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Macroeconomics is A.The study of larger topics than Microeconomics B.The study of money in the current policy environment C.The study of large corporations D.The study of how best to use our scarce resources in the aggregate correct answers D. The market value of all final goods and services...
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Add to cartMacroeconomics is A.The study of larger topics than Microeconomics B.The study of money in the current policy environment C.The study of large corporations D.The study of how best to use our scarce resources in the aggregate correct answers D. The market value of all final goods and services...
Which country has experience highest GDP growth in recent years? correct answers China Which country has the largest total annual real GDP? correct answers USA The relationship between the level of growth of an economic variable, gt, and its level, yt, is best approximated as correct answers g...
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Add to cartWhich country has experience highest GDP growth in recent years? correct answers China Which country has the largest total annual real GDP? correct answers USA The relationship between the level of growth of an economic variable, gt, and its level, yt, is best approximated as correct answers g...
marginal utility is defined as the correct answers change in total utility a person derives from the consumption of a good divided by the change in the quantity of the good consumed. suppose you are eating buffalo wings at a local happy hour. the total utility from doing so after the fourth, fift...
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Add to cartmarginal utility is defined as the correct answers change in total utility a person derives from the consumption of a good divided by the change in the quantity of the good consumed. suppose you are eating buffalo wings at a local happy hour. the total utility from doing so after the fourth, fift...
Assume that two countries have production functions given by country 1: Y = AK^(1/3)L^(2/3) and country 2: Y = AK^(1/2)L^(1/2). Then, according to the Solow model, the fraction of total income that goes to labor will be: (a) Larger in the country that is closest to the steady state. (b) Larger i...
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Add to cartAssume that two countries have production functions given by country 1: Y = AK^(1/3)L^(2/3) and country 2: Y = AK^(1/2)L^(1/2). Then, according to the Solow model, the fraction of total income that goes to labor will be: (a) Larger in the country that is closest to the steady state. (b) Larger i...
Which of the following describes a situation in which every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it? A) productive efficiency B) allocative efficiency C) marginal efficiency D) profit maximi...
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Add to cartWhich of the following describes a situation in which every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it? A) productive efficiency B) allocative efficiency C) marginal efficiency D) profit maximi...
If the price of good X rises and the demand for good X is elastic, then the percentage __________ in quantity demanded is __________ the percentage rise in price, and total revenue __________. -fall; greater than; falls -fall; less than; falls -rise; greater than; falls -fall; greater than; rise...
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Add to cartIf the price of good X rises and the demand for good X is elastic, then the percentage __________ in quantity demanded is __________ the percentage rise in price, and total revenue __________. -fall; greater than; falls -fall; less than; falls -rise; greater than; falls -fall; greater than; rise...
if a competitive market operates perfectly, it relies on correct answers the laws of supply and demand a change in quantity demanded of a product is the result of change in correct answers the cost of producing the product a demand curve is defined as the relationship between correct answers t...
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Add to cartif a competitive market operates perfectly, it relies on correct answers the laws of supply and demand a change in quantity demanded of a product is the result of change in correct answers the cost of producing the product a demand curve is defined as the relationship between correct answers t...
Marginal utility is defined as the correct answers change in total utility a person derives from the consumption of a good divided by the change in the quantity of the good consumed. Suppose you are eating buffalo wings at a local happy hour. The total utility from doing so after the fourth, fift...
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Add to cartMarginal utility is defined as the correct answers change in total utility a person derives from the consumption of a good divided by the change in the quantity of the good consumed. Suppose you are eating buffalo wings at a local happy hour. The total utility from doing so after the fourth, fift...
Externality correct answers a benefit or cost that affects someone who is not directly involved in the production or consumption of a good or service Private Cost correct answers the cost borne by the producer of a good or service Social Cost correct answers The total cost of producing a good ...
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Add to cartExternality correct answers a benefit or cost that affects someone who is not directly involved in the production or consumption of a good or service Private Cost correct answers the cost borne by the producer of a good or service Social Cost correct answers The total cost of producing a good ...
How does optimal price depend on price level P and output Y? correct answers Directly related - as output or price level grow, so too does optimal price Procyclicality of TFP - Classical correct answers TFP drives the business cycle Procyclicality of TFP - Keynesian correct answers Use factors...
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Add to cartHow does optimal price depend on price level P and output Y? correct answers Directly related - as output or price level grow, so too does optimal price Procyclicality of TFP - Classical correct answers TFP drives the business cycle Procyclicality of TFP - Keynesian correct answers Use factors...
If capital grows at 2 percent per year and labor grows at 1 percent per year, and capital's share is 1/3 while labor's share is 2/3, if there is no technological progress and the neoclassical assumptions hold, the growth rate of output will be: correct answers 4/3 percent per year Over the past...
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Add to cartIf capital grows at 2 percent per year and labor grows at 1 percent per year, and capital's share is 1/3 while labor's share is 2/3, if there is no technological progress and the neoclassical assumptions hold, the growth rate of output will be: correct answers 4/3 percent per year Over the past...
Demand Curve correct answers A graph showing how the demand for a commodity or service varies with a change in price. Elasticity correct answers The measurement of a variable's sensitivity to a change in another variable. Refers to the degree in which individuals, consumers, or producers change ...
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Add to cartDemand Curve correct answers A graph showing how the demand for a commodity or service varies with a change in price. Elasticity correct answers The measurement of a variable's sensitivity to a change in another variable. Refers to the degree in which individuals, consumers, or producers change ...
Fiat Money correct answers Paper money that is not redeemable for a real commodity Continental Currency correct answers supposed to be able to be redeemed for gold/ silver but didn't hold much value. As war dragged on, they kept printing leading to inflation Repressed Inflation correct answer...
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Add to cartFiat Money correct answers Paper money that is not redeemable for a real commodity Continental Currency correct answers supposed to be able to be redeemed for gold/ silver but didn't hold much value. As war dragged on, they kept printing leading to inflation Repressed Inflation correct answer...
3 Key Economic Ideas correct answers 1. People are rational 2. People respond to incentives 3. People make optimal decisions at the margin People are rational correct answers Consumers use all available information as they act to achieve their goals; weighing the benefits and costs, deciding wh...
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Add to cart3 Key Economic Ideas correct answers 1. People are rational 2. People respond to incentives 3. People make optimal decisions at the margin People are rational correct answers Consumers use all available information as they act to achieve their goals; weighing the benefits and costs, deciding wh...
A tax on sellers correct answers - Shifts supply to the left - Price rises and quantity falls - The rise in price is less than the amount of tax - Increases the price that buyers pay and decreases the price that sellers receive statutory burden correct answers The statutory burden of a tax des...
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Add to cartA tax on sellers correct answers - Shifts supply to the left - Price rises and quantity falls - The rise in price is less than the amount of tax - Increases the price that buyers pay and decreases the price that sellers receive statutory burden correct answers The statutory burden of a tax des...
For a firm with market power, advertising expenditures affect all of the following except which one? Demand Curve Marginal Cost Total Cost Marginal Revenue correct answers Marginal Cost If a firm spends money on advertising, its gross profit is ________ its net profit. correct answers Great...
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Add to cartFor a firm with market power, advertising expenditures affect all of the following except which one? Demand Curve Marginal Cost Total Cost Marginal Revenue correct answers Marginal Cost If a firm spends money on advertising, its gross profit is ________ its net profit. correct answers Great...
Advertising correct answers Refers to any type of promotional activity for a firm What kind of cost is advertising for a firm? correct answers Fixed cost Advertising is effective only for what kind of firms? correct answers Firms with market power Gross profit correct answers Profit before ...
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Add to cartAdvertising correct answers Refers to any type of promotional activity for a firm What kind of cost is advertising for a firm? correct answers Fixed cost Advertising is effective only for what kind of firms? correct answers Firms with market power Gross profit correct answers Profit before ...
For a firm with market power, advertising expenditures affect all of the following except which one? correct answers Marginal Cost If a firm spends money on advertising, its gross profit is _____ its net profit. correct answers greater than In general, the marginal benefit of advertising _____...
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Add to cartFor a firm with market power, advertising expenditures affect all of the following except which one? correct answers Marginal Cost If a firm spends money on advertising, its gross profit is _____ its net profit. correct answers greater than In general, the marginal benefit of advertising _____...
assume that a market is initially in equilibrium and that market demand and supply follows the laws of supply and demand correct answers market equilibrium will decrease but equilibrium quantity will increase The price elasticity of demand is used by businesses to: correct answers understand the ...
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Add to cartassume that a market is initially in equilibrium and that market demand and supply follows the laws of supply and demand correct answers market equilibrium will decrease but equilibrium quantity will increase The price elasticity of demand is used by businesses to: correct answers understand the ...
What is the key macroeconomic difference between open economies & closed economies? Write the national income accounts identity for an open economy? Rewrite the national income accounts identity, solving for net exports. What do positive net exports imply and what do negative net exports imply about...
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Add to cartWhat is the key macroeconomic difference between open economies & closed economies? Write the national income accounts identity for an open economy? Rewrite the national income accounts identity, solving for net exports. What do positive net exports imply and what do negative net exports imply about...
what happens to IS curve when taxes increase? correct answers shifts left what happens to IS curve when gov spending increases? correct answers shifts right what happens to IS curve when permanent income increases? correct answers shifts right what happens to IS curve when stock prices fall...
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Add to cartwhat happens to IS curve when taxes increase? correct answers shifts left what happens to IS curve when gov spending increases? correct answers shifts right what happens to IS curve when permanent income increases? correct answers shifts right what happens to IS curve when stock prices fall...
Monopoly correct answers is a market structure consisting of a firm that is the only seller of a good or service that does not have a close substitute. Barriers to entry correct answers anything that keeps new firms from entering an industry in which firms are earning economic profit barriers ...
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Add to cartMonopoly correct answers is a market structure consisting of a firm that is the only seller of a good or service that does not have a close substitute. Barriers to entry correct answers anything that keeps new firms from entering an industry in which firms are earning economic profit barriers ...
Other things equal, if planned investment spending is greater than actual investment spending, then aggregate expenditure will be ________ real GDP and inventories will ________. A. greater than; rise B. less than; fall C. greater than; fall D. less than; rise correct answers C If the l...
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Add to cartOther things equal, if planned investment spending is greater than actual investment spending, then aggregate expenditure will be ________ real GDP and inventories will ________. A. greater than; rise B. less than; fall C. greater than; fall D. less than; rise correct answers C If the l...
Simons- Natural monopolies correct answers He argued that the existence of natural monopolies, where a single firm can efficiently serve an entire market due to economies of scale or network effects, could potentially justify limited government regulation. best approach was to subject natural monop...
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Add to cartSimons- Natural monopolies correct answers He argued that the existence of natural monopolies, where a single firm can efficiently serve an entire market due to economies of scale or network effects, could potentially justify limited government regulation. best approach was to subject natural monop...
All of the following are true regarding false advertising except which one? correct answers it can misrepresent the price of a good or service A luxury cruise in the United States Virgin Islands is an example of an ________ good, and a desk calendar is an example of a(n) ________ good. correct an...
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Add to cartAll of the following are true regarding false advertising except which one? correct answers it can misrepresent the price of a good or service A luxury cruise in the United States Virgin Islands is an example of an ________ good, and a desk calendar is an example of a(n) ________ good. correct an...
Product Market correct answers firms supply goods and services to product market, households, government and firms demand goods and services Factor Market correct answers Factors of production: Labor (L) and Capital (K) Firms demand factors of production Households supply factors of production ...
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Add to cartProduct Market correct answers firms supply goods and services to product market, households, government and firms demand goods and services Factor Market correct answers Factors of production: Labor (L) and Capital (K) Firms demand factors of production Households supply factors of production ...
In terms of firm production and costs, the short-run is defined as a.) an approximately 10-year interval. b.) the period when at least one input is fixed. c.) the situation where the firm has no fixed costs. d.) all of the above. correct answers b.) the period when at least one input is fixed. Wh...
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Add to cartIn terms of firm production and costs, the short-run is defined as a.) an approximately 10-year interval. b.) the period when at least one input is fixed. c.) the situation where the firm has no fixed costs. d.) all of the above. correct answers b.) the period when at least one input is fixed. Wh...
A perfectly inelastic demand curve is shown as a correct answers vertical line When it comes to pollution, economists believe that the government must correct answers allow firms to pollute as long as they account for the marginal cost of their pollution. If the quantity demanded of soda incre...
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Add to cartA perfectly inelastic demand curve is shown as a correct answers vertical line When it comes to pollution, economists believe that the government must correct answers allow firms to pollute as long as they account for the marginal cost of their pollution. If the quantity demanded of soda incre...
Economic Models correct answers simplify the real world by ignoring minor details joint; fixed correct answers each chicken always produces 2 chicken breasts and 2 wings during processing. this is an example of _____ production in _________ proportions. a) joint; varying b) joint; fixed c) fix...
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Add to cartEconomic Models correct answers simplify the real world by ignoring minor details joint; fixed correct answers each chicken always produces 2 chicken breasts and 2 wings during processing. this is an example of _____ production in _________ proportions. a) joint; varying b) joint; fixed c) fix...
compared to a firm that has many small plants, a firm with a few large plants is likely to have all of the following except which one? A. less managerial diseconomies B. fewer inputs C. greater managerial diseconomies D. greater availability of specialized capital correct answers greater manager...
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Add to cartcompared to a firm that has many small plants, a firm with a few large plants is likely to have all of the following except which one? A. less managerial diseconomies B. fewer inputs C. greater managerial diseconomies D. greater availability of specialized capital correct answers greater manager...
characteristics of monopolistic competition include all of the following except correct answers identical products As the manager of a waterpark, you want to increase the number of tickets sold by 6%. Your staff economist has determined that the price elasticity of demand for waterpark tickets is...
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Add to cartcharacteristics of monopolistic competition include all of the following except correct answers identical products As the manager of a waterpark, you want to increase the number of tickets sold by 6%. Your staff economist has determined that the price elasticity of demand for waterpark tickets is...
Adverse Selection correct answers the problem of incomplete information - of choosing alternatives without fully knowing the details of available options Moral Hazard correct answers When the act of insuring an event increases the likelihood that the event will happen price elasticity of deman...
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Add to cartAdverse Selection correct answers the problem of incomplete information - of choosing alternatives without fully knowing the details of available options Moral Hazard correct answers When the act of insuring an event increases the likelihood that the event will happen price elasticity of deman...
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