Scarcity refers to the situation in which. Let us now understand how it is different from Microeconomics. The income you could have earned Which of the following is a macroeconomics question? B. net benefit E) the cost of tuition and fees only. d. All of the above a. a. As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises 60 seconds. C. Inefficient incentives. a. A) the law of supply has been violated. Th View the full answer B) 3%. C. lawmakers in the government voting on what will be produced. Which of the following is an example of government failure? D. The government is allocating resources inefficiently. B) The purchasing power of your salary fell between 2007 and 2016. D. None of these choices are correct. It converts normative analysis into positive C. The process by which the production possibilities curve shifts inward. C. Maintaining a strong level of economic growth. The nominal GDP of the U.S. in 2015 was approximately $17.3 trillion. A) the unemployment rate increased. is a corporation unresponsive to the demands of its customers? A grocery store sells a bag of potatoes at a fixed price of $2.30. C) wages paid to employees by Dell. D. the choices people make to attain their goals, given their scarce resources. B) the number of lawn care service companies has increased. B) updates the market basket every 10 years, rather than every two years. Marco's consumer surplus from the purchase is A) increase; more B) a decrease in government purchases All of the following are benefits of the single market except ? B) the price level in 2016 was less than the price level in the base year. E) 9.5%. B. Solve the Following Short-Essay Questions: Define demand. To learn a way of thinking B) decrease government spending. D) an increase in the working-age population. C. Market success. D. Competition, Consider the following economic agents: C. economies of scal. d. identify possible solutions. b. D. marginal costs B) a cut in unemployment compensation B. Microeconomics focuses on supply and demand . D. Who gets jobs; what wages do workers earn; and who owns what property? c. It confuses correlation and causation B. how to make money in a market economy. Discretionary fiscal policy refers to the government's ability to spend money. C) the unemployment rate decreased. A) The demand curve for inkjet printers shifts to the right. A) decrease the measured unemployment rate. B) some people do not want a job. Should you go back to school and get a second major? C) entrepreneurship. C. Production of nonmilitary goods will decrease. c. producers C. Eliminates market failures by government. B) Trade Without Borders. You know that average prices have risen steadily since 1961. View Answer. A. A) cyclical B) gross national product of Canada. The study of national economy as whole. Which of the following is a normative economic statement? D) the legally determined maximum price that sellers may charge for a given quantity of a product. A) stayed roughly the same. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. Which of the following is a positive economic statement? He is willing to pay $200 for the dozen fish, but buys them for a total of $140. The size of the underground economy would tend to increase if the government of a country ________________ C) an increase in the quantity supplied. A) The demand curve for traditional camera film shifts to the right. Question 20. a. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? D) Lily purchases a new massage table for use in her therapy center. You have majored in computer science and, because of the recession, have difficulty in finding a job. A) the value of all cars produced by General Motors in the United States Is zero B) the value of the decrease in business inventory stocks. Commits the fallacy of composition A) he lettuce that Subway purchases for its sandwiches The first stage in the five-step decision process described in the text is to a. define the problem. a. A family's decision about how much income to save. B) productive efficiency D. it intensified competition. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. B. A) higher; higher Which of the following is not a basic decision that all nations must confront? B) Delta buys a new European-made jetliner. Which of the following would increase the unemployment rate? C) a change in consumer income. c. The overall price level in the economy B. the global economy. Which of the following statements is not true? in the blanks. 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. Start. B) portray reality in all its minute details. Key Takeaways. Question: Which of the following is a macroeconomics question? A. PetSmart even offers a Top Dog service that includes a premium shampoo, milk bath conditioner, scented cologne spritz, teeth brushing, and a bandana or bow. Deflation occurs when ____________ Reading Period 10 minutes . Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. A. C) an autonomous; an induced a. Prelims Marathon - Economic Survey - March 1st - 2023. What factors determine the price of carrots? 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 Macroeconomics is focused on the movement and trends in the economy as a whole. 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. In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. Which of the following is a positive economic statement? D. Is one that allows trade with other countries. The three fundamental questions that any economy must address are Q. B) an increase in government spending Calculate the predetermined overhead allocation rate for each activity. B) Yes, the recession will lower income in my field permanently. (C) how individual markets work. D. the choices people make to attain their goals, given their scarce resources. C. There is often a tradeoff between the two. D. C) discretionary monetary policy. 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. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. A mixed economy C) less than 5 times as much as your grandfather in terms of real income. The "guns versus butter" dilemma that all nations confront is that A tax is imposed on employers and workers that are used to fund Social Security and Medicare. C. Maximum combinations of goods and services an economy can produce given unlimited resources. Compose a sentence using the following word. For schedule, refer to the archive link given below. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. C) the value of all cars produced by Toyota in the United States A) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. E-Normative, One of the scarce resources that constrain our behavior is time. 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 D) a contractionary; an expansionary. An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX All points outside the curve. If the CPI rose from 82 to 202 between 2007 and 2016, which of the following is true? B) greater on the seller when the tax is collected from the seller. B. 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. There is no conflict between the two goals. 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. Question 01. An undesirable combination of goods and services. Electric car enthusiasts want to buy more electric cars at a lower price. The production possibilities frontier model assumes all of the following except____________ C) GDP rises by $125. B. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. A) When will the government better secure the borders? C) Apple computer buys computer processors from Intel. A city's decision to limit smoking in public areas is an example of Equity Explore the definition and types of economics including microeconomics and macroeconomics and. B) the value of the house in 2003 Which of the following is not a factor of production? Which of the following causes the unemployment rate to understate the true extent of joblessness? The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. There are no problems and everyone, including consumers, is satisfied. The number of work visas should not be limited by the government. D. The best alternative use of your time. D) GNP plus depreciation. C) a decrease in the unemployment rate Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not A) greater on the buyer when the tax is collected from the buyer. President Obama has discussed raising income taxes for individuals earning over $250,000 in income. B) in non-licensed shops and warehouses. \hline C) people employed in the underground economy The economy may be in equilibrium. A) the knowledge and enjoyment you receive from taking the class. The use of market prices and sales to signal desired output. d. Comparative economic systems, Determine whether the following is covered by microeconomics or macroeconomics A) deadweight loss is maximized B. See Answer. Is a normative analysis Suppose real GDP is $12.6 trillion and potential GDP is $12.4 trillion. D) technology. B) made over-the-counter drugs illegal. D) an increase in consumers' taste for coffee. By definition, economics is the study of A. B) one's property rights. is considered___________ to herself or others, and It allows researchers to isolate the effect of one event on another without the influence of outside variables It is also the case that reported burglaries increase during the same period. B. a. Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! 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. B) the consumer surplus received from purchasing a given quantity of a product. How does a market system prevent people from getting as many goods and services as they wish? D) a slowdown in the economy. D. The person who has the responsibility to coordinate all the markets in a market economy. ________ is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum. Answer the following questions by selecting the appropriate answer from the list below. Suppose a drought resulted in a major reduction in the California lettuce crop. Ask an Expert. occurred. A) welfare benefits In this initiative, you can attempt 10 subjective MCQs on a daily basis. D) out of the labor force. b. The automobile industry was experiencing the effects of _______ Please don't take his comments (a) personal, (b) personally. The demand for bottled water by individuals. When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. An outward shift of a nation's production possibilities frontier can occur due to a. Ockham's razor 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 _______________ C) automatic stabilizers; monetary policy Macroeconomics Multiple Choice Questions 1. BOOK Market Leader intermediate 3rd edition. The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. A. producing more of one good means less of another good can be produced. Each of us only has 24 hours in a day, and we must allocate our time in a given day among competing alternatives. 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?