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Need 15 Econ questions answered

Resolved Question:

Econ Finals

51.How might one distinguish microeconomics from macro¬
economics?
a.Why specific workers in the aerospace industry are
unemployed is a microeconomic question, while what
determines the total amount of unemployment in the
industry is a macroeconomic question.
b.Why the price of corn rises is a microeconomic ques¬
tion, while why prices in general rise is a macroeco¬
nomic question.
c.Why there are unemployed workers in the aerospace
industry is a macroeconomic question, while what
determines the total amount of unemployment in the
entire economy is a microeconomic question.
d.Why people deposit money in banks is a microeco¬
nomic question, while why banks loan money to indi¬
viduals is a macroeconomic question.

52.If in the second quarter of 1999 total investment spending
was $1,427 billion and net investment was $484 billion,
then the percentage that went to make up for depreciation
of existing Capital would be     . (chapter 20, learning objec¬
tive 2)
1
a.     225%
b.     66%
c.     50%        ;
d.     10%

53.     The difference between U.S. GDP and U.S. GNP is that
GDP includes     and excludes     . >.'       a.    income of domestic firms producing in the U.S.;
income of U.S. firms producing in foreign countries
b.     income of domestic firms producing in the U.S.;
income of foreign firms producing in foreign countries
c.     income of U.S. firms producing in foreign countries;
income of foreign firms producing in the U.S.
d.     income of foreign firms producing in the U.S.; income
of U.S. firms producing in foreign countries

54.If real GDP were 100 in year 1 and 90 in year 2, the growth
rate of real GDP between these years would be     .
(chapter 20, learning objective 6)
a.     0%
b.     5%
c.     10%
d.     None of the above

55.The unemployment rate is the number of unemployed peo¬
ple      .
a.     divided by the number of people who are working
b.     divided by the total working-age population
c.     divided by the number of people who are working or
looking for work
d.     and the number of people working fewer than their
desired number of hours, divided by the number of
people who are working or looking for work

56.Unemployment that naturally occurs during the normal
workings of an economy as people change jobs and move
acrOSS the Country is Called      1)
a.     functional unemployment
b.     natural unemployment
c.     frictional unemployment
d.     structural unemployment

57.At full employment the unemployment rate equals

a.cyclical unemployment rate
b.structural unemployment rate     *-
c. structural unemployment rate plus the cyclical unem-
ployment rate
d.structural unemployment rate plus the frictional unem¬
ployment rate

58.Which one of the following statements is true of the
Consumer Price Index?
a.It does not take account of the price of imported goods
and services.
bThe goods used to construct the index do not change
from month to month.
c.It does not take into account the price of used goods.
d.     It understates the true rate of inflation.

59.     Classical economics is based on the principle that prices
     
a.remain constant even in the face of shocks that cause
excessive unemployment
b.remain constant even in the face of shocks that cause
excessive employment
c.adjust in a natural way to bring the markets for goods
and labor into equilibrium
d.only rise; they never fall

60. The substitution effect of a wage decrease is     
a. increase in labor supply associated with an increase in
the opportunity cost of not working
b. decrease in labor supply associated with an increase in
the opportunity cost of working
c.increase in labor supply associated with the fact that
workers can consume the same amount as before but
with less work effort
d.decrease in labor supply associated with the fact thatworkers can consume the same amount as before butwith less work effort
61.The level of output produced when the labor market is in equilibrium is Called      
a.natural output
b.product market equilibrium output
c.potential output
d.global production output

62.     The real business cycle school of thought is generally
viewed as controversial because     .

a.it contradicts classical economic thought
b.critics find it difficult to understand how many of the
post World War II recessions could be explained by
adverse changes in technology
c.it blames unemployment on immigration
d.All of the above

63.The two basic mechanisms that increase GDP per capita
Over the long term are     
a.capital deepening and education
b.technological progress and education
c.education and investments in human beings
d.capital deepening and technological progress

64.If a firm increases its use of capital while holding constant
the number of workers employed, the firm is said to experience      
a.capital augmentation
b.labor reduction
c.investment deepening
d.capital deepening


65.Suppose that for a given firm the increase in output result¬
ing from the last worker hired is less than the increase in
output of the previous worker hired. This is an example of

a. diminishing returns
b. constant returns
c. increasing return
d. capital deepening
Submitted: 7 years ago.
Category: Finance
Expert:  Manal Elkhoshkhany replied 7 years ago.

Hello Cougar

I am still waiting for the other 50 qustions, but i am working on the ones you have posted here for now.

Regards,

Expert:  Manal Elkhoshkhany replied 7 years ago.

Hi Cougar

Here you go

Please clcik here for the solution

P.S. Do you have a link for your book's companion website?

Manal Elkhoshkhany, Tutor
Category: Finance
Satisfied Customers: 9499
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and other Finance Specialists are ready to help you
Customer: replied 7 years ago.
Thank you so much Tutor.......................Youre a life saver
When you get the 50 I sent,the 1st 15 are the same questions that were here........
So, you will only need to answer 35, Once again thanks
Expert:  Manal Elkhoshkhany replied 7 years ago.

Thanks Cougar

I will start on them as soon as i get the email

 

Take care

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