A mixed economy Macroeconomics (ECON 202) Assignment-No.3 Short answer questions Answer the following with the use of the relevant equations which must be shown. c. functional costs. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. B) increases; decreases B) relative abundance of labor and capital. d. The cost of the food that you consume while attending college, T/F The price is increasing as quantity increases, the slope of the line representing different prices and their corresponding quantities will be positive, The study of economics Which field of economics deals primarily with the problems faced by low-income countries? B) far less difficult than with monetary policy. Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). D) the unemployment rate consists of only frictional and structural unemployment. Chuck is paying Marla $150 per hour to design his new home. The marginal propensity to consume (MPC . As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls D) What determines the level of U.S. imports and exports? B) increase in demand; increase in quantity demanded It is an example of the coincidental fallacy B. D. People should not buy imported fruits and vegetables. A) increase the measured unemployment rate. B. A) at prices that violate government price regulations. You earned $30,000 in 2007, and your salary rose to $80,000 in 2016. PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. Prelims Marathon - Economic Survey - February 28th - 2023. B. the possibility of inefficient production. C) continually declined. D) Your father buys a new John Deere riding lawn mower. All of the following are sources of comparative advantage except View Answer. Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? D. the choices people make to attain their goals, given their scarce resources. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. Question 01. Que10. If Congress passed a one-time tax cut in order to stimulate the economy in 2014, and tax rate levels returned to their pre-2014 level in 2015, how should this tax cut affect the economy? It is an example of the post hoc fallacy D) $200. C. A centrally planned economy A) a demand curve has shifted to the left. b. 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 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?" C) looking for work is your only option. If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars? A) a decrease in supply. A) income e. None of the above. O a False O b. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Which of the following is an example of a "how much" decision? A) an increase in the minimum wage D) allocatively efficient. A) higher; higher The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves. E. it is easier to book holidays in member countries. Capital, as economists use the term, refers to. D. the government, consumers, and producers C) Producer efficiency Historically, there have been three basic types of economic system: traditional, command, and market. C. the tendency of many economic variables to move together in a predictable way over the business cycle. B. The use of market signals and government directives to select economic outcomes. E. consumers and firms choosing which goods and services to buy or produce. Step-by-step explanation. B) movement along the demand curve due to a change in relative prices. b. A graph that contains two variables with a negative relationship is _________, while a graph that contains two variables with a positive relationship is _________. C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. D) depreciation. B. decisions; household B) Laurence rents a car to drive to a wedding in San Diego. A) inflation If the nominal rate of interest is 6.5% and the inflation rate is 3.0%, what is the real rate of interest? D. Al of the choices are correct. D. Government intervention. ___________ (movement of disabled individuals out These are: A. income, spending and saving. Market failure. C) an increase in the quantity supplied. D) both U.S. GNP and German GDP. The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} C. the highest valued alternative that must be given up to engage in an activity. C. Production of nonmilitary goods will decrease. (d). A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a. The demand for bottled water by individuals. Profits are always very high and persistent The economy experiences government failure. A) climate and natural resources. B) 3%. B. B) protect the environment. b. b. The first stage in the five-step decision process described in the text is to a. define the problem. C) equity A. unlimited wants exceed limited resources. B) updates the market basket every 10 years, rather than every two years. C) after regular office hours. True 3Government fixes the floor and ceiling . B. Production possibilities curve will shift outward. A) horizontal. A) There was deflation between 2007 and 2016. C) a 12-inch Subway sandwich purchased by a student A) When will the government better secure the borders? C) during an expansion. A) the cost of additional education is always higher during recession. Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. Which of the following is an example of government failure? In a free market, production is determined by market forces. Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? Bureaucratic delays B) total income in 2015 was around $17.3 trillion. A. A) above; surplus Which of the following is not a durable good? Microeconomics is the study of Let n=3n2n1\alpha_n=\frac{3-n}{2 n-1}n=2n13n and n=n2+2n13n22,n=1,2,\beta_n=\frac{n^2+2 n-1}{3 n^2-2}, n=1,2, \ldotsn=3n22n2+2n1,n=1,2,. If the nominal interest rate is 6% and the inflation rate is 9%, then the real interest rate is What goods and services to produce; how will these goods and services be produced; and who receives them? Check your understanding of civil commitment by filling Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. c. Post hoc, ergo propter hoc Getting the timing right with fiscal policy is generally _______________ C) downward sloping. D) a demand curve has shifted to the right. A) the firm has an incentive to increase supply now and decrease supply in the future. c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 C) 1.5% C. how to make money in the stock market. B) The tax cut would increase consumption spending more than would a permanent tax cut. C) implementing an unemployment insurance policy Which of the following is a macroeconomics question? The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. Is not a very efficient means of communicating consumer demand to the producers of goods and services. The minimum wage law causes unemployment. It is the field of economics that studies the behavior of the entire economy. The difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _________, while macroeconomics deals primarily with _____________. The decrease in auto sales impacts GDP because new automobiles are counted as ________ when purchased by households and ________ when purchased by businesses. A) 2% 7 Principles of Macroeconomics- Chapter 1 C) increase flows (2) and (3) and reduce flows (6) and (7). A) What determines the minimum wage? Let us now understand how it is different from Microeconomics. Math is a way of solving problems by using numbers and equations. of mental institutions) and ___________ (movement D) total welfare is greater. A. A) will lower disposable income and lower spending. A. income; available 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 Advertisement Advertisement b. C) consumer surplus is minimized Which of the following can be used to correct market failure? A) fallen; fallen D) 3.5% Rearranging, we get: D) less than 5 times as much as your grandfather in terms of nominal income. C) GDP rises by $125. As a result, GDP ________ because ________. C. the economy as a whole. A) urniture C) a change in consumer income. Which of the following individuals would be most negatively affected by anticipated inflation? C. consumers Factors of production and price signals. d. sensitivity analysis. What is the impact of competition on the profits of a business? Which of the following would reduce the labor force participation rate, all else equal? B) structural unemployment Why is the economy of India growing? 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? The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as C) Yvette pays $50 to join a softball league. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. On which base structure of economic problems has been installed? C) a strong foreign currency exchange rate. A) The federal government buys a Humvee. D. What goods and services should we produce? B) a natural disaster like a hurricane or bad earthquake. D) A drug dealer reports herself as unemployed. B) an increase in government spending A) the value of all cars produced by General Motors in the United States C) Consumer surplus measures the net benefit from participating in a market. B) high unemployment rates do not usually last for very long. D) a slowdown in the economy. A city's decision to limit smoking in public areas is an example of D) No, the recession will have no impact on my ability to get a job or my future income. In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. Stability c. Efficiency d. Growth A Economics is best defined as the study of a. B. the government The following macroeconomic projected return models =. D) a contractionary; an expansionary. Which of the following explains why the unemployment rate could be misleading? A) less difficult than with monetary policy. Question: Which of the following is an example of a macroeconomic question? Government directives are likely to do a better job of allocating resources than markets. 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 ________ Economics is concerned with prices and quantities of goods and services, both at the individual. Suppose that nominal GDP in 2016 was less than real GDP in 2016. A) The federal government passes tax cuts to encourage firms to reduce air pollution. A. Ford B) substitution As more and more time is spent on one activity, the opportunity cost of the activity in terms of other activities rises 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 c. The overall price level in the economy D) taxes. D) an increase in oil prices. ; D. what will be produced; how something will be produced. d. Public economics. Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. C. when something will be produced; why something will be produced Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved!
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