A. B) continually risen. C) above the market wage, causing labor demand to be greater than labor supply. D) sometimes by more than and other times by less than, A change in consumption spending caused by income changes is ________ change in spending, and a change in government spending that occurs to improve roads and bridges is ________ change in spending C) A state government cuts taxes to help the economy of the state. Grossprofit.Sellingexpenses..Administrativeexpenses.TotaloperatingexpensesIncomefromoperations.Otherincome..Incomebeforeincometax..Incometaxexpense..Netincome.20Y1$1,500,000510,000$990,000$270,000180,000$450,000$540,00060,000$600,000450,000$150,000$1,250,000475,000$775,000$200,000156,250$356,250$418,75050,000$468,750375,000$93,750. This means ______. C) Every individual, no matter how rich or poor, is faced with making trade-offs. D) the same whether the tax is collected from the buyer or the seller. D) decrease; less. Which of the following best describes an assumption economists make about human behavior? C. The market mechanism has failed to achieve social efficiency. A. Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. c. determine the objective. A. A) a demand curve has shifted to the left. This month, the company supplied the same quantity of binders at $4 per unit. D. workers deciding to produce only what the boss says must be produced. B. A) stayed roughly the same. C) continually declined. Micro midterm chapter 1 Flashcards | Quizlet To understand society and global affairs A. how households and firms make choices. A) greater on the buyer when the tax is collected from the buyer. B) relative abundance of labor and capital. Que11. \end{array} C) decrease the number of persons in the labor force. The economy has gone into a recession. B) government spending and taxes that automatically increase or decrease along with the business cycle. a. Go to Memorandum. Technological advancements have led to lower prices and an increase in the sale of color laser printers. 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) Yes, the recession will ensure that you will never find a job as a programmer. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price. B) a job retraining program A) gross domestic product of Canada. Why is the typical person in the United States today more than 10 times richer than the typical person in the United States a century ago? D) all of the above. Should we have economic growth? Which one of the following is not a key people behind macroeconomics? A pair of shoes that costs $80 last month costs $100 this month. With respect to factors of production, which of the following statements is not true? A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. All of the following are sources of comparative advantage except D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? given up when we make a decision is called ____ of that decision The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. A) The demand curve for inkjet printers shifts to the right. An increase in national defense implies more sacrifices of civilian goods and services. b. C) looking for work is your only option. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! C. Market mechanisms and lassiez faire. A) increase in demand; decrease in demand 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 ________. C) No, the recession will most likely be short-lived and I can get a job after it is over. A) the value of output in 2015 was around $17.3 trillion. Which of the following accurately compares discretionary fiscal Which of the following would be the best measure of the cost of living? They've told our detectives they have no interest in ever putting in the barriers.". Difference Between Microeconomics & Macroeconomics - BYJUS is a corporation unresponsive to the demands of its customers? If market signals result in pollution beyond the optimal level, then C) there is a decline in the price level. Which of the following is a microeconomics question? B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. A) total employment is greater. Use the following (partial) chart of accountsaccount numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). -3 Multiple Choice 1:10:18 Are oil companies ripping off consumers by charging exorbitantly high prices for gasoline? d. sensitivity analysis. Que10. B) increases; decreases When the invisible hand does not produce optimal outcomes for the economy, there is evidence of D) risen and declined with different generations, Fiscal policy is defined as changes in federal ________ and ________ to achieve macroeconomic objectives such as price stability, high rates of economic growth, and high employment B) The tax cut would increase consumption spending more than would a permanent tax cut. A mixed economy d. Why do some countries grow faster than others? Automatic stabilizers refer to B. how to make money in a market economy. This change will______________ A. In addition to selling pet food and pet products, PetSmart also offers dog grooming services including baths, nail trimming, teeth brushing, and aromatherapy to reduce everyday stress, and nail polish and stickers. MCQs on Basic Economics - GeeksforGeeks b. A) Tuan purchases a cappuccino at the student union. C) frictional Explain how these higher income taxes will affect the aggregate demand curve. D. A rightward shift of the curve. Preparation and presentation of Union Budget 2. B) the price level in 2016 was less than the price level in the base year. B. how something will be produced; when something will be produced [Solved] The following table contains nominal and - SolutionInn c. Post hoc, ergo propter hoc Which of the following is a macroeconomics question? B) unemployed B) government purchases. D) the value of all cars produced by Nissan in Japan and the United States. D) the Western Trade Union. B. marginal benefit equals the marginal cost. d. Dollar cost, T/F The process of analyzing the additional costs or benefits which arise from a decision is known as marginalism, You own the video game Grand Theft Auto V. The opportunity cost of playing this game for the second time A. D. There is no conflict between the two goals. a. Unemployment is too high. B. B) the firm has an incentive to decrease supply now and increase supply in the future. Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . D) All of the above will occur. D) discretionary fiscal policy; conscious fiscal policy. B) the value of the time spent on line. D. the choices people make to attain their goals, given their scarce resources. Economics promotes which of the following as the way to make the best decision? Which of the following is the best example of land? 1. B) there has been an upward movement along a demand curve. B) total income in 2015 was around $17.3 trillion. A) The demand curve for traditional camera film shifts to the right. What is the standard deviation of this random variable (i.e., the risk of being late)? A) the cost of additional education is always higher during recession. known as ___________ Mental illness is a(n)___________ concept, typically Answer the following questions by selecting the appropriate answer from the list below. D) quantity of Dell employees. B. decisions; household ________ and ________ are the largest sources of revenue collected by the federal government Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. Which of the following is an example of spending on factors of production in the circular flow model? b. D. Government intervention. A) less difficult than with monetary policy. D) no one in the economy loses. If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as_______ C. society's output cannot be made available to all. \\\hline A) Anytime you have to decide which action to take you are facing an economic trade-off. A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. (D) the economy as a whole. c. Will a new type of electronic reader or tablet increase the number of buyers? a. B) The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease. b. 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. C) increased income tax rates. Macroeconomic Policy and Poverty Reduction - International Monetary Fund Question: Which of the following is an illustration of a macroeconomic question? A. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. A) increasing government purchases or decreasing taxes. ECO 210 Ch.1 Flashcards | Quizlet To reduce the bias in the consumer price index, the Bureau of Labor Statistics Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). B. still have an economic problem. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. True 3Government fixes the floor and ceiling . A. C. how to make money in the stock market. C. An increase in national defense is possible only if we produce more butter. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? Household income Which of the following would reduce the labor force participation rate, all else equal? D) having an absolute advantage. A. income; available A. The output of U.S. citizens who work in Canada would be included in the _____________ . 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 To learn a way of thinking a. It is also the case that reported burglaries increase during the same period. B. net benefit D) both U.S. GNP and German GDP. Which of the following statements is false? The invisible hand at work. Report an issue. D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? D) Excise and other taxes; individual income taxes. Choose the correct option. C) total spending in 2015 was around $17.3 trillion. An undesirable combination of goods and services. 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 A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors A. unlimited wants exceed limited resources. D) consumer price index. Answer-Consider the following Statements. (i) As part of AtmaNirbhar A) shift of the demand curve when income changes. For below problem geometric sequence given write the next three terms. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ Why is the economy of India growing? A) automatic stabilizers; discretionary fiscal policy c. Industrial organization Inefficient bureaucracy. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). Then compare your responses with the key at the end of the book. How has the discovery of oil in the Niger delta affected Nigeria's environment? \hline B. Maximum combinations of goods and services an economy can produce given its available resources and technology. D. Laissez faire. D) decrease tax rates. You have majored in computer science and, because of the recession, have difficulty in finding a job. Explain. 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. A. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. There is full employment. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. D) the payroll tax. A) there is a sustained increase in the price level. D) only change GDP if the development occurs within the borders of the United States. Microeconomics answers - Math Methods A. trade-off All of the following are benefits of the single market except ? D. There is too much production of lowcost, highquality goods and services. D) about the same difficulty as with monetary policy. In a free market, production is determined by market forces. D. All of the choices are correct. Select one: a. Electric car enthusiasts want to buy more electric cars at a lower price. C) Corporate income taxes; excise and other taxes D. Economic growth and market failure. A. B) total consumption of goods is greater. A. producing more of one good means less of another good can be produced. D. Average combinations of goods and services an economy can produce given its available resources and technology. Which of the following is not a function of money? Group of A) -3%. b. A) average price levels of goods and services in the economy. A) the knowledge and enjoyment you receive from taking the class. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. D) Lily purchases a new massage table for use in her therapy center. Producers are using inventory faster than it can be replaced. b. C) lower; higher 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 Allocative efficiency best explains ________, and productive efficiency best explains________. C. lawmakers in the government voting on what will be produced. B) an expansionary; a contractionary Should Congress and the president take action to reduce global warming? For schedule, refer to the archive link given below. C) Toby buys a new lawn mower to use in his lawn care business. a. B) structural B) partial A. do not have an economic problem. D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. C) 6.67%. A) below the market wage, causing labor demand to be greater than labor supply. A. producing more of one good means less of another good can be produced. D) below; shortage. A. how households and firms make choices. A) decreased government regulations on businesses. Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? Zero because you knew when you registered for the class that studying would be required. C) the sum of frictional unemployment and structural unemployment equals zero. A. Which of the following would be classified as fiscal policy? C. Government failure does not exist. D) seasonal unemployment, Structural unemployment is the result of ____________ It is an example of the post hoc fallacy The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." A) Starbucks purchases coffee beans. MCQ Questions for Class 12 Economics Chapter 1 - NCERT Books B. D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. C) an autonomous; an induced How were consumption and investment affected . c. The alternative uses of time you spend studying a. C) a change in the amounts of one good desired. \text{Total indirect costs}&\text{\underline{\underline{\$\hspace{5pt}380,000}}}\hspace{10pt}\\