Select one: a. A) nondurable goods; durable goods D) the Western Trade Union. International economics. c. Labor economics To Liza, A) buys a new robotic machine (from a plant in Ohio) to assemble cars. D. Competition, Consider the following economic agents: d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States The impact of crowding out may be the least _____________ d. Is concerned with proving that capitalism is better than socialism, An efficient market is a market which 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. B. the global economy. A) increase. Is zero 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 The unemployment rate for the United States rose to 5 percent in the last quarter. Simple economies can be described in terms of three major economic flows. D. The best alternative use of your time. Combinations of goods and services an economy is actually producing. It is also the case that reported burglaries increase during the same period. D) the wages of college graduates do not fall during recession. C) Every individual, no matter how rich or poor, is faced with making trade-offs. C. do have an economic problem but are solving it. D) $200. A: Globalization Globalization can be depicted as an interaction by which individuals of the world are Q: A firm in a perfectly competitive market faces a market price of $80, and has a total cost function: A: Introduction We have given a perfectly competitive market. In a market economy, those who are willing and able to buy what is produced. Select the phrase that correctly completes the following statement. The level of inflation in the economy. Producers are using inventory faster than it can be replaced. Which of the following is included in both the U.S. GDP and U.S. GNP? B) higher; lower b. However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. C) a tank purchased by the federal government The government should reduce the tax burden to help small business. The real rate of interest is ______________ You will then have 50 minutes to answer all three of the following questions. Micro Economic 100% (3) 6. D) The government imposes taxes on those who earn beyond a certain amount of income. Prelims Marathon - Economic Survey - March 1st - 2023. What is the current national rate of unemployment? A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. ECO111 Quizz 01 FALL 2021. A) horizontal. B) Canada's GDP. C) cyclical unemployment c. As less and less time is spent on one activity, the opportunity cost of that activity in terms of other activities rises Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? The minimum wage law causes unemployment. The following table contains nominal and real GDP data, in billions of dollars, from the U.S. Bureau of Economic Analysis for 2013 and 2014. Economic development C. Maximum combinations of goods and services an economy can produce given unlimited resources. a. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. C) automatic stabilizers; monetary policy The opportunity cost of taking an on-line history class is What factors determine the price of carrots? D) will raise disposable income and raise spending. How does this affect the market for traditional inkjet printers? Will a cut in the interest rate increase Canadian output? This means. The production possibilities curve illustrates which two of the following essential principles? B) the nominal interest rate minus the inflation rate. A. public economics. 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. \hline\\ B) 3%. If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? The increase in the amount that the government collects in taxes when the economy expands and the decrease in the amount that the government collects in taxes when the economy goes into a recession is an example of All of the following are sources of comparative advantage except A) employed D. Jenny's wage rate rose, and in response, she decided to work more hours. Which of the following is a government expenditure, but is not a government purchase? Chapter 6, P R O B L E M S E T 3 . Scarce resources and opportunity cost. A) below the market wage, causing labor demand to be greater than labor supply. A) Micah purchases a new wrench for his auto repair business. A) a decrease in the money supply and an increase in the interest rate D) a contractionary; an expansionary. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? B) the search process of matching workers with jobs. D) consumer price index. C. maintain equilibrium in the Balance of Payments. C) the sum of frictional unemployment and structural unemployment equals zero. Required use of pollution control technology that is obsolete. d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? B) increased income tax rates. C. when something will be produced; why something will be produced B. stabilize the price level. C) ice cream and hot fudge are normal goods. Preparation and presentation of Union Budget 2. C) legalized prostitution. D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? The economic term for the costs associated with negotiating and enforcing a contract is a. opportunity costs. C. lawmakers in the government voting on what will be produced. The invisible hand refers to D) unemployed persons falsely report themselves to be actively looking for a job. B) there is a one-time increase in the price level. there is a capital account surplus. C) Japanese firms benefited from external economies. E. it is easier to book holidays in member countries. A) less difficult than with monetary policy. D) GDP is adjusted for increases in drug addiction. C. Market success. Explain how these higher income taxes will affect the aggregate demand curve. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. C. Congress increased the minimum wage rate in January. This situation will most likely coincide with high unemployment. C. Lassiez faire price policies. 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 _____a. C. Can a tax cut lead to a government budget surplus? A. B) unemployed A. A. E) 9.5%. The price of steel declined by 3% last year. B) the equilibrium quantity of sailboats increased." C) The purchasing power of your salary remained constant between 2007 and 2016. D. Price regulation by government. A) above; surplus Posted on February 28th, 2023 Last modified on February 28th, 2023 Comments. A city's decision to limit smoking in public areas is an example of What determines the growth rate of gross domestic product? 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 You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. C) U.S. GDP. B) an expansionary; a contractionary A. B) high unemployment rates do not usually last for very long. A) stayed roughly the same. You know that average prices have risen steadily since 1961. Answer: B Use the following diagram to answer questions 36-39: 36. If the price level rose in three consecutive years from 100 to 120 to 140, then the annual inflation rate over those years would ________ This problem has been solved! 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. D) the firm will not change supply until it knows for certain what will happen to its price. B) The supply curve will shift to the right. C. The market mechanism has failed to achieve social efficiency. D) decrease; less. C) equity What goods and services to produce; how will these goods and services be produced; and who receives them? Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. B) -3.5% The result is a shift in the aggregate demand curve to the left. If North Korea is currently producing at effciency, and it proceeds to increase the size of its military, then, as long as nothing else changes, its D. Markets result in an unfair distribution of income. a. A. C) Toby buys a new lawn mower to use in his lawn care business. What is the impact of competition on the profits of a business? A) The supply curve will shift to the left. B) the value of the decrease in business inventory stocks. D. The person who has the responsibility to coordinate all the markets in a market economy. Que10. Answer the following questions by selecting the appropriate answer from the list below. B) decrease government spending. B) above; shortage Which of the following individuals would be most negatively affected by anticipated inflation? Stability c. Efficiency d. Growth A Economics is best defined as the study of a. C) What factors determine the price of Oreo cookies? Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? In the market for lettuce, B) Yes, the recession will lower income in my field permanently. (D) the economy as a whole. An outward shift of a nation's production possibilities frontier can occur due to there is a current account deficit. If a firm expects that the price of its product will be lower in the future than it is today Which of the following best describes an assumption economists make about human behavior? B. B) the bread that Subway purchases for its sandwiches Micro Economic 100% (2) 176. D. Works because prices serve as a means of communication between consumers and producers. c. Focuses on how a business should function Advertisement Advertisement B. To learn a way of thinking Next post [UPSC Interview 2022] - Transcript #116 : Gen, Raj Shukla Board, PSIR Optional, Maharashtra Home State . Profitability b. B. Undiscovered natural resources.
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