A) There was deflation between 2007 and 2016. Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. D. macroeconomics. B) total income in 2015 was around $17.3 trillion. B) Canada's GDP. The equilibrium aggregate price level and level of aggregate output occur when. Sarah is a full-time student who is not looking for work. B) There will be an increase in the quantity of labor demanded by firms. B) The federal government pays the salary of an FBI agent. c. Is one-half cost of the game, as this is the second time you have played it The market mechanism. 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. \hline B. D. A movement from the production possibilities curve to a point inside the production possibilities curve. The study of national economy as whole. c. Is it sensible for a government to subsidize tobacco production? C) Their value is counted separately, but is not included as part of the value of the final good for which they are an input. C) The purchasing power of your salary remained constant between 2007 and 2016. A) urniture Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. This means that _______ C) an increase in the quantity supplied. C. income, saving and . D) Producer surplus measures the total benefit received by producers from participating in a market. C. Inefficient incentives. B) one's property rights. C) downward sloping. D. purchases; unlimited; The branch of economics which studies the behavior of entire economies is called D) building an online job database that helps workers find jobs. A. A) the law of supply has been violated. d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics C) oil prices. D) the level of technology is fixed and unchanging. A. B. D) simplify some aspect of economic life. B. c. determine the objective. A. The opportunity cost of taking an on-line history class is In this initiative, you can attempt 10 subjective MCQs on a daily basis. D. Al of the choices are correct. C) Producer efficiency D. Increasing opportunity costs will occur with greater tank production. A pair of shoes that costs $80 last month costs $100 this month. Which of the following transactions would be recorded in the French current account of its balance of payments statistics? Poorly timed discretionary policy can do more harm than good. A) higher; higher Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. The phrase "demand has increased" means that ___________ C. normative economics. e. None of the above. D. give more money to the government to solve its problems. Ford Combinations of production that are unattainable, given current technology and resources. C) legalized prostitution. D) the nominal interest rate. a. 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? To understand society and global affairs Guns and butter can be produced using the same resources at the same time. Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. C) people employed in the underground economy The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. Which of the following can be used to correct market failure? Answer: B Use the following diagram to answer questions 36-39: 36. C) looking for work is your only option. A) above; surplus b. Go to Memorandum. b. B. ii. 1. C) builds another assembly plant in the United States. A) create jobs. 1. Compared to their pre-trade positions, trade makes both countries better off because in each country b. C) above the market wage, causing labor demand to be greater than labor supply. b. B) -3.5% Calculate the predetermined overhead allocation rate for each activity. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . D) They are included only if they are imported, Which of the following are not considered part of government purchases? C) Japanese firms benefited from external economies. Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. b. Answering these four questions is essential for an economy to function properly. d. C) incorporates substitutions by consumers when prices of specific products rise rapidly. During a business cycle expansion, total production ________ and total employment ________. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. a. C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. D) equal 20%. A. Changes in the aggregate price level (inflation) If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? Suppose in 2016, you purchase a house built in 2003. B) lower government purchases by $200 billion. D) only change GDP if the development occurs within the borders of the United States. One can conclude that D) The "Lucky Ducky" casino buys a new crabs table for the casino floor. c. Focuses on how a business should function B. the global economy. D) GDP falls by $1,875. C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. Allocative efficiency best explains ________, and productive efficiency best explains________. Full employment is not considered to be zero unemployment, because Explore the definition and types of economics including microeconomics and macroeconomics and. Ask an Expert. B) a decrease in government purchases is a corporation unresponsive to the demands of its customers? How do you go about weighing the alternatives? c. Falls victim to "post hoc, ergo propter hoc." Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? B. firm could more readily exploit. C) after regular office hours. b. consumers A) the price level in 2016 was greater than the price level in the base year. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not 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) the value of the house in 2016 minus depreciation The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill Which of the following is a macroeconomics question? The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. D) the Western Trade Union. Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. D. it intensified competition. D) 3.5% A) the value of the house in 2016 When the invisible hand does not produce optimal outcomes for the economy, there is evidence of D) the payroll tax. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. B) an increase in quantity demanded. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. A) 2% D) Your father buys a new John Deere riding lawn mower. B) increased income tax rates. B) far less difficult than with monetary policy. C) the ACIF. C. Decreasing opportunity costs will occur with greater automobile production. To move the economy back to potential GDP, Congress should ______________ there is a current account deficit. B) unemployed b. Zero because you knew when you registered for the class that studying would be required. A lassiez faire approach will reduce the level of pollution. A) stayed roughly the same. ________ increases economic efficiency because it forces firms to produce and sell goods and services as long as the additional benefit to consumers is greater than the additional cost of production. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. What is the probability that they all will be late? Preparation and presentation of Union Budget 2. C) less than 5 times as much as your grandfather in terms of real income. 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. You know that average prices have risen steadily since 1961. Question: Question 21 Which of the following exemplifies a macroeconomic question? b. The invisible hand at work. c. The overall price level in the economy B. A) Anytime you have to decide which action to take you are facing an economic trade-off. c. Florida should devote all revenues from its state lottery to improving public education Electric car enthusiasts want to buy more electric cars at a lower price. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married Profits are always very high and persistent An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX C. Maintaining a strong level of economic growth. D) the firm will not change supply until it knows for certain what will happen to its price. B) the price level in 2016 was less than the price level in the base year. If inflation is positive and is perfectly anticipated ____________ A) a decrease in supply. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. A) the willingness of consumers to purchase a product at different prices. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. The real rate of interest is ______________ C. Maximum combinations of goods and services an economy can produce given unlimited resources. A) an increase in the minimum wage a. An oligopolistic industry consists of only two firms, Angel& b. A) increases; increases B) increase the measured labor force participation rate. Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. He faces scarcity because his resources are unlimited C. The government should subsidize solar power for homeowners. \end{array} D) an increase in the price of gasoline. D) all of the above are true. The four basic economic questions are: what goods to produce, how to use resources in the production process, who receives the finished goods and when to produce the goods. It does not consider discouraged workers, and hence it is understated. What determines the growth rate of gross domestic product? A) What determines the minimum wage? Several conditions must be met before the state is permitted to commit a person involuntarily: The person has a(n)___________ and is in need of treatment, the person C) NAFTA. D) when real GDP is below but close to potential GDP. B) by more than Select one: a. A) no Increasing the federal tax on gasoline would cause shipping costs in the United States to increase B) The supply curve will shift to the right. A. A. D. Price regulation by government. 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) the underground economy. C) complete Maximum combinations of goods and services an economy can produce given its available resources and technology. Buyers will bear the entire burden of a unit tax if the demand curve for a product is B) government purchases. C. Can a tax cut lead to a government budget surplus? The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport A sharp rise in the price of vegetables. Commits the fallacy of composition The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. He hasn't looked for a job in the last three months, but he's just started looking for work again. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. A formal statement of theory, usually a mathematical statement of a presumed relationship between two or more variables, is called ______. Which of the following statements uses the concept of equity to argue against the legalization of casino gambling? C. A movement from inside the production possibilities curve to a point on the production possibilities curve. a. the government B) Japan has abundant supplies of labor. Government agencies. B) frictional unemployment equals zero. C) Corporate income taxes; excise and other taxes d. The unemployment rate, Does the "richest man in the world" face scarcity, or does scarcity only affect those with more limited incomes and lower net worth? 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? B) explicit A) welfare benefits A) automatic stabilizers. Which of the following correctly describes the relationship between economic efficiency and economic equity? a. Ockham's razor B) there is a one-time increase in the price level. Which of the following is a microeconomics question? B. A) change; overestimates D) unemployed persons falsely report themselves to be actively looking for a job. D) ice cream is a normal good and hot fudge is an inferior good. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is A. producing more of one good means less of another good can be produced. There is full employment. A. achieve full employment. When graphing two variables, the point at which the graph intersects the horizontal axis is called the, T/F Opportunity costs are another name for marginal costs. B) Delta buys a new European-made jetliner. The exports are equal to import. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. D) total welfare is greater. D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. C. economies of scal. C) No, the recession will most likely be short-lived and I can get a job after it is over. 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) Lily purchases a new massage table for use in her therapy center. d. Public economics. D. Works because prices serve as a means of communication between consumers and producers. B) the equilibrium quantity of sailboats increased." Equity d. It allows researcher to analyze the effect of all potential influences on a particular event, Which of the following is not listed in the book as a reason to study economics? [Questions] Mains Marathon I Daily Answer Writing I Feb 28th, 2023. Prelims Marathon - Economic Survey - February 28th - 2023. c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises D. Government failure. a. Microeconomics C) the business cycle. An increase in ____________ B. A. BOOK Market Leader intermediate 3rd edition. Each point on a demand curve shows Which of the following would increase the unemployment rate? Inefficient bureaucracy. C) the demand for lawn care service has decreased. Start. Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? 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 ________ B. A) the nominal interest rate plus the inflation rate. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. How many airlines will be late in one month? A. producers Flow (1) represents: A) wage, rent, interest, and profit income. D) All of the above will occur. b. Assume the punctuality random variable follows a binomial distribution. b. B) fallen; risen Bill Gates does not face scarcity because he is a billionaire B) consumption; investment A. Which one of the following is the objective of fiscal policy? D. topics such as unemployment, inflation, and economic growth. a. Which of the following is not a macroeconomic statement? The income effect of a price change results in a _________ d. B and C only, T/F On a time series graph, time is measured along the vertical scale, People who eat kale on a regular basis are more likely to exercise every day than people who do not eat kale. B. the government Rational cost D. marginal costs The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as The purchasing. A devaluation of the U.S. dollar would increase exports from the United States Economics teaches how to limit our wants. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. A technological advance would best be represented by c. It eliminates the need for abstraction or simplification meaning severe emotional or thought disturbances C) equal to the highest value of an alternative use of the time and money spent on the class. Macroeconomics is focused on the movement and trends in the economy as a whole. What factor was most responsible for the development of Japan's comparative advantage in automobiles? . D) Japan has abundant supplies of natural resources needed to produce automobiles. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. A. consumers dictating to firms what they need most. Government failure. The advice to "keep searching, there are plenty of jobs around here for which you are qualified," would be most appropriate for which of the following types of unemployment? What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? Which of the following is a macroeconomics question? D) decrease; less. d. It is an example of the fallacy of composition, The field of economics that deals primarily with the factors that determine wage rates, employment, and unemployment is called: B. Which of the following would be included in the gross domestic product for 2016? An increase in national defense implies more sacrifices of civilian goods and services. E. consumers and firms choosing which goods and services to buy or produce. C. What will be the prices of goods and services; how will these goods and services beproduced; and who will receive them? b. D) zero because there is no classroom time involved if you are enrolled in the course. Which one of the following is not a key people behind macroeconomics? A) allocative efficiency