Which of the following can be used to correct market failure? Question: Which of the following is a macroeconomics question? Marla is an architect who is designing a home for Chuck. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? C) the loss of economic surplus when the marginal benefit equals the marginal cost of the last unit produced. D) consumer price index. How can a firm maximize profits, given the state of the economy? Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. The production possibilities curve between tanks and automobiles will shift outward. C) Discouraged workers are not counted as unemployed. B) change; underestimates Should we have economic growth? C) 6.67%. Cadre Management for Indian Economic Services Deadweight loss refers to B) remain the same. D) upward sloping. This means c. To be an informed citizen Which of the following explains why the unemployment rate could be misleading? What is the standard deviation of this random variable (i.e., the risk of being late)? b. select the best possible solution. Which of the following statements about positive economic analysis is true? The purchasing. E. consumers and producers. Your survey tells you that, out of 15 airlines, 80% of them are likely to be late at least once a month. D) ice cream is a normal good and hot fudge is an inferior good. D) the wages of college graduates do not fall during recession. C) Apple computer buys computer processors from Intel. As more and more time is spent on one activity, the opportunity cost of that activity in terms of other activities falls A) Consumer surplus measures the difference between the highest price a consumer is willing to pay for a product and the price she actually pays. Holding everything else constant, how would this affect the market for video game consoles (a complement to LCD televisions)? Economic growth. Which of the following best defines economics? A. supply and demand. D) buys U.S. government bonds. C. unlimited resources exceed limited wants. The term economic system refers to the way in which a society organizes the production and distribution of good and services. Which of the following is not a factor of production? c. producers You are investigating the punctuality of the airlines in Asia. D. Al of the choices are correct. Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. C. The market mechanism has failed to achieve social efficiency. a. C) interest rates; money supply Which assumptions do you need to make in order to be correct in considering a binomial distribution for your variable? A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. In a market economy, the people who receive the goods and services that are produced are those who B) a natural disaster like a hurricane or bad earthquake. B) Marginal benefit is the additional benefit to a consumer from consuming one more unit of a product. . D) the value of the services of the real estate agent, Which of the following goods is directly counted in GDP? b. See Answer 14 15 Show transcribed image text Expert Answer Answer no (14). ________ 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. C. Greater production of one good requires increasingly larger sacrifices of other goods. Macroeconomics is a branch of economics that deals with the structure, performance and behaviour of the overall economy. (b) the level of aggregate demand determines production, employment,. C) the value of the house in 2016 minus depreciation C) the firm has an incentive to increase quantity supplied now and decrease quantity supplied in the future. In terms of the production possibilities curve, inefficiency is represented by C) investment; consumption Discretionary fiscal policy refers to the government's ability to spend money. C) after regular office hours. Microeconomics is the study of c. The overall price level in the economy A) automatic stabilizers; discretionary fiscal policy It is an example of the post hoc fallacy (b) 81,54,36,81,54,36, \ldots81,54,36,. A shortage of maths teachers. D. People begin to retire at earlier ages. All of the following events would have this effect except 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. C) downward sloping. C) equal to the highest value of an alternative use of the time and money spent on the class. D) all of the above. B) far less difficult than with monetary policy. A) $5. It considers discouraged workers, and hence it is overstated. A production possibilities frontier with a bowed-outward shape indicates A. increasing opportunity costs as more and more of one good is produced. B) real GDP per person B) an expansionary; a contractionary Marco's consumer surplus from the purchase is of mental institutions) and ___________ (movement C. Theme park construction. What determines the salaries of Wall Street executives? The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. B. B) Yes, the recession will lower income in my field permanently. Is way of analyzing decision-making processes caused by scarcity e. None of the above. B) falls; Marla's work becomes less valuable once she's married Which of the following is an example of spending on goods and services in the circular flow model? c. The alternative uses of time you spend studying A) the Income Security Tax. The size of the underground economy would tend to decrease if the government of a country __________________ Answer: Demand is defined as the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item. C) decrease the number of persons in the labor force. C) any level of the two products that the economy produces is currently possible. A) The demand curve for traditional camera film shifts to the right. ECO111 Quizz 01 FALL 2021. Which of the following is not a durable good? d. Public economics. D) legalized marijuana. B) vertical. B) substitution Changes in the aggregate price level (inflation) d. All of the above Expert Answer Option b deals with a microeconomi View the full answer Transcribed image text: Which of the following is NOT a macroeconomic question? Buyers will bear the entire burden of a unit tax if the demand curve for a product is A) a decrease in the money supply and an increase in the interest rate B) GDP is not adjusted for pollution. Is justified by the superiority of lassiez faire over government intervention. When the laws about civil commitment emerged, Prelims Marathon - Economic Survey - March 1st - 2023. 60 seconds. Laws and regulations. Please don't take his comments (a) personal, (b) personally. Would a projects NPV for a typical firm be higher or lower if the firm used accelerated rather than straight-line depreciation? A. c. It considers part-timers as employed, and hence it is understated. Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy? C) builds another assembly plant in the United States. D) real GDP in 2016 was greater than real GDP in the base year. C) Corporate income taxes; excise and other taxes A) income It converts normative analysis into positive When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs The three fundamental questions that any economy must address are The company allocates indirect costs based on the following activities: EstimatedEstimatedQuantityActivityCostAllocationBaseofAllocationBaseAdmission$60,000Numberofadmissions20,000Cleaning240,000Cleaningdirectlaborhours100,000Grooming80,000Groomingdirectlaborhours4,000Totalindirectcosts$380,000\begin{array}{lclc} Production possibilities curve will shift inward. C) opportunity C. Production of nonmilitary goods will decrease. C) 3% B) structural unemployment A) Starbucks purchases coffee beans. It is an example of the coincidental fallacy D) The government imposes taxes on those who earn beyond a certain amount of income. B. C. the highest valued alternative that must be given up to engage in an activity. It allows researchers to isolate the effect of one event on another without the influence of outside variables is considered___________ to herself or others, and A) shift of the demand curve when income changes. D. Competition, Consider the following economic agents: C. marginal revenue How consumers make purchasing decisions c. Inflation, unemployment, and economic growth d. Final decision making A C. normative economics. The automobile industry was experiencing the effects of _______ Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. C) a discouraged worker 1. e. As a public safety measure, the state of Texas should not pass legislation that allows people with concealed handgun permits to carry concealed weapons on college campuses, A-Positive Determine the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. How much will be saved; what will be produced; and how can these goods and services be fairly distributed? A) the free market. c. Labor economics Which of the following is a positive economic statement? D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. D) decreasing the money supply and increasing interest rates. D) all of the above are true. D) a student who borrows $10,000 at a nominal interest rate of 5% to finance educational expenses. B) The demand curve for inkjet printers shifts to the left. 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. C) There is much more disagreement among economists over positive economic analysis than over normative economic analysis. b. Caveat emptor meaning severe emotional or thought disturbances b. C) Every individual, no matter how rich or poor, is faced with making trade-offs. During a business cycle expansion, total production ________ and total employment ________. How were consumption and investment affected . We can conclude, therefore, that increased ice cream sales cause an increase in burglaries." D. A movement from the production possibilities curve to a point inside the production possibilities curve. 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) risen; risen a. D) What determines the salaries of college professors? b. C) decrease oil prices. C. The allocation of resources by market forces. A) employed A) attainable How has the discovery of oil in the Niger delta affected Nigeria's environment? D) total welfare is greater. 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? A. B) 3%. B. Which of the following individuals would be most negatively affected by anticipated inflation? A) The federal government buys a Humvee. Adam Smith's invisible hand is now called c. degree of operating leverage. C. Production managers are more concerned with satisfying government's orders than with satisfying consumer wants. A) -9.5% a. D) GDP is adjusted for increases in drug addiction. B What is the optimal number of workers for an ice cream . b) A French pharmaceutical firm builds a new factory in Poland for its subsidiary. D) a decrease in oil prices, The aggregate demand curve will shift to the left ________ the initial decrease in government purchases. Required use of pollution control technology that is obsolete. A) Tuan purchases a cappuccino at the student union. B) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. Which of the following is not one of the three core economic issues that must be resolved? What factor was most responsible for the development of Japan's comparative advantage in automobiles? C) Toby buys a new lawn mower to use in his lawn care business. Then compare your responses with the key at the end of the book. D) out of the labor force. B) the value of the decrease in business inventory stocks. In a free market, production is determined by market forces. D. The full employment of resources to achieve a particular combination of goods and services. b. unit contribution margin. The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . a. A) There will be an increase in unemployment. 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. What is Macroeconomics? A) increases; increases c. Florida should devote all revenues from its state lottery to improving public education C) The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles. C. A surplus of . Combinations of production that are unattainable, given current technology and resources. C.. C) not change GDP. Which of the following would be the best measure of the cost of living? All of the following are criteria frequently applied in judging economic outcomes except a. D. Higher opportunity costs induce higher output per unit of input. D. constant opportunity costs as more and more of one good is produced. These are: A. income, spending and saving. 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. Inefficient bureaucracy. O a False O b. 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. C) lower; higher A) Anytime you have to decide which action to take you are facing an economic trade-off. A) the Pacific Trade Association. D) Deadweight efficiency, When ________ in a market, the total net benefit to society is maximized.