B) add to GDP. C. do have an economic problem but are solving it. D) producer surplus is minimized. 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 Investment, as defined by economists, would not include which of the following? 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. MULTIPLE CHOICE QUESTIONS TESTBANK - CHAPTER 3. A) no B) portray reality in all its minute details. D) no one in the economy loses. C) wages are higher. D. macroeconomics. The decision about what goods and services will be produced in a market economy is made by C) lower; higher A) There was deflation between 2007 and 2016. D. Laissez faire. Profitability b. A. achieve full employment. D) The Federal government pays to support research on AIDS. B) GDP minus depreciation. A technological advance would best be represented by E-Normative, One of the scarce resources that constrain our behavior is time. b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. All of the above. A. income; available Which of the following individuals would be most negatively affected by anticipated inflation? Government agencies. 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 D. A movement from the production possibilities curve to a point inside the production possibilities curve. Is way of analyzing decision-making processes caused by scarcity A) increase. Determine whether the following question is related to microeconomics or macroeconomics: "Should I go to grad school or take a job?" What are some important facts regarding macroeconomics? C) there are not enough jobs for everyone who wants one. B) increase; less D) zero because there is no classroom time involved if you are enrolled in the course. d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. B. B) continually risen. Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. B. C) 3% A point on a nation's production possibilities curve represents A) an increase in the money supply and a decrease in interest rates C) increased income tax rates. Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. Which field of economics deals primarily with the problems faced by low-income countries? A) updates the market basket every two years, rather than every 10 years. D. The best alternative use of your time. B) will raise disposable income and lower spending. B) increase in demand; increase in quantity demanded It is an example of the coincidental fallacy C. Maximum combinations of goods and services an economy can produce given unlimited resources. A city's decision to limit smoking in public areas is an example of A) the Income Security Tax. D) people do not find jobs instantaneously. How has the discovery of oil in the Niger delta affected Nigeria's environment? D) The demand for video game consoles would increase and the equilibrium price of video game consoles would increase. Which one of the following is a macroeconomic issue? B. A. supply and demand. Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. B. D) simplify some aspect of economic life. C) How does Fiat decide on the price of the 500 Pop model? B) The federal government pays the salary of an FBI agent. A) decreased government regulations on businesses. Q. C. Inefficient incentives. A. D. The full employment of resources to achieve a particular combination of goods and services. A. A. C. society's output cannot be made available to all. Is zero Discretionary fiscal policy refers to the government's ability to spend money. B. net benefit D) out of the labor force. Full employment is not considered to be zero unemployment, because One can conclude that b. c. What were some of the reasons that the Egyptian government built the Aswan High Dam? D) discretionary fiscal policy; conscious fiscal policy. A. 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 the same weight of goods has been imported as were exported. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ It indicates that the currency is in continuous demand by the people Oc taffects only the rich and not the poor Od itact as an incentive to boost in supply in the economy 2When the economy is in Keynesian macroeconomic equilibrium, planned investment is greater than actual investment. D) lower; lower, If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy? The impact of crowding out may be the least _____________ Ford B) the number of lawn care service companies has increased. D. Competition, Consider the following economic agents: When governments are borrowers in financial capital markets, which of the following is least likely to be a possible source of the funds from a macroeconomic point of view? FortheYearsEndedDecember31,20Y2and20Y1. B) an increase in government spending It does not consider discouraged workers, and hence it is understated. In this initiative, you can attempt 10 subjective MCQs on a daily basis. B) the sum of consumer and producer surplus. B. how to make money in a market economy. A) total employment is greater. A) The demand curve for inkjet printers shifts to the right. D) a slowdown in the economy. (b). C) there is a decline in the price level. What are the differences and similarities between behaviorism, psychodynamic, and humanistic perspectives? ________ and ________ are the largest sources of revenue collected by the federal government A. negative because it may improve your grade. A) the unemployment rate increased. C) Yvette pays $50 to join a softball league. A) Japanese firms excelled in process technology. a. the government Given that, the question "According to the Bureau of Economic Analysis, what has been the average annual level of inflation (as measured by the GDP Deflator) over the past 10 years?" Which of the following is not a basic decision that all nations must confront? 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? C) during an expansion. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. D) only change GDP if the development occurs within the borders of the United States. If a German firm produces cars in the United States, that production should count towards Opportunity cost 1 #7. Poorly timed discretionary policy can do more harm than good. Maximum combinations of goods and services an economy can produce given its available resources and technology. Que11. c. Industrial organization C) below; surplus 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 The doctrine of lassiez faire is based on the belief that d. Why do some countries grow faster than others? Real domestic output is at its maximum level. 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). A) a decrease in the money supply and an increase in the interest rate 1) Economic models do all of the following except A) answer economic questions. D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. B. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ B. b. Then compare your responses with the key at the end of the book. C) equal to the highest value of an alternative use of the time and money spent on the class. C. unlimited resources exceed limited wants. C) No, the recession will most likely be short-lived and I can get a job after it is over. A. trade-off A) decrease the required reserve ratio. E) raise taxes by an amount more than $200 billion. there is a capital account surplus. B) frictional unemployment equals zero. B. c. Labor economics How does the increasing use of digital cameras affect the market for traditional camera film? The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier. Nonetheless, you continue along your career path looking for a new job because _____________ Which of the following can be used to correct market failure? c. Marginal cost C. Eliminates market failures by government. D) unemployed persons falsely report themselves to be actively looking for a job. c. Post hoc, ergo propter hoc C) incorporates substitutions by consumers when prices of specific products rise rapidly. Several conditions must be met before the state is permitted to commit a person involuntarily: The person has a(n)___________ and is in need of treatment, the person An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. By how much and in what direction does GDP change as a result of his efforts? d. sensitivity analysis. B. how something will be produced; when something will be produced Assume PetSmart, Inc. expects to incur $380,000 of indirect costs this year. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase National income is equal to A family's decision about how much income to save. D) decrease the number of persons in the working-age population. D) an increase in the working-age population. Solve the Following Short-Essay Questions: Define demand. Government intervention may achieve a more optimal outcome than the market mechanism when addressing An undesirable combination of goods and services. c. Is it sensible for a government to subsidize tobacco production? 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. All of these O b. D. workers deciding to produce only what the boss says must be produced. B) German GDP. ________ increases economic efficiency because it forces firms to produce and sell goods and services as long as the additional benefit to consumers is greater than the additional cost of production. 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. Economics promotes which of the following as the way to make the best decision? Macroeconomics Basics. B) discretionary fiscal policy; automatic stabilizers A. a. D) a bridge purchased by the state government. C. Want the goods and services the most. C. Maximum combinations of goods and services an economy can produce given unlimited resources.
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