\text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ B. A) below the market wage, causing labor demand to be greater than labor supply. It considers discouraged workers, and hence it is overstated. D) What determines the level of U.S. imports and exports? c. The alternative uses of time you spend studying B) a competitive equilibrium is achieved Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? Bureaucratic delays C. unlimited resources exceed limited wants. c. Focuses on how a business should function Quiz 1: Introduction to Macroeconomics Quiz - Quizizz C. The money you spent on tuition for the class. Zero because you knew when you registered for the class that studying would be required. 300+ TOP Macroeconomics MCQs and Answers Quiz Exam b. unit contribution margin. A) decrease the measured unemployment rate. C) those that hold paper money lose. A. D) an increase in the labor force. Factors of production and price signals. C) by the same amount as What goods and services to producehow will these goods and services be produced; and who receives them? C) NAFTA. Keynesian Economics Questions and Answers - Study.com D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. C) increasing the money supply and decreasing interest rates. a. B) movement along the demand curve due to a change in relative prices. B. spending, production and saving. This means. Full employment is not considered to be zero unemployment, because D) about the same difficulty as with monetary policy. a. B. how something will be produced; when something will be produced 1. B) an increase in quantity demanded. A. B) discretionary fiscal policy; automatic stabilizers PetSmart, Inc. is a large specialty pet retailer of services and solutions for the needs of pets. B) a natural disaster like a hurricane or bad earthquake. C) there are not enough jobs for everyone who wants one. 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. B) updates the market basket every 10 years, rather than every two years. B) The demand curve for inkjet printers shifts to the left. C. Decreasing opportunity costs will occur with greater automobile production. Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who have become more health conscious and wish to monitor various health conditions. C) decrease in demand; decrease in quantity demanded Which one of the following is the objective of fiscal policy? 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) the federal income tax. C) the price of sailboats increased and the quantity of sailboats demanded decreased." 2. Select the phrase that correctly completes the following statement. A. The use of market signals and government directives to select economic outcomes. To understand society and global affairs What Are the Four Basic Economic Questions? - Reference.com is considered___________ to herself or others, and Which of the following statements about positive economic analysis is true? This would D) the plastic bags that Subway purchases to wrap its sandwiches. National income is equal to Therefore, exercising daily causes people to eat kale. Expansionary fiscal policy involves B) those that lend money lose. What kind of unemployment is Sarah experiencing? C. There is often a tradeoff between the two. B) The supply curve will shift to the right. C) a decrease in the price of lithium, which is used in the electric car batteries. C) there has been a downward movement along a demand curve. Chuck is paying Marla $150 per hour to design his new home. B) the number of lawn care service companies has increased. B) -3.5% Which of the following is not a factor of production? a. Microeconomics C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. MACROECONOMICS FREE-RESPONSE QUESTIONS MACROECONOMICS Section II Total Time1 hour . Q. a. C. choices; scarce Ask an Expert. B) 2.5% B) partial C. Maximum combinations of goods and services an economy can produce given unlimited resources. D) the wages of college graduates do not fall during recession. A. By definition, economics is the study of This situation will most likely coincide with high unemployment. In the first six months of 2003, branches of Commerce Bank in New York City were robbed 14 times. B. how to make money in a market economy. A) the nominal interest rate plus the inflation rate. A) higher; higher The economy may be in equilibrium. A. producing more of one good means less of another good can be produced. C) an increase in unemployment insurance payments An outward shift of a nation's production possibilities frontier can occur due to A. producing more of one good means less of another good can be produced. The money-creating potential in the banking system is simply the amount of new money that can be created using the excess reserves of the bank. A) total employment is greater. Government intervention may achieve a more optimal outcome than the market mechanism when addressing Answered: Which of the following is a | bartleby In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. B. All of these O b. The production possibilities curve between tanks and automobiles will appear as a straight line. D. People begin to retire at earlier ages. A) shift of the demand curve when income changes. Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. How many airlines will be late in one month? 60 seconds. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. Which of the following would be classified as fiscal policy? A) allocative efficiency Is not a very efficient means of communicating consumer demand to the producers of goods and services. Combinations of goods and services an economy is actually producing. D) efficient central planning. B. B. C) not change GDP. B) lower government purchases by $200 billion. Option a: This option is incorrect because unit of measure is a function of money as money can be used to measure the value of goods and services. A. C. Maximum combinations of goods and services an economy can produce given unlimited resources. Laws and regulations. You have majored in computer science and, because of the recession, have difficulty in finding a job. D) 3.5% D. macroeconomics. B. decisions; household 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 that negatively affect an individuals health and safety, C) a decrease in the unemployment rate B) an increase in government spending B. Economics involves allocating resources to meet peoples' needs and desires for goods and services. View Answer The key. E. consumers and firms choosing which goods and services to buy or produce. b. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. C) a change in consumer income. A) the value of worn-out equipment, machinery, and buildings. Economics is the study of the ________ people make to attain their goals, given their________ resources. A. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. A. unlimited wants exceed limited resources. D) ceteris paribus. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ More teenagers enter the labor force. B. Micro Economic 100% (3) 6. a. Macroeconomics Basics. Why is the economy of India growing? Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. b. D) out of the labor force. D) on foreign soil. B. It is an example of the coincidental fallacy A) the Income Security Tax. C. Congress increased the minimum wage rate in January. C) The demand curve will shift to the right. B) remain the same. Commits the fallacy of composition Which of the following is an example of a "how much" decision? D. the choices people make to attain their goals, given their scarce resources. b. consumers B. firm could more readily exploit. A. A. B. A) a law making it illegal to work more than 35 hours per week A) the value of the house in 2016 Unemployment is too high. D) lower taxes by $200 billion. D. All of the choices are correct. 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. B. 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) a change in the amounts of one good desired. B) add to GDP. Preparation and presentation of Union Budget 2. A) average price levels of goods and services in the economy. Ch. 1 Microeconomics Homework Flashcards | Quizlet B) by more than For schedule, refer to the archive link given below. Need the goods and services the most. b. Macroeconomics The invisible hand at work. C) the ups and downs in inflation. D. Increasing opportunity costs will occur with greater tank production. You will then have 50 minutes to answer all three of the following questions. D) movement along the demand curve due to a change in purchasing power brought about by the price change. a. A) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. D. Average combinations of goods and services an economy can produce given its available resources and technology. d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. How does a market system prevent people from getting as many goods and services as they wish? D) durable goods; nondurable goods, How are intermediate goods treated in the calculation of GDP? A. ________ and ________ are the largest sources of revenue collected by the federal government Is a normative analysis An economy is at equilibrium output when A. Y = C + I + G+ NX B. Y = AD + C + G + NX Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? C. Production of nonmilitary goods will decrease. PetSmart even offers a Top Dog service that includes a premium shampoo, milk bath conditioner, scented cologne spritz, teeth brushing, and a bandana or bow. b. However, with increased productivity, the economy has more available resources which can be used for non-necessary goods, such as leisure and education. PDF AP Macroeconomics 2018 Free-Response Questions - College Board Producers are using inventory faster than it can be replaced.

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