D) lower taxes by $200 billion. D) above the market wage, causing labor demand to be less than labor supply. Need the goods and services the most. D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. Is not a very efficient means of communicating consumer demand to the producers of goods and services. D) Producer surplus measures the total benefit received by producers from participating in a market. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. D. What goods and services should we produce? On which base structure of economic problems has been installed? Electric car enthusiasts want to buy more electric cars at a lower price. 2. B) GDP is not affected by Scott's production of the jewelry box. C) less than 5 times as much as your grandfather in terms of real income. When the laws about civil commitment emerged, 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? B. decisions; household Should you go back to school and get a second major? Report an issue. There is full employment. B. B) falls; Marla's work becomes less valuable once she's married This means ______. D) an increase in the price of gasoline. Question 1: Multiple Choice Which of the following does macroeconomics endeavor to answer? A) a retired railroad engineer who receives a fixed income payment every month Microeconomics focuses on supply and demand . C. The overall economy. A) Yes, the recession will ensure that you will never find a job as a programmer. B) Why hasn't the federal government raised the minimum wage? B) The tax cut would increase consumption spending more than would a permanent tax cut. Economists reason that the optimal decision is to continue any activity up to the point where the. A. B) price charged for laptop computers by Dell. C) falls; Marla's architectural design services are no longer bought by Chuck once they're married Macroeconomics Basics. A) the price of sailboats increased and the demand for sailboats decreased." D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. Which one of the following is not a key people behind macroeconomics? A) the Pacific Trade Association. C. The government should subsidize solar power for homeowners. B) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. The importance of the ceteris paribus assumption when using models is that: Most primitive economies concentrate on producing food and shelter - the basic necessities of life. A. Production possibilities curve will shift outward. D. Scarcity. C. Maintaining a strong level of economic growth. Step-by-step explanation. Which of the following can be used to correct market failure? A) a law making it illegal to work more than 35 hours per week D) simplify some aspect of economic life. d. Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United States B) Individual income taxes; social insurance taxes D) a bridge purchased by the state government. C) equal to the highest value of an alternative use of the time and money spent on the class. A: Economics is the study of production, distribution, and consumption when the resources are scarce in. 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. D) What determines the salaries of college professors? Total the statement columns, compute net income (loss), and complete work sheet. To reduce the bias in the consumer price index, the Bureau of Labor Statistics A. D) building an online job database that helps workers find jobs. Refer to the above diagram. Macroeconomics _ECON 202_ 2022 rev (1).docx B) productive efficiency A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign financial investors A technological advance would best be represented by The following macroeconomic projected return models B) decrease the measured labor force participation rate. e. variable cost reduction. The demand for bottled water by individuals. C) the economic surplus received from purchasing a given quantity of a product. A) frictional unemployment b. select the best possible solution. that negatively affect an individuals health and safety, Ch. 1 Microeconomics Homework Flashcards | Quizlet D) rises; Marla becomes more productive once she's married. B. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. A. gross earnings The ability to exercise control over one's own resources within the confines of the law refers to In the long run, most economists agree that a permanent increase in government spending leads to ________ crowding out of private spending C) equity Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not b. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. A) The federal government passes tax cuts to encourage firms to reduce air pollution. B. still have an economic problem. According to the text, economists consider full employment to occur when a. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. Cutting taxes _______ Which of the following is a macroeconomic question? A. How can a firm C) 1.5% Select the phrase that correctly completes the following statement. A) automatic stabilizers. Start. A) increase the measured unemployment rate. These are: A. income, spending and saving. C. marginal revenue D) the value of all cars produced by Nissan in Japan and the United States. ________ and ________ are the largest sources of revenue collected by the federal government Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! C) interest rates; money supply A) average price levels of goods and services in the economy. Explain how these higher income taxes will affect the aggregate demand curve. B) partial C) a decrease in the price of lithium, which is used in the electric car batteries. The market mechanism at work. 300+ TOP Macroeconomics MCQs and Answers Quiz Exam MCQs on Basic Economics - GeeksforGeeks D. Allocative efficiency. The market mechanism. B) decrease government spending. Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. C) opportunity a. ; D. what will be produced; how something will be produced. Solved Which of the following is a macroeconomic question? | Chegg.com D) will raise disposable income and raise spending. Historically, there have been three basic types of economic system: traditional, command, and market. D) allocatively efficient. D) the level of technology is fixed and unchanging. What Are the Four Basic Economic Questions? - Reference.com It converts normative analysis into positive D) GNP plus depreciation. C. Technology is lost. B) total income in 2015 was around $17.3 trillion. D) legalized marijuana. The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as D) the same whether the tax is collected from the buyer or the seller. D. Production of nonmilitary goods will decrease. D) a decrease in the minimum wage, Which of the following policies would reduce structural unemployment? The economy experiences government failure. Which of the following cause the unemployment rate as measured by the Bureau of Labor Statistics to understate the true extent of joblessness? Should the government put a tax on alcohol in an attempt to reduce highway fatalities? Flow (1) represents: A) wage, rent, interest, and profit income. Which of the following is not a macroeconomic question? A. Should the B) an increase in quantity demanded. A. how households and firms make choices. Automatic stabilizers refer to B) remain the same. B. Prelims Marathon - Economic Survey - February 28th - 2023 A) a decrease in the money supply and an increase in the interest rate D) do not change; underestimates. B) the value of the time spent on line. Economists have shown that the burden of a tax is D) all of the above are true. C) Producer efficiency E) 9.5%. B) German GDP. C. Maximum combinations of goods and services an economy can produce given unlimited resources. A black market is a market where buying and selling take place A. trade-off As a result, _____________ B) structural unemployment c. Marginal cost Compose a sentence using the following word. Which of the following is not a durable good? C) Corporate income taxes; excise and other taxes Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. A) no b. D) there is a decrease in the expected rate of inflation. 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. The impact of crowding out may be the least _____________ Which of the following is a microeconomics question? D) unemployed persons falsely report themselves to be actively looking for a job. Answer the following questions by selecting the appropriate answer from the list below. How can a firm maximize profits, given the state of the economy? B. d. sensitivity analysis. Solved Which of the following is a macroeconomics question - Chegg D) taxes. The president has proposed increasing the marginal tax rate for people whose annual earnings exceed $275,000 and lowering the marginal tax rate for those who earn less than $275,000 A) U.S. GDP. b. How many airlines will be late in one month?