d. The cost of the food that you consume while attending college, T/F The price is increasing as quantity increases, the slope of the line representing different prices and their corresponding quantities will be positive, The study of economics A grocery store sells a bag of potatoes at a fixed price of $2.30. A shift inward of the production possibilities curve. C) decrease the number of persons in the labor force. E) raise taxes by an amount more than $200 billion. A) taxes; interest rates A devaluation of the U.S. dollar would increase exports from the United States D) The government imposes taxes on those who earn beyond a certain amount of income. B) made over-the-counter drugs illegal. D. There is too much production of lowcost, highquality goods and services. Combinations of production that are unattainable, given current technology and resources. A. Is way of analyzing decision-making processes caused by scarcity A. Which of the following economic activities are included in the subject-matter of Economics? C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? D) decrease; less. Which of the following is not a basic decision that all nations must confront? A. A) he lettuce that Subway purchases for its sandwiches The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. D) equal 20%. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. A. producing more of one good means less of another good can be produced. O a. D) efficient central planning. Which of the following is a macroeconomics question? b. You have majored in computer science and, because of the recession, have difficulty in finding a job. D. the choices people make to attain their goals, given their scarce resources. A) $5. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. Q. B) consumption; investment B) teachers' salaries paid by a local government O a False O b. D. Allocative efficiency. B) unemployed C. There is often a tradeoff between the two. C) implementing an unemployment insurance policy B) Chester buys a first-class ticket from Atlanta to London for his long-awaited vacation. Is justified by the superiority of lassiez faire over government intervention. D) the value of all cars produced by Nissan in Japan and the United States. Profitability b. A) ice cream and hot fudge are complements. Q: Choose the statement that does not describe Microeconomics. A. Compared to their pre-trade positions, trade makes both countries better off because in each country C) The purchasing power of your salary remained constant between 2007 and 2016. D. what will be produced; how something will be produced; ________ is a situation in which a good or service is produced at the lowest possible cost. A) cyclical A) the Pacific Trade Association. a. B) Delta buys a new European-made jetliner. B) increasing taxes or decreasing government purchases. B. Reading Period 10 minutes . Suppose in 2016, you purchase a house built in 2003. D) about the same difficulty as with monetary policy. A) stayed roughly the same. A. consumers dictating to firms what they need most. C. lawmakers in the government voting on what will be produced. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ C) gross domestic product of the United States. A. The Federal Aviation Administration is considering increasing the number of takeoff and landing slots available at Ronal Reagan Washington National Airport C) Toby buys a new lawn mower to use in his lawn care business. The production possibilities curve illustrates which two of the following essential principles? Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! C. The money you spent on tuition for the class. All of the following are criteria frequently applied in judging economic outcomes except a. C) What factors determine the price of Oreo cookies? C. income, saving and . How many airlines will be late in one month? B. Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. Investment, as defined by economists, would not include which of the following? c. Industrial organization c. Labor economics Lower disposable income decreases consumption at every price level. A. income; available D) an increase in the labor force. Preparation and presentation of Union Budget 2. d. The "richest man in the world" does not face scarcity because he has more money than others, Indicate whether the following statements are examples of positive economic analysis or normative economic analysis D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. B) will raise disposable income and lower spending. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. In a market economy, the people who receive the goods and services that are produced are those who d. All of the above Voluntary exchange B) by more than B. C. Technology is lost. A) frictional unemployment Fill in the columns for the GDP deflator and for the percent . The market mechanism may best be defined as that negatively affect an individuals health and safety, Economic development For below problem geometric sequence given write the next three terms. In a market economy, those who are willing and able to buy what is produced. A) decrease the measured unemployment rate. D. What factors determine the price of electronic cigarettes? c. Will a new type of electronic reader or tablet increase the number of buyers? A point on a nation's production possibilities curve represents D) above the market wage, causing labor demand to be less than labor supply. The substitution bias in the consumer price index refers to the idea that consumers ________ the quantity of products they buy in response to price, and the CPI does not reflect this and ________ the cost of the market basket A) decreased government regulations on businesses. D) What determines the salaries of college professors? 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) an increase in consumers' taste for coffee. Total the statement columns, compute net income (loss), and complete work sheet. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. C) Every individual, no matter how rich or poor, is faced with making trade-offs. occurred. D. Jenny's wage rate rose, and in response, she decided to work more hours. Question 12. Step-by-step explanation. B) a union contractor whose pay is adjusted based on changes in the CPI Full employment is not considered to be zero unemployment, because A. producing more of one good means less of another good can be produced. The government should reduce the tax burden to help small business. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. A) an induced; an autonomous Which of the following is a macroeconomic question? D. the choices people make to attain their goals, given their scarce resources. Q. Select one: a. (B) important rather than trivial issues. D) both U.S. GNP and German GDP. a. Which of the following is an example of a "how much" decision? 60 seconds. Solve homework. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. Answering these four questions is essential for an economy to function properly. B. A) during a deep recession. Poorly timed discretionary policy can do more harm than good. Maximum combinations of goods and services an economy can produce given its available resources and technology. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. D) GDP falls by $1,875. 1. D. Is one that allows trade with other countries. A. D) taxes; expenditures, Active changes in tax and spending by government intended to smooth out the business cycle are called ________, and changes in taxes and spending that occur passively over the business cycle are called ________ Marla is an architect who is designing a home for Chuck. C) wages paid to employees by Dell. What determines the salaries of Wall Street executives? C) more difficult than with monetary policy. A) falls; Marla's work takes place in the underground economy once she's married C) clothing d. Which of the following is a microeconomics question? Is a normative analysis Every society faces economic trade-offs. 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 B) Yes, the recession will lower income in my field permanently. What is the probability that they all will be late? b. D) ceteris paribus. C. Can a tax cut lead to a government budget surplus? It converts normative analysis into positive The economy's capital stock declines. A. C) Producer efficiency How much will be saved; what will be produced; and how can these goods and services be fairly distributed? Economists have shown that the burden of a tax is The money-creating potential in the banking system is simply the amount of new money that can be created using the excess reserves of the bank. MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 All of the above. B. \text{Admission}&\text{\$\hspace{10pt}60,000}\hspace{10pt}&\text{Number of admissions}&\text{\hspace{5pt}20,000}\\ C) below; surplus He is willing to pay $200 for the dozen fish, but buys them for a total of $140. How has the discovery of oil in the Niger delta affected Nigeria's environment? D) there is a decrease in the expected rate of inflation. B) structural Therefore, exercising daily causes people to eat kale. How does a market system prevent people from getting as many goods and services as they wish? How can a firm maximize profits, given the state of the economy? D) refrigerator. Macroeconomics is focused on the movement and trends in the economy as a whole. You earn _________ Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. C) Corporate income taxes; excise and other taxes e. variable cost reduction. C) looking for work is your only option. 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? B) continually risen. c. It confuses correlation and causation D) Producer surplus measures the total benefit received by producers from participating in a market. A) real GDP C) a discouraged worker B) far less difficult than with monetary policy. A. D) the Western Trade Union. B) There will be an increase in the quantity of labor demanded by firms. What determines the growth rate of gross domestic product? B) fallen; risen Choose 1 answer: Hors many smartphones should Samsung produce this quarter? C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. C. Production of nonmilitary goods will decrease. B) the bread that Subway purchases for its sandwiches C) the ups and downs in inflation. The minimum wage law causes unemployment. B) the sum of consumer and producer surplus. C. For whom should goods and services be produced? A) Japanese firms excelled in process technology. D. Government failure. c. Bill Gates faces scarcity because resources are limited A) The demand curve for traditional camera film shifts to the right. Which of the following explains why many European countries have unemployment rates that are higher than in the United States? A) horizontal. Rearranging, we get: Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . D) an increase in oil prices. An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX A) lower government purchases by an amount less than $200 billion. Government failure. B) the number of lawn care service companies has increased. According to the text, economists consider full employment to occur when Dear Friends, We are posting prelims marathon MCQs for today. B) frictional unemployment equals zero. A. negative because it may improve your grade. c. Is it sensible for a government to subsidize tobacco production? a. A. A. C) The federal government pays out an unemployment insurance claim. View Answer. C) will lower disposable income and raise spending. The size of the underground economy would tend to increase if the government of a country ________________ You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Explain. of disabled individuals to a less restrictive facility) also c. It considers part-timers as employed, and hence it is understated. C) incorporates substitutions by consumers when prices of specific products rise rapidly. A) automatic stabilizers. D) the reduction in economic surplus resulting from not being in competitive equilibrium. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? B. net benefit B. B) unattainable C) falls; Marla's architectural design services are no longer bought by Chuck once they're married In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. A) the value of the house in 2016 View Answer The key. D) upward sloping. The minimum wage law causes unemployment. What is the current national rate of unemployment? D. Economic growth and market failure. B) real GDP per person C) less than 5 times as much as your grandfather in terms of real income. C) wages are higher. Step-by-step explanation. D) having an absolute advantage. To learn a way of thinking B) The Federal Reserve cuts interest rates to stimulate the economy. Is very narrow endeavor Why is the economy of India growing? c. Focuses on how a business should function C) downward sloping. 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. Production possibilities curve will shift outward. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ The production possibilities curve illustrates which two of the following essential principles? D) an increase in the working-age population. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. C) Japanese firms benefited from external economies. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. D) $200. B) the nominal interest rate minus the inflation rate. You will then have 50 minutes to answer all three of the following questions. Find the following limits: (a) limnn\lim _{n \rightarrow \infty} \alpha_nlimnn, (b) limnn\lim _{n \rightarrow \infty} \beta_nlimnn, (c) limn(3n+4n)\lim _{n \rightarrow \infty}\left(3 \alpha_n+4 \beta_n\right)limn(3n+4n), (d) limnnn\lim _{n \rightarrow \infty} \alpha_n \beta_nlimnnn, (e) limnn/n\lim _{n \rightarrow \infty} \alpha_n / \beta_nlimnn/n, (f) limnnn\lim _{n \rightarrow \infty} \sqrt{\beta_n-\alpha_n}limnnn. Assume the punctuality random variable follows a binomial distribution. D) a demand curve has shifted to the right.
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