The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} The phrase "demand has increased" means that ___________ C) The federal government pays out an unemployment insurance claim. C) builds another assembly plant in the United States. He hasn't looked for a job in the last three months, but he's just started looking for work again. The "guns versus butter" dilemma that all nations confront is that E) the cost of tuition and fees only. The price of steel declined by 3% last year. A. D) on foreign soil. How does a market system prevent people from getting as many goods and services as they wish? A. do not have an economic problem. A mixed economy To Liza, A) create jobs. 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) decrease; less. Combinations of goods and services an economy is actually producing. D) increase in quantity demanded; increase in demand. B) the nominal interest rate minus the inflation rate. A) The demand curve for traditional camera film shifts to the right. B) the consumer surplus received from purchasing a given quantity of a product. C) A state government cuts taxes to help the economy of the state. A) falls; Marla's work takes place in the underground economy once she's married Assume the punctuality random variable follows a binomial distribution. d. sensitivity analysis. C. maintain equilibrium in the Balance of Payments. c. Falls victim to "post hoc, ergo propter hoc." The doctrine of lassiez faire is based on the belief that All of the following are sources of comparative advantage except A. D) Unlike positive economic analysis, normative economic analysis can be tested. D) The federal government cuts taxes to stimulate the economy. A) a demand curve has shifted to the left. B) -3.5% b. D-Positive If the variables along the x-axis and y-axis move in opposite directions, there is a ________ relationship between the two variables. Works through central planning by government. C) The quantity of traditional camera film demanded increases. D. the choices people make to attain their goals, given their scarce resources. (b). The four basic economic questions are: what goods to produce, how to use resources in the production process, who receives the finished goods and when to produce the goods. A) automatic stabilizers. 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. C. For whom should goods and services be produced? D) all of the above are true. A. B What is the optimal number of workers for an ice cream . B. C) goods and services. D) legalized marijuana. Each point on a demand curve shows A) the opportunity cost to firms from producing the equilibrium quantity in a competitive market. C. decreasing opportunity costs as more and more of one good is produced. Production possibilities curve will shift inward. C) The purchasing power of your salary remained constant between 2007 and 2016. 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. C) will lower disposable income and raise spending. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? B. how something will be produced; when something will be produced Should the government attempt to influence the interest rate to lower inflation? Dear Friends, We are posting prelims marathon MCQs for today. B. B) partial C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. A family's decision about how much income to save. B) decrease the measured labor force participation rate. The key factors of microeconomics are as follows: Demand, supply, and equilibrium Production theory Costs of production Labour economics Examples: Individual demand, and price of a product. D. Jenny's wage rate rose, and in response, she decided to work more hours. How were consumption and investment affected . D) the price of sailboats increased. C. the economy as a whole. A) deadweight loss is maximized C) the business cycle. Step-by-step explanation. It is also the case that reported burglaries increase during the same period. Which of the following statements about positive economic analysis is true? D) The quantity of inkjet printers demanded decreases, Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at $6 per unit. What determines the growth rate of gross domestic product? B. From an initial long-run equilibrium, if aggregate demand grows faster than long-run and short-run aggregate supply, then Congress and the president would most likely ________ C. income, saving and . D. The full employment of resources to achieve a particular combination of goods and services. Let us now understand how it is different from Microeconomics. What factors determine the price of carrots? B. spending, production and saving. A) the value of the house in 2016 It considers discouraged workers, and hence it is overstated. b. C) Discouraged workers are not counted as unemployed. B) The supply curve will shift to the right. Annes Newton - G00378073- ECON QUIZ 2. C) a full-time employee at a pizza parlor who makes more than the minimum wage D) The demand curve for traditional camera film shifts to the left. D. workers deciding to produce only what the boss says must be produced. D) do not change; underestimates. O a. B) protect the environment. You know that average prices have risen steadily since 1961. C) an increase in the quantity supplied. D. People should not buy imported fruits and vegetables. C) Firms in European countries offer employees higher wages and higher benefits than do firms in the United States. Second, they are generally less able than are the better off to protect the real value of their incomes and assets from inflation. D. All of the choices are correct. Calculate the predetermined overhead allocation rate for each activity. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. A) the knowledge and enjoyment you receive from taking the class. The government should reduce the tax burden to help small business. B) in non-licensed shops and warehouses. C) increasing the money supply and decreasing interest rates. Which of the following is an example of spending on goods and services in the circular flow model? c. It confuses correlation and causation Micro Economic 100% (3) 6. B) government spending and taxes that automatically increase or decrease along with the business cycle. You will then have 50 minutes to answer all three of the following questions. D) lower taxes by $200 billion. Both discretionary fiscal policy and monetary policy are instruments that governments employ to control the economy. Nonetheless, you continue along your career path looking for a new job because _____________ E) Discouraged workers are counted as unemployed. E) States increase taxes to fund education. Q. b. C) the demand curve shifted to the right resulting in an increase in the equilibrium price. A) The supply curve will shift to the left. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized. The output of U.S. citizens who work in Canada would be included in the _____________ A) U.S. GDP. A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. Laws and regulations. One can conclude that is considered___________ to herself or others, and The production possibilities frontier model assumes all of the following except____________ B) the sum of consumer and producer surplus. 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. B. Which of the following best describes an assumption economists make about human behavior? Deflation occurs when ____________ B) far less difficult than with monetary policy. Government directives are likely to do a better job of allocating resources than markets. (B) important rather than trivial issues. C. All points inside the curve. B) some people do not want a job. A) increasing government purchases or decreasing taxes. c. Post hoc, ergo propter hoc B) high unemployment rates do not usually last for very long. D) the reduction in economic surplus resulting from not being in competitive equilibrium. Macroeconomics, as opposed to microeconomics, includes the study of what determines the ____________ Profit opportunities are eliminated almost instantaneously A) the price level in 2016 was greater than the price level in the base year. Economists have shown that the burden of a tax is The unemployment rate for the United States rose to 5 percent in the last quarter. B) The Federal Reserve cuts interest rates to stimulate the economy. Determine the following. When the variable measured along the x-axis and the variable measured along the y-axis move in the same direction, it indicates a ________ relationship between the two variables. B) an expansionary; a contractionary Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? A) a reduction in unemployment. Which of the following is a macroeconomic question? d. Everyone always gets what they want, T/F Macroeconomics deal with the function of individual industries and the behavior of firms and households, All of the following are examples of topics examined in macroeconomics except ECO111 Quizz 01 FALL 2021. How should we produce goods and services? Show more. D) simplify some aspect of economic life. D) They are included only if they are imported, Which of the following are not considered part of government purchases? Which of the following events would allow the production possibilities curve to shift outward? Microeconomics is the study of a single unit or a single firm whereas the macroeconomics is.. (a). Which field of economics deals primarily with the problems faced by low-income countries? 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? Microeconomics is concerned with issues such as D. Economic growth and market failure. E. consumers and producers. D) Lily purchases a new massage table for use in her therapy center. ________ is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which the sum of consumer surplus and producer surplus is at a maximum. When the invisible hand does not produce optimal outcomes for the economy, there is evidence of You'll get a detailed solution from a subject matter expert that helps you learn core concepts. B. Undiscovered natural resources. C) ice cream and hot fudge are normal goods. These firms are reacting to which of the three key economic ideas? Household income You earn _________ Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. A) employed Use the supply schedule below to answer the following question: Price $10 $20 Quantity Supplied 100 This problem has been solved! A) The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease. The invisible hand at work. C. Maximum combinations of goods and services an economy can produce given unlimited resources. C. A movement from inside the production possibilities curve to a point on the production possibilities curve. C) opportunity B) gross national product of Canada. C) there are not enough jobs for everyone who wants one. The minimum wage law causes unemployment. Investment, as defined by economists, would not include which of the following? Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? D. Government failure. B. producers deciding what society wants most. Which of the following is not a macroeconomic statement? What is the probability that they all will be late? A. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. D. topics such as unemployment, inflation, and economic growth. How do you go about allocating your time in a given day among competing alternatives? C) The tax cut would increase consumption spending by the same amount as would a permanent tax cut. A. a) A French resident buys a Volkswagen car produced in Wolfsburg, Germany. Macroeconomics is a branch of economics that depicts a substantial picture. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. Profitability b. An oligopolistic industry consists of only two firms, Angel& D) quantity of Dell employees. Ask an Expert. The third equation represents the investment function, where e and k are parameters. B) total consumption of goods is greater. C) There will be a decrease in the quantity of labor supplied by households. D. Scarcity. &\textbf{Estimated}\hspace{10pt}&&\textbf{Estimated Quantity}\\ A. C) the interest rate determined by the supply and demand in the money market. C) Producer efficiency B. C) a decrease in the unemployment rate b. It is the field of economics that studies the behavior of the entire economy. D. All of the choices are correct. D. what will be produced; how something will be produced; ________ is a situation in which a good or service is produced at the lowest possible cost. Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________. c. Marginal cost d. To learn how to make lots of money, Explain whether each of the following is an example of a macro or micro concern a. The economy's capital stock declines. D) the wages of college graduates do not fall during recession. D) automatic monetary policy, Since the Social Security system began in 1935, the number of workers per retiree has __________ C) How does Fiat decide on the price of the 500 Pop model? D) there is a decrease in the expected rate of inflation. Question 12. Which of the following is a normative economic statement? See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). Select the phrase that correctly completes the following statement. C. unlimited resources exceed limited wants. C) continually declined. How does the increasing use of digital cameras affect the market for traditional camera film? C. marginal revenue B) will raise disposable income and lower spending. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. A. bi tp eco question points): given the following annual information about hypothetical country, answer the following questions (expenditure approach to gdp) Skip to document. D) building an online job database that helps workers find jobs. A) the cost of additional education is always higher during recession. A) some cyclical unemployment always exists. The first stage in the five-step decision process described in the text is to a. define the problem. As a result, GDP ________ because ________. B) the firm has an incentive to decrease supply now and increase supply in the future. B. how to make money in a market economy. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A) greater on the buyer when the tax is collected from the buyer. What is the impact of competition on the profits of a business? E-Normative, One of the scarce resources that constrain our behavior is time. Is zero Why is the economy of India growing? D) the plastic bags that Subway purchases to wrap its sandwiches. A) There was deflation between 2007 and 2016. B) What determines the production of video game consoles? C) a strong foreign currency exchange rate. How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A Is very narrow endeavor 9 Questions. D. Laissez faire. Choose the correct option. a. A. a. For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. Que10. B) the number of lawn care service companies has increased. Find the following limits: (a) limnn\lim _{n \rightarrow \infty} \alpha_nlimnn, (b) limnn\lim _{n \rightarrow \infty} \beta_nlimnn, (c) limn(3n+4n)\lim _{n \rightarrow \infty}\left(3 \alpha_n+4 \beta_n\right)limn(3n+4n), (d) limnnn\lim _{n \rightarrow \infty} \alpha_n \beta_nlimnnn, (e) limnn/n\lim _{n \rightarrow \infty} \alpha_n / \beta_nlimnn/n, (f) limnnn\lim _{n \rightarrow \infty} \sqrt{\beta_n-\alpha_n}limnnn. A. B) portray reality in all its minute details. B) increases; decreases C. lawmakers in the government voting on what will be produced. B. When graphing two variables, the point at which the graph intersects the horizontal axis is called the, T/F Opportunity costs are another name for marginal costs. D. Price regulation by government. The Industrial Revolution refers to the rise of the modern factory system in ________ during the late eighteenth and early nineteenth centuries. D) incorporates substitutions by consumers when prices of specific products fall rapidly. Question: Question 21 Which of the following exemplifies a macroeconomic question? Opportunity cost Production possibilities curve will shift outward. D. Higher opportunity costs induce higher output per unit of input. In terms of the production possibilities curve, inefficiency is represented by C) a change in consumer income. D) more than complete, A tax rebate, like the one issued in 2008, is likely to ________ consumption spending ________ than would a permanent tax cut. D. Competition, Consider the following economic agents: D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force. A) Economic efficiency A. Which of the following is a macroeconomics question? The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . 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 19 If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run . B) made over-the-counter drugs illegal. C) discretionary monetary policy. D. the government, consumers, and producers C. Lassiez faire price policies. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. Buyers will bear the entire burden of a unit tax if the demand curve for a product is B) European countries offer higher unemployment benefits than the United States. B) a competitive equilibrium is achieved A) an increase in demand. C) frictional D) taxes; expenditures, Active changes in tax and spending by government intended to smooth out the business cycle are called ________, and changes in taxes and spending that occur passively over the business cycle are called ________ In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. C) the economic surplus received from purchasing a given quantity of a product. D) 5%. Changes in the aggregate price level (inflation) A) fallen; fallen A) income b. Zero because you knew when you registered for the class that studying would be required. Should we have economic growth? \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ D. Production of nonmilitary goods will decrease. C) U.S. GDP. Choices made by people faced with scarcity b. A) the price of sailboats increased and the demand for sailboats decreased." When Chuck and Marla get married, Marla continues to work on designing the home, but she no longer charges Chuck for her work. Timer Bonus. A) $5. answer choices. A. d. Public economics. All of these O b. Market failure. C. Market mechanisms and lassiez faire. D. Al of the choices are correct. C) those that hold paper money lose. Government failure. D) decreases; decreases. A) the money supply and interest rates that automatically increase or decrease along with the business cycle. C. The market mechanism has failed to achieve social efficiency. D. There is too much production of lowcost, highquality goods and services. B. Should Congress and the president take action to reduce global warming? Principles of Macroeconomics Quiz- Which of the following represents the major functions of the central bank (a) note issuing agency (b) controller of. E. pure profit. A. \hline B) structural unemployment Simple economies can be described in terms of three major economic flows. B. B-Postive Question 20. This means that _______ C) greater on the buyer when the tax is collected from the seller and greater on the seller when the tax is collected from the buyer. Therefore, exercising daily causes people to eat kale. D) a bridge purchased by the state government. D) the Western Trade Union. What is the current national rate of unemployment? E) too low. C) disposable personal income plus depreciation plus personal taxes. B) the underground economy. C) gross domestic product of the United States. C) changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives. Expansionary fiscal policy involves B) unemployed B. 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 b. B) continually risen. B) there is a one-time increase in the price level. For schedule, refer to the archive link given below. D) risen; fallen. ii. C) equal to the highest value of an alternative use of the time and money spent on the class. C) ensure safe imports. Suddenly, the stock market prices increased much more than expected, increasing investors' wealth and causing a short-term period of increased optimism about the future of the economy. C) after regular office hours. B) a natural disaster like a hurricane or bad earthquake. Depreciation is _________ c. Walmart announced that it will increase its starting wage for employees to $10/hour by Feb 2016 a. B) increase; less A grocery store sells a bag of potatoes at a fixed price of $2.30. A) the value of worn-out equipment, machinery, and buildings. D. The best alternative use of your time. D) technology. = 8.8 - 1.2 F,, + 1.6 FGpp + 6 E (RSP500. An outward shift of a nation's production possibilities frontier can occur due to B) automobile B. c. Is one-half cost of the game, as this is the second time you have played it B) an increase in government spending The opportunity cost of taking an on-line history class is D. give more money to the government to solve its problems. The market mechanism. C) not change GDP. there is a current account surplus. This tax is sometimes referred to as d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? C. when something will be produced; why something will be produced C) an increase in unemployment insurance payments Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. b. Most primitive economies concentrate on producing food and shelter - the basic necessities of life. A. supply and demand. Thus we can say that it is that part of economic theory which studies the economy in its totality or as a whole. A. producers D) upward sloping. Refer to the above diagram. e. None of the above. C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. 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. A) real GDP A) the firm has an incentive to increase supply now and decrease supply in the future. Every society faces economic trade-offs. \text{Grooming}&\text{\underline{\hspace{15pt}80,000}}\hspace{10pt}&\text{Grooming direct labor hours}&\text{\hspace{10pt}4,000}\\
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