Principles of Macroeconomics(100% Correct answers)
Which statement describes the equity-efficiency trade-off? correct answers actions intended to
make economic outcomes fairer can cause efficiency to decrease
consider the statements. indicate whether each statement falls mainly under the field of
microeconomics or macroeconomics. correct answers Tax on tires- Micro
Severe recession- Macro
Increased consumer spending- Macro
Spending causing inflation rise- Macro
Optimism about the future- Micro
Robotic technology- Micro
Classify each statement based on whether or not it is a primary goal of macroeconomic policy.
correct answers Primary- low unemployment, low inflation, growth in standard of living
Not primary- politics, optimal price for pound, calculate how much urban residents
During the summer, the largest computer game retailer has a massive sale. As prices for
computer games fall, consumers purchase more games, ceretis paribus. What does ceretis paribus
mean in context? correct answers holding all else equal
Why, if at all, is the ceretis paribus condition important in economic analysis? correct answers
Allows analysis of how a single change
Who will receive the vaccine if the university sells them for the $20 market price correct answers
the students who will pay $20 for them
Suppose the schools sells all of its vaccines at the $20 market price. what has it managed to
maximize? correct answers efficiency
Suppose now the school wishes to make sure no students with diabetes or asthma go without.
The school is now seeking a greater degree of correct answers fairness
Determine if the items represent an example of positive economics or normative economics.
correct answers The richest 11% of Americans should pay more taxes than the rest of the
9999%.- Normative
A decrease in the supply of coconut will increase the price of German chocolate cake, a good
which requires coconut shavings as a key ingredient.- Positive
As minimum wage increases, the prices of all goods and services also tends to increase.- positive
Social welfare spending in Sweden occupies too large a portion of the national budget.-
Normative
Please select the economic term that is best described by each statement. correct answers People
have limited resources.- scarcity
Everything you do requires giving up something- Tradeoffs
Megan has a 1 hour gap in her course load for fall semester.
Which statement describes the equity-efficiency trade-off? correct answers actions intended to
make economic outcomes fairer can cause efficiency to decrease
consider the statements. indicate whether each statement falls mainly under the field of
microeconomics or macroeconomics. correct answers Tax on tires- Micro
Severe recession- Macro
Increased consumer spending- Macro
Spending causing inflation rise- Macro
Optimism about the future- Micro
Robotic technology- Micro
Classify each statement based on whether or not it is a primary goal of macroeconomic policy.
correct answers Primary- low unemployment, low inflation, growth in standard of living
Not primary- politics, optimal price for pound, calculate how much urban residents
During the summer, the largest computer game retailer has a massive sale. As prices for
computer games fall, consumers purchase more games, ceretis paribus. What does ceretis paribus
mean in context? correct answers holding all else equal
Why, if at all, is the ceretis paribus condition important in economic analysis? correct answers
Allows analysis of how a single change
Who will receive the vaccine if the university sells them for the $20 market price correct answers
the students who will pay $20 for them
Suppose the schools sells all of its vaccines at the $20 market price. what has it managed to
maximize? correct answers efficiency
Suppose now the school wishes to make sure no students with diabetes or asthma go without.
The school is now seeking a greater degree of correct answers fairness
Determine if the items represent an example of positive economics or normative economics.
correct answers The richest 11% of Americans should pay more taxes than the rest of the
9999%.- Normative
A decrease in the supply of coconut will increase the price of German chocolate cake, a good
which requires coconut shavings as a key ingredient.- Positive
As minimum wage increases, the prices of all goods and services also tends to increase.- positive
Social welfare spending in Sweden occupies too large a portion of the national budget.-
Normative
Please select the economic term that is best described by each statement. correct answers People
have limited resources.- scarcity
Everything you do requires giving up something- Tradeoffs
Megan has a 1 hour gap in her course load for fall semester.
