In June 2009 the BLS reported a U.S. foreign-born population of 35.3 million. What were Crete’s net exports in 2010? It is the part of economics that is concerned with single factors and the effects of individual decisions. B) a typical firm. • Macroeconomics – the study of the economy as a whole. Last applied for work 10 weeks ago. Macroeconomics refers to study of economic aggregates (aggregate demand, aggregate supply etc.) absolute change in real GDP from one period to another. How many in the sample are unemployed? b. all domestic production is by domestically owned producers and no foreign production is carried. 46. (Rate this solution on a scale of 1-5 below). Sign in Register; Hide. Does the question reference wrong data/report 2. Ellen, a Canadian citizen, commutes to the U.S. to help prepare meals at a restaurant in Idaho. exports, but not government expenditures. C) controlled by but not totally coordinated by the government. Macroeconomics is based on microeconomics for all of the following reasons except: A) when we study the economy as a whole, we must consider the decisions of individual economic actors. This economy experienced inflation from 1974 to 1975, from 1975 to 1976, and from 1976 to 1977. 48. 2- Which of the following headlines is more closely related to what microeconomics study than to what macroeconomists study? value of all goods and services produced within a country in a given period of time. inflation was 33.3% and output grew at a rate of 60%. Has not looked for a job in several years. What happens to GDP as a result of this conversion? If in some year nominal GDP was $20 billion and the GDP deflator was 50, what was real GDP? value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time. Macroeconomics is: A. the study of individual choice and how that choice is influenced by economic forces. GDP would definitely decrease because GDP includes environmental quality. Macroeconomists study a. the decisions of individual households and firms. It looks like your browser needs an update. Jai Li just lost her job, and she hasn’t yet started looking for a new one. microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. A professional gambler moves from a state where gambling is illegal to a state where gambling is legal. 61. Who of the following is not included in the Bureau of Labor Statistics' “employed” category? increases and the labor-force participation rate is unaffected. Which of the following newspaper headlines is more closely related to what microeconomists study than to what macroeconomists study? Babe Ruth's 1931 salary was $80,000. Unpaid stay at home dad. 16. the interaction between households and firms. increased from 2010 to 2011 and increased from 2011 to 2012. increased from 2010 to 2011 and decreased from 2011 to 2012. decreased from 2010 to 2011 and increased from 2011 to 2012. decreased from 2010 to 2011 and decreased from 2011 to 2012. 37.Refer to Table 10-4. The base year is 1974. Between October 2001 and October 2002, the CPI in Canada rose from 116.5 to 119.8 and the CPI in Mexico rose from 93.2 to 102.3. 16) Microeconomics is the study of. quantities purchased by a typical urban household. That ground can be divided into two parts: microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses; macroeconomicslooks at the economy as a whole. Which of the following statements about GDP is correct? Which of the following is included in the investment component of GDP? GDP would definitely increase, despite the fact that GDP includes leisure. GDP could either increase or decrease because GDP excludes environmental quality. 21.In the economy of Ukzten in 2010, consumption was $1000, exports were $100, government purchases were $450, imports were $150, and investment was $350. c. economy-wide phenomena. macroeconomists H e p in some years and contract in Wes! Why does the price of oil rise when war erupts in the Middle East? The cost of the basket in 2006 was, 52.Refer to Table 11-1. Was not at work last week due to illness. Get it solved from our top experts within 48hrs! Macroeconomics examines: A. policy issues, such as how the government can influence the decisions of individual firms. real GDP was $780, and the GDP deflator was 141.0. real GDP was $825, and the GDP deflator was 133.3. real GDP was $780, and the GDP deflator was 133.3, real GDP was $825, and the GDP deflator was 141.0, 36.Refer to Table 10-4. How do people decide how much to save for the future, or whether they should borrow to spend beyond their current means? In order to devote all her efforts to college, she didn’t hold a job. Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, as opposed to individual markets. Martin, a U.S. citizen, travels to Mexico and buys a newly manufactured motorcycle made there. Sophia will have 5 percent more money, which will purchase 7 percent more goods. Which of the following is not an example of a durable good? Which of the following items is included in U.S. GDP? 20. durable goods and nondurable goods, but not spending on services. C) a typical household. Grapes are considered intermediate goods. Usually regarded as an art in scientific thinking. nominal GDP was greater than real GDP, and the GDP deflator was greater than 100. nominal GDP was equal to real GDP, and the GDP deflator was equal to 1. nominal GDP was less than real GDP, and the GDP deflator was less than 100. nominal GDP was equal to real GDP, and the GDP deflator was equal to 100. GDP would definitely increase because GDP excludes leisure. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. If 2005 is the base year, then the inflation rate in 2006 was, 57.Refer to Table 11-1. c. economy-wide phenomena. 17. 11. This economy experienced growth from 1976 to 1977. – Its goal is to explain the economic changes that affect many households, firms, and markets at once. inflation was 50% and output grew at a rate of 60%. The Joint Commission uses a “tracer method,” which follows the patient through the healthcare organization and looks at processes at each point along the way. increased measured GDP by the value added by the restaurant’s preparation and serving of the meals. What determines the products, and how many of each, a firm will produce and sell? GDP could either increase or decrease because GDP includes leisure. For an economy as a whole, income must equal expenditure because. The Bureau of Labor Statistics counts Josh as. Other things the same, the unemployment rate. 69.Refer to Table 15-1. c. economy-wide phenomena. To ensure the best experience, please update your browser. and the labor-force participation rate are both unaffected. Has never been employed. 1. 41.Refer to Table 10-7. Find two healthcare organizations that have received the... Log into your existing Transtutors account. In economics, the micro decisions of individual businesses are influenced by whether the macroeconomy is healthy; for example, firms will be more likely to hire workers if the overall economy is growing. Suppose further that a current estimate of the value of the condominium owners' housing services is the same as the rent they previously paid. B. how individual households make choices, such as how they react to changes in product prices. 27.If total spending rises from one year to the next, then. GDP could either increase or decrease because GDP excludes leisure. Last looked for work three weeks ago. In turn, the performance of the macroeconomy ultimately depends on the microeconomic decisions made by individual households and businesses. Macroeconomists study Which of the following statistics is usually regarded as the best single measure of a … Ruth's 1931 salary was equivalent to a 2009 salary of about. Get it Now, By creating an account, you agree to our terms & conditions, We don't post anything without your permission, Looking for Something Else? Fired from job as an investment banker. c. every dollar of spending by some buyer is a dollar of income for some seller. gasoline station to a motorist in Los Angeles. real GDP was $900, and the GDP deflator was 150.2. real GDP was $900, and the GDP deflator was 177.8. real GDP was $1065, and the GDP deflator was 177.8. real GDP was $1065, and the GDP deflator was 150.2. BPH is preparing for a Joint Commission survey. In which of the following components of U.S. GDP is this transaction accounted for? Which of the following correctly lists what is included in the consumption component of GDP? The table below contains data for the country of Crete for the year 2010. In 2008, this country’s. CHAPTER 1 The Science of Macroeconomics. households and firms, but not the government. Oh no! Real GDP is a better gauge of economic well-being than nominal GDP. one cannot determine whether baseball stars today enjoy a higher standard of living than Babe Ruth did in 1931 without additional information regarding increases in prices since 1931. profits from producing goods and services. A U.S. citizen buys a tea kettle manufactured in China by a company that is owned and operated by U.S citizens. When the CPI is computed following the increase in the price of rice, it takes into account. The U.S. Air Force pays a Turkish citizen $30,000 to work on a U.S. base in Turkey. If there are any factors affect the decision making of households and firm, if may also affect the macroeconomy. 49. • Micro vs. Macro • Microeconomics – the study of how individual households and firms make decisions and how they interact with one another in markets. Macroeconomics: Study how decisions of individuals coordinated by markets in the entire economy join together to determine economy-wide aggregates like employment and growth. How do people decide whether to work, and if so, whether to work full time or part time? 24.Refer to Table 10-2. Was the final answer of the question wrong? Government statistics show a consumer price index of 15.2 for 1931 and 214.5 for 2009. 12. According to the circular-flow diagram, GDP, c. can be computed as either the revenue firms receive from the sales of goods and services or the, For an actual economy, total expenditures on goods and services by households does not equal GDP because, b. household expenditures on goods and services falls short of GDP, since household save for the, Gross domestic product adds together many different kinds of goods and services into a single measure of the value of economic activity. value of all goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time. Economics is the study of how a society allocates scarce resources to produce the products and services most desired by that society. more than three times as much to GDP as does a MP3 player. employment or productivity must be rising. The consumption component of GDP includes spending on. Quantities and prices of these goods for the last several years are shown below. b. Based on these numbers what were the unemployment rate and the labor-force participation rate of the foreign-born U.S. population? The country of Caspir produces only cereal and milk. Macroeconomics is the study of economywide phenomena. In the CPI, goods and services are weighted according to. Ask a Similar Question. It also analyzes market failure, where markets fail to produce efficient results. c. There is no ironclad rule for the declaration of recessions. 65. final goods and services that are purchased by the U.S. federal government, intermediate goods that are produced in the U.S. but that are unsold at the end of the GDP accounting period. The labor force of Aridia in 2012 was, 72.Refer to Table 15-1. pipeline operator to a gasoline station in San Francisco. increased measured GDP by the value of the restaurant meals. C. the economy as a whole, such as how rapidly the economy grows. Josh is a full-time college student who is not working or looking for a job. 10. percentage change in real GDP from one period to another. Were the solution steps not detailed enough? is the study of how individual firms and households make decisions and how they interact with one another. a. the decisions of individual households and firms b. the interaction between households and firms. The cost of the basket in 2005 was, 51.Refer to Table 11-1. The labor-force participation rate of Aridia in 2011 was, 83.Refer to Table 15-1. Course. Why is interoperability important in building an HIE? the decrease in the quantity of rice purchased and the increase in the quantity of potatoes purchased. What was Ukzten’s GDP in 2010? B) how rising prices affect the level of employment in the economy. d. tell us about a particular household, firm, or market. The number of adults not in the labor force of Aridia in 2012 was, 76.Refer to Table 15-1. As a result. imports, but not government expenditures. d. regulations imposed on firms and unions. Sophia will have 3 percent more money, which will purchase 7 percent more goods. those who worked as unpaid workers in a family member's business, those waiting to be recalled to a job from which they had been laid off. From 1976 to 1977. inflation was 33.3% and output grew at a rate of 20%. The Economy's Income and Expenditure 1. If the inflation rate is 2 percent, then after one year. The labor-force participation rate of Aridia in 2012 was, 84.Refer to Table 15-1. b. 44. c. expenditures but not income. A Texas household receives a Social Security check for $1500, which is uses to purchase a $40 pair of shoes made in Thailand by a Thai firm, a $1240 television made by a Korean firm in Korea, and $220 on groceries from a local store. Economics is divided into two categories: microeconomics and macroeconomics. His purchase is included in. Based on this scenario, which of the following statements is correct? What is telemedicine? 2. We can conclude that. if the purchaser uses them to make wine to sell others but not if the purchaser eats them. If 2005 is the base year, then the CPI for 2006 was, 54.Refer to Table 11-1. 50.Refer to Table 11-1. This change in behavior, by itself, has. The base year is 2008. It focuses on broad issues such as growth, unemployment, inflation, and trade balance. GDP is not a perfect measure of well-being; for example. The labor-force participation rate of Aridia, 85.If all workers and all jobs were the same such that all workers were equally well suited for all jobs, then there would be no, (Hide this section if you want to rate later). Macroeconomists study a. the decisions of individual households and firms. Another way to phrase this is to say that microeconomics is the study of markets. 60. GDP would definitely increase, despite the fact that GDP includes environmental quality. Refer to Table 10-2. As a result, U.S. GDP. 66. The number of adults not in the labor force of Aridia, 77.Refer to Table 15-1. Sophia will have 5 percent more money, which will purchase 3 percent more goods. Unemployment rate rises from 5 percent to 5.5 percent. d. regulations imposed on firms and unions. 14. Microeconomics is a social science; it is the study of individual, isolated units of an economy – those individual pieces, when put together, make up the whole economy. Babe Ruth, the famous baseball player, earned $80,000 in 1931.

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