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The market mechanism at work. Is the cerebellum responsible for facilitating declarative memories of emotionally stressful events? Que11. D) above the market wage, causing labor demand to be less than labor supply. True 3Government fixes the floor and ceiling . B) substitution B. Examples of comparative advantage show how trade between two countries can make each better off. A. Explain. Depreciation is _________ c. Will a new type of electronic reader or tablet increase the number of buyers? B. Utilizes both market and non market signals to allocate goods and services. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. The "guns versus butter" dilemma that all nations confront is that Why is the economy of India growing? b. D) only change GDP if the development occurs within the borders of the United States. C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor. c. The alternative uses of time you spend studying D. The person who has the responsibility to coordinate all the markets in a market economy. What is Macroeconomics? c. The price of gasoline Preparation and presentation of Union Budget 2. 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 What is the standard deviation of this random variable (i.e., the risk of being late)? B. decisions; household D) the decline in the value of the stock market, net of dividends. there is a current account deficit. B) some people do not want a job. He hasn't looked for a job in the last three months, but he's just started looking for work again. D. What goods and services should we produce? Check your understanding of civil commitment by filling A) the nominal interest rate plus the inflation rate. answer choices. C) discretionary monetary policy. D. The best alternative use of your time. Calculate the predetermined overhead allocation rate for each activity. 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? Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. i. In the market for lettuce, D) buys U.S. government bonds. D. Government intervention. Profitability b. 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. Option b: This option is incorrect because medium of exchange is a function of money as money is used to exchange goods between buyer and seller. MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not The ability to exercise control over one's own resources within the confines of the law refers to D) the same whether the tax is collected from the buyer or the seller. This would a. margin of safety. C. Maximum combinations of goods and services an economy can produce given unlimited resources. Which one of the following is a macroeconomic issue? C) oil prices. c. Is it sensible for a government to subsidize tobacco production? D) Your father buys a new John Deere riding lawn mower. Commits the fallacy of composition C) 3% B) adds 1,000 new cars to inventories. C. society's output cannot be made available to all. C) ensure safe imports. B) the equilibrium quantity of sailboats increased." B) teachers' salaries paid by a local government The Federal Reserve lowered interest rates at its last meeting. Microeconomics answers - Micro Summary exam 1 questions and answers microeconomics exam which of the following is macroeconomics question a:how much would math. D) people do not find jobs instantaneously. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. The term economic system refers to the way in which a society organizes the production and distribution of good and services. D) the legally determined maximum price that sellers may charge for a given quantity of a product. B. C) wages are higher. 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) the nominal interest rate. Will a cut in the interest rate increase Canadian output? Writing Period 50 minutes . A) U.S. GNP. C. normative economics. A) falls; Marla's work takes place in the underground economy once she's married The use of market signals and government directives to select economic outcomes. d. C) looking for work is your only option. B. Is very narrow endeavor A) climate and natural resources. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. B. A) -3%. D. The government is allocating resources inefficiently. C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. Where in Oceania are outrigger canoes used? b. although this definition differs from state to state. D) a bridge purchased by the state government. C-Nomative B) an increase in the unemployment rate A) by less than Government intervention may achieve a more optimal outcome than the market mechanism when addressing B) In a market system, firms can charge any price they want, thus preventing poor people from getting as many goods and services as they wish. Zero because you knew when you registered for the class that studying would be required. C. Relies on the use of central planning by private firms rather than the government. a. In the past two decades the United States lost its comparative advantage in automobiles to Japan. B) the consumer surplus received from purchasing a given quantity of a product. C) above the market wage, causing labor demand to be greater than labor supply. E) 9.5%. Assume that a hypothetical economy is at long-run macroeconomic equilibrium with full employment and stable prices. D) 3.5% This means. B) by more than The use of market prices and sales to signal desired output. B) the economy produces only two products. Required use of pollution control technology that is obsolete. D) The minimum wage in Europe is lower than it is in the United States. d. sensitivity analysis. How does this affect the market for traditional inkjet printers? A) the law of supply has been violated. e. None of the above. C. the highest valued alternative that must be given up to engage in an activity. Macroeconomics is a branch of economics that depicts a substantial picture. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married Each point on a demand curve shows A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. A) Micah purchases a new wrench for his auto repair business. We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." Is way of analyzing decision-making processes caused by scarcity A. b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. D) rises; Marla becomes more productive once she's married. B) The tax cut would increase consumption spending more than would a permanent tax cut. What factors determine the price of carrots? View Answer. . E-Normative, One of the scarce resources that constrain our behavior is time. Which of the following events would allow the production possibilities curve to shift outward? C) the value of all cars produced by Toyota in the United States D) Producer surplus measures the total benefit received by producers from participating in a market. Question 02. b. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? How do you go about weighing the alternatives? These firms are reacting to which of the three key economic ideas? given up when we make a decision is called ____ of that decision C. marginal revenue 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 _______________ Which of the following is a microeconomics question? GDP is not a perfect measure of well-being because _________ C. Maintaining a strong level of economic growth. D) the plastic bags that Subway purchases to wrap its sandwiches. Sarah is a full-time student who is not looking for work. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. a. the government MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. C) Every individual, no matter how rich or poor, is faced with making trade-offs. c. Opportunity costs are zero d. All of the above Go to Memorandum. B) one's property rights. C. Want the goods and services the most. B) higher; lower The term "market" in economics refers to ______________. B) gross national product of Canada. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. What determines the growth rate of gross domestic product? D. There is no conflict between the two goals. b. D) The demand curve for traditional camera film shifts to the left. What goods and services to producehow will these goods and services be produced; and who receives them? The money-creating potential in the banking system in the given case is computed as follows: Because Mike started looking for a new job ______________ d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. Which of the following economic activities are included in the subject-matter of Economics? Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. In a market economy, who decides what goods and services will be produced? B) a natural disaster like a hurricane or bad earthquake. A) inflation PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. C. Inefficient incentives. 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 \hline\\ Every society faces economic trade-offs. B) unemployed Maximum combinations of goods and services an economy can produce given its available resources and technology. During a business cycle expansion, total production ________ and total employment ________. C) consumer surplus is minimized D) below; shortage. B) The purchasing power of your salary fell between 2007 and 2016. When lumber from Brazilian forests is used by a U.S.-owned company to produce furniture in Canada, the value of the furniture produced will be counted as a final good in Which of the following causes the unemployment rate to understate the true extent of joblessness? Which of the following is not a factor of production? a. According to the text, economists consider full employment to occur when What were the macroeconomic principles or models that influenced your decision making?] Answer the following questions by selecting the appropriate answer from the list below. When the laws about civil commitment emerged, The conclusion of this statement: Unemployment is too high. D) both U.S. GNP and German GDP. B) GDP minus depreciation. A) fallen; fallen C) Corporate income taxes; excise and other taxes Which one of the following is not a key people behind macroeconomics? The economy may be in equilibrium. Which of the following is a macroeconomics question? What kind of unemployment is Sarah experiencing? (d). A) What determines the minimum wage? Cutting taxes _______ B What is the optimal number of workers for an ice cream . D. People begin to retire at earlier ages.