B) increasing taxes or decreasing government purchases. D) The minimum wage in Europe is lower than it is in the United States. Administrativeexpenses. Totaloperatingexpenses Incomefromoperations. Otherincome.. Incomebeforeincometax.. Incometaxexpense.. Netincome. David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Intro to Microeconomics (First Exam) (Chapter, Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. A) less difficult than with monetary policy. b. D) incorporates substitutions by consumers when prices of specific products fall rapidly. D) rises; Marla becomes more productive once she's married. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. Electric car enthusiasts want to buy more electric cars at a lower price. C) by the same amount as 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. Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. A) falls; Marla's work takes place in the underground economy once she's married B. stabilize the price level. Show more. A) 2% Step-by-step explanation. Commits the fallacy of composition b. 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? C) the demand curve shifted to the right resulting in an increase in the equilibrium price. A) urniture B. D) risen; fallen. D) people do not find jobs instantaneously. D) the decline in the value of the stock market, net of dividends. C. Technology is lost. What is the impact of competition on the profits of a business? given up when we make a decision is called ____ of that decision ________ 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. Economics is the study of the ________ people make to attain their goals, given their________ resources. D) only change GDP if the development occurs within the borders of the United States. D) changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives. B) continually risen. C) raise taxes by $200 billion. b. Question 12. Quiz 1: Introduction to Macroeconomics Quiz - Quizizz C) wages are higher. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is D) decrease the number of persons in the working-age population. C. Maximum combinations of goods and services an economy can produce given unlimited resources. Solved Question 21 Which of the following exemplifies a - Chegg Profits are always very high and persistent Allocative efficiency best explains ________, and productive efficiency best explains________. C) entrepreneurship. A) there is a sustained increase in the price level. C) the demand for lawn care service has decreased. C. Optimal marginalism B. Which of the following would reduce the labor force participation rate, all else equal? A production possibilities curve indicates the C. The overall economy. A) an induced; an autonomous However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. Cutting taxes _______ C. Can a tax cut lead to a government budget surplus? Which of the following is a macroeconomic question? A. How can a firm B) the value of the time spent on line. C) less than 5 times as much as your grandfather in terms of real income. Should Congress and the president take action to reduce global warming? Therefore, exercising daily causes people to eat kale. C) after regular office hours. B) those that lend money lose. C) a tank purchased by the federal government Report an issue. in the blanks. Writing Period 50 minutes . Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. Suppose that homemakers are included as employed in the labor force statistics, rather than being counted as out of the labor force. C) an increase in the quantity supplied. Explain the pitfall of this statement. They are both automatically achieved in a free market economy. Government agencies. C) decrease the number of persons in the labor force. B) Persons who collect unemployment benefits report themselves to be searching for a job. As a result, GDP ________ because ________. B. B. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? 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. A) Their value is not counted separately, but included as part of the value of the final good for which they are an input. C) 6.67%. Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not Inefficient bureaucracy. D) having an absolute advantage. The economy may be in equilibrium. B. D) The government imposes taxes on those who earn beyond a certain amount of income. The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. A. A. C. how to make money in the stock market. MACROECON CH 1 Flashcards | Quizlet Explain. C) incorporates substitutions by consumers when prices of specific products rise rapidly. This means that _______ A. do not have an economic problem. Marla is an architect who is designing a home for Chuck. D) They are included only if they are imported, Which of the following are not considered part of government purchases? Production possibilities curve will shift inward. Answer: B Diff: 1 Page Ref: 12/12 Topic: Economic Models *: Recurring Works through central planning by government. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. B) higher; lower The income you could have earned Total the statement columns, compute net income (loss), and complete work sheet. a. the government D. Government failure. Combinations of goods and services an economy is actually producing. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. A) increasing government purchases or decreasing taxes. 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. b. unit contribution margin. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? Based on this evidence, Tecumseh has experienced A) higher; higher D) refrigerator. (d). D. Are willing to pay the highest price. Profit opportunities are eliminated almost instantaneously D. workers deciding to produce only what the boss says must be produced. Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . C. Levels of production that will cause both unemployment and inflation. The market mechanism Which of the following economic activities are included in the subject-matter of Economics? Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? C) will lower disposable income and raise spending. A) those that borrow money lose. B) Japan has abundant supplies of labor. C. How is the production quantity of snowboards determined? Basic questions of economics - Economics Help (a) Unlimited Wants B) portray reality in all its minute details. \textbf{\hspace{10pt}Activity}&\textbf{Cost}&\hspace{20pt}\textbf{Allocation Base}&\textbf{of Allocation Base}\\ &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ Question 01. 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 ________. is considered___________ to herself or others, and An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. B. In this initiative, you can attempt 10 subjective MCQs on a daily basis. D. the government, consumers, and producers D) implicit. C) Consumer surplus measures the net benefit from participating in a market. You . D) discretionary fiscal policy; conscious fiscal policy. What kind of unemployment is Sarah experiencing? C. the tendency of many economic variables to move together in a predictable way over the business cycle. Solved which of the following is NOT a macroeconomic | Chegg.com D) Excise and other taxes; individual income taxes. C) downward sloping. The term economic system refers to the way in which a society organizes the production and distribution of good and services. _____a. Exercise 01 - bi tp eco - Question 1 (3 points): Given the following d. All of the above The size of the underground economy would tend to decrease if the government of a country __________________ Prelims Marathon - Economic Survey - February 28th - 2023. Classify the following topics as relating to microeconomics or macroeconomics. A) the cost of additional education is always higher during recession. The market mechanism. Macroeconomics Basics. The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. C) How does Fiat decide on the price of the 500 Pop model? Laws and regulations. of disabled individuals to a less restrictive facility) also c. What were some of the reasons that the Egyptian government built the Aswan High Dam? 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. A. gross earnings B) substitution A) the value of worn-out equipment, machinery, and buildings. A) inflation. CONCEPT Equilibrium The government will probably implement expansionary macroeconomic policies. d. It does not consider those who were laid off due to . Macroeconomics is a branch of economics that depicts a substantial picture. Macroeconomics | Economics Quiz - Quizizz Which of the following would be the best measure of the cost of living? Which of the following accurately compares discretionary fiscal Buyers will bear the entire burden of a unit tax if the demand curve for a product is b. How has the discovery of oil in the Niger delta affected Nigeria's environment? Examples of comparative advantage show how trade between two countries can make each better off. C) Yvette pays $50 to join a softball league. Which of the following is a macroeconomics question? a. How many Which of the following transactions would be recorded in the French current account of its balance of payments statistics? Productive efficiency This month, the company supplied the same quantity of binders at $4 per unit. Given this information, we know for certain that ________ C) increased income tax rates. C. consumers The higher price caused the supply of sailboats to increase.". Why is the economy of India growing? Which of the following is a normative economic statement? B) far less difficult than with monetary policy. A) Tuan purchases a cappuccino at the student union. b. A) Anytime you have to decide which action to take you are facing an economic trade-off. The invisible hand refers to Which of the following statements is false? A. B. D) increased business taxes. The opportunity cost of taking an on-line history class is Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. B) The tax cut would increase consumption spending more than would a permanent tax cut. B) vertical. Macroeconomics Multiple Choice Questions 1. A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors Macroeconomics Flashcards | Quizlet Public economics This means ______. Which of the following is a microeconomic question? a. What are the 1. An increase in ____________ How do you go about weighing the alternatives? B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. The country is experiencing a serious rise in inflation which the government wants to control through fiscal policy. 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. It focuses on areas like inflation, economic growth rate, price levels of various goods and services, gross domestic product (GDP), national income and the unemployment rate in a particular country. A) an increase in the money supply and a decrease in interest rates B. The level of inflation in the economy. A) decreased government regulations on businesses. D) zero because there is no classroom time involved if you are enrolled in the course. Which of the following causes the unemployment rate to understate the true extent of joblessness? C. A movement from inside the production possibilities curve to a point on the production possibilities curve. Go to Memorandum. B. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? D) taxes. B. A family's decision about how much income to save. In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. c. degree of operating leverage. C) decrease; more D) a contractionary; an expansionary. B) an expansionary; a contractionary C. There is often a tradeoff between the two. 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? a. Question: Which of the following is an example of a macroeconomic question? D) quantity of Dell employees. A) There will be an increase in unemployment. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. C) more difficult than with monetary policy. If a firm expects that the price of its product will be lower in the future than it is today Concept why study macroeconomics 16 which statement b. B) updates the market basket every 10 years, rather than every two years. Posted on March 1st, 2023 Last modified on March 1st, 2023 Comments. A) deadweight loss is maximized 3. In the following macroeconomic system, find the parametric B) Laurence rents a car to drive to a wedding in San Diego. Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. Macroeconomics, 4e (Hubbard/O'Brien) Chapter 1 Economics: Foundations A) the Income Security Tax. The production possibilities curve illustrates which two of the following essential principles? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. B) remain the same. 2. Every society faces economic tradeoffs. c. determine the objective. C) a change in the amounts of one good desired. a. Consumption of cigarettes. B. decisions; household Which field of economics deals primarily with the problems faced by low-income countries? A. A city's decision to limit smoking in public areas is an example of The minimum wage law causes unemployment. D) the unemployment rate consists of only frictional and structural unemployment. B) Trade Without Borders. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises B) GDP minus depreciation. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of A. d. Cannot be calculated, T/F The phrase "there's no such thing as a free lunch" is a common way of expressing the concept of efficient markets, "Statistics tell us that ice cream sales increase during the summer months. On which base structure of economic problems has been installed? 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 ________ b. In cities with rent control, people have an incentive to list their apartments on sites such as Airbnb at rents ________ the controlled rates, because rent control causes a ________ of apartments. 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