B) the nominal interest rate minus the inflation rate. Number of employees in the steel industry C) increasing the money supply and decreasing interest rates. Electric car enthusiasts want to buy more electric cars at a lower price. The result is a shift in the aggregate demand curve to the left. although this definition differs from state to state. How can a firm maximize profits, given the state of the economy? Inefficient bureaucracy. D) efficient central planning. A) The demand curve for inkjet printers shifts to the right. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. c. The overall price level in the economy C. the highest valued alternative that must be given up to engage in an activity. C) Corporate income taxes; excise and other taxes c. Is it sensible for a government to subsidize tobacco production? Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. B) Consumer efficiency C) productively efficient Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. B. C. Optimal marginalism B. MCQs on Basic Economics - GeeksforGeeks C) people employed in the underground economy In the past two decades the United States lost its comparative advantage in automobiles to Japan. (B) important rather than trivial issues. Which of the following is not a basic decision that all nations must confront? D. Economic growth and market failure. C) the value of the addition to the capital stock. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. B) Trade Without Borders. C) decreases; increases B) the economy produces only two products. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. The market mechanism How do you go about weighing the alternatives? A. D) the nominal interest rate. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. Which of the following best describes an assumption economists make about human behavior? B) GDP is not adjusted for pollution. C. The process by which the production possibilities curve shifts inward. 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. A. O a False O b. a. Ockham's razor A) Many full time workers really want to be part time workers. B) increases; decreases Ch. 1 Microeconomics Homework Flashcards | Quizlet c. producers C. Maximum combinations of goods and services an economy can produce given unlimited resources. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? D) What determines the salaries of college professors? Which of the following is a microeconomics question? D. Price regulation by government. Minimum wage laws cause unemployment because the legal minimum wage is set Three Economic Questions: What, How, For Whom? | Encyclopedia.com B) structural unemployment National income is equal to a. Flow (1) represents: A) wage, rent, interest, and profit income. 9 Questions. C) ensure safe imports. In a market economy, who decides what goods and services will be produced? D. What factors determine the price of electronic cigarettes? a. Microeconomics C) decrease the number of persons in the labor force. Economists reason that the optimal decision is to continue any activity up to the point where the. A. why something will be producedwhat will be produced A. B) made over-the-counter drugs illegal. Prelims Marathon - Economic Survey - February 28th - 2023. B) 2.5% D) GDP is adjusted for increases in drug addiction. O a. More teenagers enter the labor force. C. The money you spent on tuition for the class. 300+ TOP Macroeconomics MCQs and Answers Quiz Exam Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. A. E. pure profit. A. unlimited wants exceed limited resources. (a) 3,6,12,3,6,12, \ldots3,6,12, D) 3.5% View Answer. The conclusion of this statement: It considers discouraged workers, and hence it is overstated. C) automatic stabilizers; monetary policy A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. Which of the following is not one of the three core economic issues that must be resolved? B) German GDP. If inflation over the year is 2%, what is the real interest rate you are paying? The Bureau of Economic Analysis calculates a number of different measures of inflation: the GDP Deflator, the Consumer Price Index, the Wholesale Price Index, etc. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. B. If a minimum wage of $15 per hour is imposed, which of the following will occur? The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. How were consumption and investment affected . E) too low. B) when real GDP is above but close to potential GDP. A) the Pacific Trade Association. Answer the following questions by selecting the appropriate answer from the list below. C) investment; consumption Which of the following is a positive economic statement? Microeconomics questions and answers Refer to the following graphs to answer the question below. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? B) There will be an increase in the quantity of labor demanded by firms. B) an increase in the number of manufacturers of electric cars. For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. C) after regular office hours. B) the value of the decrease in business inventory stocks. A) below the market wage, causing labor demand to be greater than labor supply. Chuck is paying Marla $150 per hour to design his new home. C) The demand curve will shift to the right. B. A) the money supply and a decrease in interest rates. A) average price levels of goods and services in the economy. B. Marla is an architect who is designing a home for Chuck. D. There is no conflict between the two goals. A. public economics. b. B. B. A) the value of output in 2015 was around $17.3 trillion. A. A) marginal You earn _________ You will then have 50 minutes to answer all three of the following questions. C) GDP is adjusted for changes in crime rates. A. . How does a market system prevent people from getting as many goods and services as they wish? C. For whom should goods and services be produced? D) GNP plus depreciation. Buyers will bear the entire burden of a unit tax if the demand curve for a product is Economic development B) Canada's GDP. This means c. Bill Gates faces scarcity because resources are limited D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. Economics teaches how to limit our wants. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? Solve the Following Short-Essay Questions: Define demand. A) There was deflation between 2007 and 2016. A) increase; more B) decrease government spending. B. a. D) having an absolute advantage. Which one of the following is the objective of fiscal policy? C) falls; Marla's architectural design services are no longer bought by Chuck once they're married If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ B) higher; lower C) Apple computer buys computer processors from Intel. A) automatic stabilizers; discretionary fiscal policy B) real GDP per person Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. How has the discovery of oil in the Niger delta affected Nigeria's environment? Report an issue. [Solved] The following table contains nominal and - SolutionInn The first stage in the five-step decision process described in the text is to a. define the problem. B) $60. Which of the following is an example of government failure? You . a. D) total welfare is greater. B) Persons who collect unemployment benefits report themselves to be searching for a job. D. Are willing to pay the highest price. A city's decision to limit smoking in public areas is an example of D) The federal government cuts taxes to stimulate the economy. B) fallen; risen D) the value of all cars produced by Nissan in Japan and the United States. C) the price of sailboats increased and the quantity of sailboats demanded decreased." D) about the same difficulty as with monetary policy. c. It eliminates the need for abstraction or simplification D) decreasing the money supply and increasing interest rates. 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. D) upward sloping. 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . D) below; shortage. D) buys U.S. government bonds. A. Mike has been unemployed for over a year. B) decrease the measured labor force participation rate. B. Equity All of these O b. C) equal to the highest value of an alternative use of the time and money spent on the class. C) demographics B) high unemployment rates do not usually last for very long. Which of the following would reduce the labor force participation rate, all else equal? C) the ups and downs in inflation. What Are the Four Basic Economic Questions? - Reference.com A. A) higher; higher B) increase; less D) out of the labor force. A) $5. C. Congress increased the minimum wage rate in January. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. Which of the following is the best example of land? occurred. Which of the following is not a function of money? Group of c. It confuses correlation and causation Macroeconomics MCQ: Multiple Choice Questions Lower disposable income decreases consumption at every price level. 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? It does not consider discouraged workers, and hence it is understated. Which field of economics deals primarily with the problems faced by low-income countries? Advertisement Advertisement Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring C) those that hold paper money lose. Which of the following is a positive macroeconomic statement: a. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. The production possibilities curve illustrates which two of the following essential principles? B) European countries offer higher unemployment benefits than the United States. A) those that borrow money lose. D) incorporates substitutions by consumers when prices of specific products fall rapidly. B) vertical. C) decrease; more D) quantity of Dell employees. c. Opportunity costs are zero B) adds 1,000 new cars to inventories. (Round percentages to one decimal place.). Ask an Expert. D. People should not buy imported fruits and vegetables. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. What is Macroeconomics? A) the price of sailboats increased and the demand for sailboats decreased." Government directives are likely to do a better job of allocating resources than markets. C. society's output cannot be made available to all. The price of steel declined by 3% last year. These firms are reacting to which of the three key economic ideas? C) the economic surplus received from purchasing a given quantity of a product. [Identify the impact of your changes to the income and corporate tax rates. Capital, as economists use the term, refers to. A)Government must maintain the current level of defense spending to keep the nation safe B)The minimum wage should be increased to give people a decent wage C)Americans should buy American products in order to boost the national economy D. The person who has the responsibility to coordinate all the markets in a market economy. Which of the following is an example of spending on goods and services in the circular flow model? c. To be an informed citizen A ________ can change over time or across observations. C) Discouraged workers are not counted as unemployed. 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. A. Exercise 01 - bi tp eco - Question 1 (3 points): Given the following E. consumers and firms choosing which goods and services to buy or produce. Refer to the above diagram.

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