B) increasing taxes or decreasing government purchases. Step-by-step explanation. B. D. A rightward shift of the curve. 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 In a market economy, who decides what goods and services will be produced? B) portray reality in all its minute details. D. workers deciding to produce only what the boss says must be produced. D-Positive B) lower government purchases by $200 billion. What were the macroeconomic principles or models that influenced your decision making?] D) the reduction in economic surplus resulting from not being in competitive equilibrium. D) out of the labor force. O How will the government's budget deficit be affected by public infrastructure projects? b. unit contribution margin. a. Macroeconomics Multiple Choice Questions 1. Which of the following is included in both the U.S. GDP and U.S. GNP? B) protect the environment. A) horizontal. A) climate and natural resources. B) Why hasn't the federal government raised the minimum wage? The size of the underground economy would tend to decrease if the government of a country __________________ According to a deputy commissioner of police, "Commerce does very little of what we recommend. C) decrease; more 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. As a result, _____________ Is not a very efficient means of communicating consumer demand to the producers of goods and services. C. The allocation of resources by market forces. Which of the following is not a macroeconomic statement? If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? Opportunity cost They've told our detectives they have no interest in ever putting in the barriers.". D) an increase in the working-age population. A. d. It does not consider those who were laid off due to . ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. d. sensitivity analysis. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. C. Maximum combinations of goods and services an economy can produce given unlimited resources. . A) the knowledge and enjoyment you receive from taking the class. The economy's capital stock declines. View Answer. Prelims Marathon - Economic Survey - March 1st - 2023. C) the economic surplus received from purchasing a given quantity of a product. C) NAFTA. B) high unemployment rates do not usually last for very long. Because Mike started looking for a new job ______________ A production possibilities curve indicates the D. Who gets jobs; what wages do workers earn; and who owns what property? All of the following are benefits of the single market except ? However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. C) the demand for lawn care service has decreased. The automobile industry was experiencing the effects of _______ C) ice cream and hot fudge are normal goods. Every society faces economic trade-offs. D. All of the choices are correct. In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending B) increase in demand; increase in quantity demanded B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. C. Market mechanisms and lassiez faire. GDP is not a perfect measure of well-being because _________ a. Ockham's razor To reduce the bias in the consumer price index, the Bureau of Labor Statistics E. consumers and producers. B) GDP is not adjusted for pollution. 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. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. B) explicit A) the law of supply has been violated. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). If market signals result in pollution beyond the optimal level, then B. producers deciding what society wants most. 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 You earn _________ C) there has been a downward movement along a demand curve. A. Marla is an architect who is designing a home for Chuck. B) one's property rights. Which one of the following is the objective of fiscal policy? the same weight of goods has been imported as were exported. A) a law making it illegal to work more than 35 hours per week How can a firm maximize profits, given the state of the economy? B) an increase in the unemployment rate The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. The higher price caused the supply of sailboats to increase.". E. consumers and firms choosing which goods and services to buy or produce. C) Discouraged workers are not counted as unemployed. Suddenly, the stock market prices increased much more than expected, increasing investors' wealth and causing a short-term period of increased optimism about the future of the economy. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? meaning severe emotional or thought disturbances B) a job retraining program C. Levels of production that will cause both unemployment and inflation. that negatively affect an individuals health and safety, B) higher; lower A. B) The purchasing power of your salary fell between 2007 and 2016. C) a strong foreign currency exchange rate. D. Government intervention. D) the payroll tax. Which of the following is a microeconomics question? b. _____a. The minimum wage law causes unemployment. Which of the following is a positive economic statement? C) 3% D) an increase in the price of gasoline. \\\hline A. Markets are likely to do a better job of allocating resources than government directives. A) average price levels of goods and services in the economy. c. Florida should devote all revenues from its state lottery to improving public education D) The federal government cuts taxes to stimulate the economy. Unemployment is too high. Is justified by the superiority of lassiez faire over government intervention. 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 ________. [Identify the impact of your changes to the income and corporate tax rates. A) marginal 2. Poorly timed discretionary policy can do more harm than good. C) GDP rises by $125. Producers are using inventory faster than it can be replaced. C) wages paid to employees by Dell. The market mechanism. B) the federal income tax. D) Unlike positive economic analysis, normative economic analysis can be tested. 9 Questions. A. Which of the following transactions represents the purchase of a final good? C) those that hold paper money lose. A) there is a sustained increase in the price level. D) What determines the salaries of college professors? Preparation and presentation of Union Budget 2. They are both automatically achieved in a free market economy. P = $80 In perfect competition, P = AR = An increase in ____________ a. Microeconomics Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. B) some people do not want a job. A) Japanese firms excelled in process technology. When the variable measured along the x-axis and the variable measured along the y-axis move in the same direction, it indicates a ________ relationship between the two variables. B) relative abundance of labor and capital. b. c. The overall price level in the economy In terms of the production possibilities curve, inefficiency is represented by A. D. What factors determine the price of electronic cigarettes? A) updates the market basket every two years, rather than every 10 years. A) technological advancement in the production of electric car batteries. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? You . D. All of the choices are correct. D) the decline in the value of the stock market, net of dividends. Report an issue. a. the government \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\ D) zero because there is no classroom time involved if you are enrolled in the course. B) falls; Marla's work becomes less valuable once she's married b. Cadre Management for Indian Economic Services B) Laurence rents a car to drive to a wedding in San Diego. B. \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ If inflation over the year is 2%, what is the real interest rate you are paying? B. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. d. B) below the market wage, causing labor demand to be less than labor supply. A) Many full time workers really want to be part time workers. B. net benefit C) frictional Microeconomics is concerned with issues such as Is a normative analysis B) The Federal Reserve cuts interest rates to stimulate the economy. C) a change in the amounts of one good desired. C) people employed in the underground economy d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? C) falls; Marla's architectural design services are no longer bought by Chuck once they're married This means ______. The phrase "demand has increased" means that ___________ Go to Memorandum. Real domestic output is at its maximum level. Que10. B) higher; lower A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. Question: Which of the following is an illustration of a macroeconomic question? A) Tuan purchases a cappuccino at the student union. c. To be an informed citizen a. A. The impact of crowding out may be the least _____________ B) unemployed Deadweight loss refers to Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. B. how something will be produced; when something will be produced A) increase the measured unemployment rate. B) frictional unemployment equals zero. Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? e. As a public safety measure, the state of Texas should not pass legislation that allows people with concealed handgun permits to carry concealed weapons on college campuses, A-Positive A lassiez faire approach will reduce the level of pollution. C) any level of the two products that the economy produces is currently possible. Writing Period 50 minutes . Economics is concerned with prices and quantities of goods and services, both at the individual. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. C) the value of the addition to the capital stock. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . Profits are always very high and persistent Works through central planning by government. answer choices. The decision about what goods and services will be produced in a market economy is made by Government intervention may achieve a more optimal outcome than the market mechanism when addressing Que11. D. People should not buy imported fruits and vegetables. A) U.S. GDP. In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. The production possibilities curve between tanks and automobiles will appear as a straight line. B) price charged for laptop computers by Dell. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. Prelims Marathon - Economic Survey - February 28th - 2023. D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. Given this information, we know for certain that ________ D) building an online job database that helps workers find jobs. b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. By how much and in what direction does GDP change as a result of his efforts? Annes Newton - G00378073- ECON QUIZ 2. Market failure. D) unemployed persons falsely report themselves to be actively looking for a job.

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