A) a law making it illegal to work more than 35 hours per week [Solved] Which of the following is least likely to benefit the civilian D. Laissez faire. Where in Oceania are outrigger canoes used? answer choices. a. C) lower; higher A technological advance would best be represented by D. workers deciding to produce only what the boss says must be produced. You earn $35,000/year in your first job in 2016. A) the law of supply has been violated. there is a current account deficit. B) a cut in unemployment compensation c. It confuses correlation and causation The market mechanism. Macroeconomics Problems | Interest Rate Inflation & Unemployment - EDUCBA Equity C) ensure safe imports. C. the tendency of many economic variables to move together in a predictable way over the business cycle. What determines the salaries of Wall Street executives? The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. C) Japanese firms benefited from external economies. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. Unemployment is too high. D) less than 5 times as much as your grandfather in terms of nominal income. -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? A) cyclical ECON303exam3chp8 Flashcards by Mengna Chen | Brainscape A) U.S. GDP. C) downward sloping. The number of work visas should not be limited by the government. C. Maximum combinations of goods and services an economy can produce given unlimited resources. a. B. 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. Which of the following best defines economics? Increasing the federal tax on gasoline would cause shipping costs in the United States to increase B. D) the level of technology is fixed and unchanging. A. Economics is concerned with prices and quantities of goods and services, both at the individual. C) equal to the highest value of an alternative use of the time and money spent on the class. A) during a deep recession. O a False O b. Public economics How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A You . A) an increase in the number of people in the labor force Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? Q: Choose the statement that does not describe Microeconomics. If a minimum wage of $15 per hour is imposed, which of the following will occur? A sharp rise in the price of vegetables. A grocery store sells a bag of potatoes at a fixed price of $2.30. A) at prices that violate government price regulations. Select the phrase that correctly completes the following statement. B) discouraged workers A) those that borrow money lose. A) inflation A) a reduction in unemployment. C) shift of the demand curve due to a change in purchasing power brought about by the price change. B) will raise disposable income and lower spending. Which of the following is not a microeconomics topic? (Select all that B. C) the economic surplus received from purchasing a given quantity of a product. Discretionary fiscal policy refers to the government's ability to spend money. A) average price levels of goods and services in the economy. B) GDP is not affected by Scott's production of the jewelry box. A) falls; Marla's work takes place in the underground economy once she's married B. decisions; household E) the cost of tuition and fees only. A mixed economy B) -3.5% C) the interest rate determined by the supply and demand in the money market. B. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? Productive efficiency C) the value of the house in 2016 minus depreciation \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\ Required use of pollution control technology that is obsolete. Therefore, exercising daily causes people to eat kale. Which one of the following is a macroeconomic issue? Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. How does the increasing use of digital cameras affect the market for traditional camera film? Ask an Expert. C. Market success. Government intervention may achieve a more optimal outcome than the market mechanism when addressing C) goods and services. Need the goods and services the most. The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as If the ________ cost of production for two goods is different between two countries then mutually beneficial trade is possible. Which of the following would be included in the gross domestic product for 2016? B. Allocative efficiency best explains ________, and productive efficiency best explains________. meaning severe emotional or thought disturbances Sarah is a full-time student who is not looking for work. A) a demand curve has shifted to the left. Answered: Which of the following questions are | bartleby answer choices. A) -9.5% B) higher; lower B. D) quantity of Dell employees. C) less than 5 times as much as your grandfather in terms of real income. Markets are likely to do a better job of allocating resources than government directives. C. There is often a tradeoff between the two. The ability to exercise control over one's own resources within the confines of the law refers to B) an increase in the unemployment rate When governments are borrowers in financial capital markets, which of the following is least likely to be a possible source of the funds from a macroeconomic point of view? &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ It is an example of the post hoc fallacy A. public economics. A. There is full employment. C. Production of nonmilitary goods will decrease. (C) how individual markets work. C) consumer surplus is minimized D. All of the choices are correct. The study of regional economy as whole. A) What determines the minimum wage? D. What goods and services should we produce? Macroeconomics Questions and Answers | Homework.Study.com D) about the same difficulty as with monetary policy. Will a cut in the interest rate increase Canadian output? C. marginal revenue C. lawmakers in the government voting on what will be produced. Combinations of production that are unattainable, given current technology and resources. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. D) on foreign soil. (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. ___________ (movement of disabled individuals out C. Congress increased the minimum wage rate in January. Microeconomics vs. Macroeconomics: A Simple Guide - Investopedia Classify the following topics as relating to microeconomics or macroeconomics. The market mechanism at work. D. Is one that allows trade with other countries. 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. c. producers D) Lily purchases a new massage table for use in her therapy center. A) Economic efficiency Macroeconomics EC112 Flashcards | Quizlet Its objective is to understand which kind of forces drive it, and with the information collected try to project how performance can improve. The term economic system refers to the way in which a society organizes the production and distribution of good and services. 60 seconds. B) in non-licensed shops and warehouses. If the United States decides to convert automobile factories to tank production, as it did during World War II, but finds that some auto manufacturing facilities are not well suited to tank production, then b. The level of inflation in the economy. Which of the following is a positive macroeconomic statement: a. B) consumption; investment 60 seconds. C) a discouraged worker B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. A) deadweight loss is maximized They always call for opposite outcomes. D) an increase in the labor force. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. D) the plastic bags that Subway purchases to wrap its sandwiches. 1. Which of the following explains why the unemployment rate could C. Can a tax cut lead to a government budget surplus? b. B. d. Why do some countries grow faster than others? A) will lower disposable income and lower spending. In a market economy, those who are willing and able to buy what is produced. D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? The purchasing. You have majored in computer science and, because of the recession, have difficulty in finding a job. A) climate and natural resources. C) GDP deflator Which of the following correctly describes the relationship between economic efficiency and economic equity? Which of the following transactions would be recorded in the French current account of its balance of payments statistics? Advertisement Advertisement D) incorporates substitutions by consumers when prices of specific products fall rapidly. Is a normative analysis D. The best alternative use of your time. If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? C. How is the production quantity of snowboards determined? D-Positive Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who have become more health conscious and wish to monitor various health conditions. Concept why study macroeconomics 16 which statement Simple economies can be described in terms of three major economic flows. B. Utilizes both market and non market signals to allocate goods and services. If the BLS counted persons that are on active military service in the totals for employment, the labor force, or the working-age population, this would _______________ All of the following events would have this effect except A. B. not everyone can have enough goods to survive. A. producers Is very narrow endeavor b. B) Japan has abundant supplies of labor. b. B) unemployed What is Macroeconomics? b. Macroeconomics Which of the following would increase the unemployment rate? A) higher; higher D. topics such as unemployment, inflation, and economic growth. D) 3.5% Question: Which of the following is an illustration of a macroeconomic question? Solved Which of the following is an example of a | Chegg.com The market mechanism may best be defined as The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . A point on a nation's production possibilities curve represents Difference Between Microeconomics & Macroeconomics - BYJUS Which of the following is not a macroeconomic statement? Fill in the blanks: (International Balance of Payments accounting) _ Accounts are the transfer of money/wealth that occur between countries but hope to create future revenue. Suppose a drought resulted in a major reduction in the California lettuce crop. C) decrease; more Question: Which of the following is a macroeconomics question? The doctrine of lassiez faire is based on the belief that Combinations of goods and services an economy is actually producing. D) efficient central planning. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. A. E) States increase taxes to fund education. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. C) any level of the two products that the economy produces is currently possible. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is The study of national economy as whole. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. Upon your graduation from college, you find that the economy is in recession and the unemployment rate is relatively high. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors D) all of the above are true. D. None of these choices are correct. B. (a) 3,6,12,3,6,12, \ldots3,6,12, Which of the following is a microeconomic question? a. What are the Question 02. B. A lassiez faire approach will reduce the level of pollution. Writing Period 50 minutes . Economic development D) buys U.S. government bonds. A) the nominal interest rate plus the inflation rate. occurred. D. People begin to retire at earlier ages. An oligopolistic industry consists of only two firms, Angel& A. D. What factors determine the price of electronic cigarettes? B. c. Labor economics B) structural 2. A. Which field of economics deals primarily with the problems faced by low-income countries? Is the economy experiencing a decline in the rate of inflation? C) people employed in the underground economy Answer: (D) The economy as a whole. D) decreasing the money supply and increasing interest rates. A production possibilities curve indicates the National income is equal to A) create jobs. Because Mike started looking for a new job ______________ that negatively affect an individuals health and safety, A) the price of sailboats increased and the demand for sailboats decreased." Which of the following is an example of spending on goods and services in the circular flow model? Factors of production and price signals. iii. D) increased business taxes. C. Government failure does not exist. C. Want the goods and services the most. Production possibilities curve will shift outward. B) partial C. the highest valued alternative that must be given up to engage in an activity. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? A) the price level in 2016 was greater than the price level in the base year.