D. Average combinations of goods and services an economy can produce given its available resources and technology. A) below the market wage, causing labor demand to be greater than labor supply. Microeconomics focuses on supply and demand . C) lower; higher Which of the following statements about positive economic analysis is true? You have majored in computer science and, because of the recession, have difficulty in finding a job. 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. All of the following are sources of comparative advantage except Technological advancements have led to lower prices and an increase in the sale of color laser printers. Your grandfather tells you that he earned $7,000/year in his first job in 1961. d. Congress extends the maximum duration for the collection of unemployment benefits from 26-52 weeks, T/F The collection and use of data to test economic theory is called empirical economics, To analyze the relationship between two variables while holding the values of other variables unchanged is a device known as B) What determines the production of video game consoles? Th View the full answer It is an example of the post hoc fallacy A) total employment is greater. D. Laissez faire. A. B) the price level in 2016 was less than the price level in the base year. B. producers deciding what society wants most. B) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. Which of the following is a macroeconomics question? The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill A) take away from GDP. In the first half of 2011, automobile sales in the United States were lower than they were in the first half of 2010. Calculate the predetermined overhead allocation rate for each activity. D) a demand curve has shifted to the right. B. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies. B. National income is equal to A) lower government purchases by an amount less than $200 billion. C) There will be a decrease in the quantity of labor supplied by households. B) There will be an increase in the quantity of labor demanded by firms. B) continually risen. C) U.S. GDP. \text{Cleaning}&\text{{\hspace{10pt}240,000}}\hspace{10pt}&\text{Cleaning direct labor hours}&\text{100,000}\\ A tax is imposed on employers and workers that are used to fund Social Security and Medicare. An increase in ____________ A) There was deflation between 2007 and 2016. Production possibilities curve will shift inward. D) 3.5% A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease. The production possibilities curve illustrates which two of the following essential principles? d. National output, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. A shift inward of the production possibilities curve. D) discretionary fiscal policy; conscious fiscal policy. The correct answer is C. Explanation: Macroeconomics tries to know and measure an economy goes, how well it is performing. Raising the income tax decreases the amount of disposable income available to those households. A) an increase in the number of people in the labor force A. how households and firms make choices. The "guns versus butter" dilemma that all nations confront is that The invisible hand at work. B) real GDP per person A grocery store sells a bag of potatoes at a fixed price of $2.30. ActivityAdmissionCleaningGroomingTotalindirectcostsEstimatedCost$60,000240,00080,000$380,000AllocationBaseNumberofadmissionsCleaningdirectlaborhoursGroomingdirectlaborhoursEstimatedQuantityofAllocationBase20,000100,0004,000. C. Want the goods and services the most. C) legalized prostitution. The data is listed per quarter, and the real GDP data was calculated using 2009 as the base year. Market failure. D) an increase in the labor force. A) an induced; an autonomous d. On May 30, Elegant Lawns receives $1,000 cash in advance of providing landscaping services to a customer. C. The market mechanism has failed to achieve social efficiency. B) a competitive equilibrium is achieved C) cyclical unemployment All of the above. C) 1.5% C) any level of the two products that the economy produces is currently possible. D. All of the choices are correct. C) Japanese firms benefited from external economies. A) urniture 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. A. unlimited wants exceed limited resources. Households and firms; the economy as a whole, T/F Resources are limited in both wealthy and poor societies, All of the following are criteria frequently applied in judging economic outcomes except, Economics is best defined as the study of, The most common method for graphing the relationship between two variables is by drawing two __________ lines, where the __________ is a horizontal line and the __________ is a vertical line. Which of the following is not a factor of production? c. The price of gasoline If a minimum wage of $15 per hour is imposed, which of the following will occur? Increasing the federal tax on gasoline would cause shipping costs in the United States to increase Discretionary fiscal policy refers to the government's ability to spend money. A) marginal 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) inflation. 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). Voluntary exchange B. C. The overall economy. d. It allows researcher to analyze the effect of all potential influences on a particular event, Which of the following is not listed in the book as a reason to study economics? A) decreased government regulations on businesses. Economists have shown that the burden of a tax is d. The unemployment rate, Does the "richest man in the world" face scarcity, or does scarcity only affect those with more limited incomes and lower net worth? D. Al of the choices are correct. C) raise taxes by $200 billion. Microeconomics is concerned with issues such as d. Ceteris paribus, Which of the following is not an opportunity cost of attending college? Show more. The system that a society chooses reflects the philosophical and political ideas on which that society is founded. Choose 1 answer: Hors many smartphones should Samsung produce this quarter? Combinations of goods and services an economy is actually producing. B. stabilize the price level. C) opportunity there is a capital account surplus. An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue. C. Lassiez faire price policies. B) The quantity of traditional camera film demanded decreases. b. B. C) wages are higher. Which of the following would increase the unemployment rate? Insert your responses to the following: Explain the intent of the taxation policy decisions you made of your seven-year term. In a market economy, the people who receive the goods and services that are produced are those who If market signals result in pollution beyond the optimal level, then B) greater on the seller when the tax is collected from the seller. Explain how these higher income taxes will affect the aggregate demand curve. a. You borrow $10,000 from a bank for one year at a nominal interest rate of 5%. The New York City Police recommended steps the bank could take to deter robberies, including the installation of plastic barriers called "bandit barriers." D) the firm will not change supply until it knows for certain what will happen to its price. A) some cyclical unemployment always exists. c. Will a new type of electronic reader or tablet increase the number of buyers? B) change; underestimates The two policies may have similar objectives, which are to foster economic development and stability; nevertheless, the ways . What determines the growth rate of gross domestic product? A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. B) below the market wage, causing labor demand to be less than labor supply. D) refrigerator. D) efficient central planning. Why has the unemployment rate been nearly twice as high in Europe as in the United States in recent years? B) the number of lawn care service companies has increased. 2. One can conclude that 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. What is the standard deviation of this random variable (i.e., the risk of being late)? More teenagers enter the labor force. D) decrease tax rates. A sharp rise in the price of vegetables. A) Micah purchases a new wrench for his auto repair business. A) a law making it illegal to work more than 35 hours per week answer choices. Macroeconomics is a branch of economics that depicts a substantial picture. A) gross domestic product of Canada. B) decrease the measured labor force participation rate. Keynesian economics says that: (a) workers are paid for their ability to work, not for the value of what their labor creates. Choices made by people faced with scarcity b. Deadweight loss refers to Refer to the above diagram. A) employed A. C) Toby buys a new lawn mower to use in his lawn care business. C. Production of nonmilitary goods will decrease. Adam Smith's invisible hand is now called O a False O b. A) increase; more c. degree of operating leverage.