur with greater automobile production. A) Yes, the recession will ensure that you will never find a job as a programmer. B) the bread that Subway purchases for its sandwiches Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. What is the standard deviation of this random variable (i.e., the risk of being late)? Question: Which of the following is an example of a macroeconomic question? It is the field of economics that studies the behavior of the entire economy. Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. GDP is not a perfect measure of well-being because _________ Which of the following is not a macroeconomic question? A. Should the The following macroeconomic projected return models What is the probability that they all will be late? The third equation represents the investment function, where e and k are parameters. Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. A) increases; increases B) German GDP. B) total consumption of goods is greater. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. In terms of the production possibilities curve, inefficiency is represented by A. 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? A. b. a. Rearranging, we get: C. Optimal marginalism B) by more than C. Maintaining a strong level of economic growth. C) There will be a decrease in the quantity of labor supplied by households. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. D. Who gets jobs; what wages do workers earn; and who owns what property? D) the unemployment rate consists of only frictional and structural unemployment. Macroeconomics Basics. B) a union contractor whose pay is adjusted based on changes in the CPI Solve homework. You earn $35,000/year in your first job in 2016. D) decrease the number of persons in the working-age population. Let us now understand how it is different from Microeconomics. Macroeconomics | Economics Quiz - Quizizz Which of the following is a positive macroeconomic statement: a. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? Th View the full answer Question 20. Sarah is a full-time student who is not looking for work. This month, the company supplied the same quantity of binders at $4 per unit. C) wages are higher. C. For whom should goods and services be produced? -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? c. Falls victim to "post hoc, ergo propter hoc." Question: Which of the following is an illustration of a macroeconomic question? The minimum wage law causes unemployment. C) GDP is adjusted for changes in crime rates. B) increase; less The size of the underground economy would tend to increase if the government of a country ________________ More teenagers enter the labor force. B) when real GDP is above but close to potential GDP. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? D. The best alternative use of your time. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. In a market economy, the people who receive the goods and services that are produced are those who FortheYearsEndedDecember31,20Y2and20Y1. A) those that borrow money lose. D. What factors determine the price of electronic cigarettes? Which of the following is a positive economic statement? B) protect the environment. C) opportunity D) The federal government cuts taxes to stimulate the economy. Which of the following is an example of spending on factors of production in the circular flow model? How does this affect the market for traditional inkjet printers? A. D) a slowdown in the economy. Macroeconomics MCQ: Multiple Choice Questions Q. B. C) The federal government pays out an unemployment insurance claim. D) less than 5 times as much as your grandfather in terms of nominal income. Writing Period 50 minutes . The economy experiences government failure. C) the sum of frictional unemployment and structural unemployment equals zero. This change will______________ Capital, as economists use the term, refers to. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. b. 60 seconds. A) the value of leisure is included in GDP. A. D) a decrease in the quantity supplied. D) Lily purchases a new massage table for use in her therapy center. C) the interest rate determined by the supply and demand in the money market. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not Macroeconomics _ECON 202_ 2022 rev (1).docx B. C) an increase in unemployment insurance payments C) a tank purchased by the federal government D) GDP falls by $1,875. B. spending, production and saving. BOOK Market Leader intermediate 3rd edition. The importance of the ceteris paribus assumption when using models is that: A) above; surplus Which of the following is a microeconomics question? A) decrease the required reserve ratio. A) real GDP It allows researchers to isolate the effect of one event on another without the influence of outside variables To find the parametric solutions for the predicted GDP (Y) and the predicted investment (I), we can substitute the second equation into the first equation: Y = a + b (Y - T0) + e + kY + G0. Assume the punctuality random variable follows a binomial distribution. a. There are no problems and everyone, including consumers, is satisfied. Should Congress and the president take action to reduce global warming? A) no C) The quantity of traditional camera film demanded increases. A) personal income minus personal taxes. B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. C) there has been a downward movement along a demand curve. C) frictional C) equal to the highest value of an alternative use of the time and money spent on the class. is a corporation unresponsive to the demands of its customers? c. It considers part-timers as employed, and hence it is understated. C) ensure safe imports. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? B. D) the wages of college graduates do not fall during recession. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? D. Laissez faire. . B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. a. B) more than 5 times as much as your grandfather in terms of real income. B) higher; lower B. Every society faces economic tradeoffs. Which of the following would increase the unemployment rate? B) add to GDP. Which of the following causes the unemployment rate to understate the true extent of joblessness? D) movement along the demand curve due to a change in purchasing power brought about by the price change. D. There is no conflict between the two goals. c. Is one-half cost of the game, as this is the second time you have played it C) cyclical unemployment C. The allocation of resources by market forces. A. Which of the following best defines economics? A) climate and natural resources. A mixed economy c. determine the objective. c. The alternative uses of time you spend studying A) increasing government purchases or decreasing taxes. Voluntary exchange B. What were the macroeconomic principles or models that influenced your decision making?] A tax is imposed on employers and workers that are used to fund Social Security and Medicare. Q. Household income B) above; shortage Microeconomics questions and answers Refer to the following graphs to answer the question below. A. This means It is also the case that reported burglaries increase during the same period. Combinations of goods and services an economy is actually producing. C) a decrease in taxes Economic development c. Will a new type of electronic reader or tablet increase the number of buyers? The minimum wage law causes unemployment. All of the following are sources of comparative advantage except C-Nomative Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. D) the reduction in economic surplus resulting from not being in competitive equilibrium. C. Market mechanisms and lassiez faire. B. C) complete 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 ________ D) technology. 2. C) How does Fiat decide on the price of the 500 Pop model? There is full employment. C) a decrease in the price of lithium, which is used in the electric car batteries. A. 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 Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? B) Trade Without Borders. D) simplify some aspect of economic life. MACROECON CH 1 Flashcards | Quizlet C) Japanese firms benefited from external economies.
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