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- TEST I. A. Identify the following: __________1. Existence of unemployed resources __________ 2. Abstention from consumption __________ 3. C + I (investment) __________ 4. MPC + MPS __________ 5. Keenness to consume __________ 6. Keenness to save __________ 7. C = f (Y) __________ 8. Y - C __________ 9. 1 1-MPC __________ 10. y = c __________ 11. New ways of accomplishing the tasks __________ 12. Household Savings plus Business Savings plus Government Savings __________ 13. The process of adding to a nation’s stock of capital goods __________ 14. rapid structural and institutional transformations of entire societies __________ 15. The introduction of a new good or a new production method __________ 16. A firm’s stock of goods __________ 17. T = f (Δ Y) __________ 18. The most important determinants of savings __________ 19. The most important determinants of investment…SHORT ANSWER Workers on the manufacturing floor are being replaced by robots. For the U.S. economy this is good and bad. The good - Automation allows companies compete with cheap labor from other countries. The bad - Automation eliminates jobs. In your opinion: Where is this trend heading and how will it impact the U.S. economy long term? What policies or legislation would you propose to make the situation better going forward?This is not a writing assignment, this is a multiple-choice question The major global event in the year 2020 has been the Coronavirus pandemic. It has impacted our health, social lives, the economy and our outlook regarding the future, and our general feeling of security. Since economics is the primary focus of this class, let us focus on the economic impact of the Covid19 pandemic upon the U.S. and world economies. changes for the world, the advanced economies, and the emerging market and developing economies for the year 2020. *************** Question: The discusses the status of the global and U.S. oil market hit by the coronavirus pandemic. Based on your general understanding of economic issues studied in this class and of how markets function, of the below listed statements which WOULD YOU NOT INFER (i.e. WITH WHICH STATEMENT WOULD YOU NOT AGREE)? Group of answer choices Oil prices have dropped to their lowest level in years and the price of oil is less than zero. The…
- TRUE or FALSE 17. Investment in human capital is beneficial in the short run but investment in physical capital is beneficial in the long run. 18. Centralized urbanization leads to underdeveloped peripheral economies. 19. Improving hard infrastructures rather than soft infrastructures is absolutely a better choice in urbanizationA reason that the United States has the largest economy in the world because ________.A. American workers are very productive.B. it has the most land to work with.C. it has a smaller population to support.D. All of the responses are correct.27) Perhaps the best measure of economic progress is _____A. the annual inflation rate, since it accounts for what is happening to prices.B. the growth rate of real GDP per capita, since it takes into account both price changes and population growth.C. the annual growth rate in the population.D. the amount of working time needed for an individual worker to afford certain goods and services.QUESTION 6 Which situation would most likely cause a nation's possiblitiy curve to shift inward? A. Investing more resources in new plants and equipment. B. Eliminating discrimination based on race and ethnic background. C. Increasing international trade or incurring a trade deficit. D. Going to war with another nation and suffering a major defeat.
- The biggest problem of production to be solved is: Deciding how much of a business’s production budget should be invested in lobbying congress for policies favorable to the business. Deciding how best to allocate a business’s limited manpower and resources so as to produce what consumers most want. To create as many jobs as possible. To produce as many goods as possible.Which was a theory introduced by Adam Smith?Select one:a. Theory of Population.b. Theory of Market Gluts.c. Theory of Economic Development.d. Theory of Income Distribution. Which one was true about Hesiod's thought?Select one:a. Because of unlimited resources, choices had to be made between work and leisureb. Basic economic problem was limited resourcesc. Efficient management required effective leadershipd. Trade was an inferior way of acquiring wealth Which was not a true statement to refer to the economy environment before AD 1500?Select one:a. Strong national statesb. Self-sufficient economyc. Money and credit were not widely usedd. There was little trade Which was not one of the major tenets of the Classical School?Select one:a. Self-interested economic behavior.b. Economic analysis such as Theory of Rent.c. Total government involvement.d. Harmony of interests. Which was not one of the economic justices discussed by Aristotle?Select one:a. Retributive justiceb. Distributive…_________ is considered as a part of microeconomic analysis. a. Analyzing the problem of inflation and unemployment b. Investigating the behavior of a consumer c. Estimation of gross domestic product of a country d. Studying the determination of equilibrium price level
- Scenario: Imagine you are a policymaker advising the government of a developing nation facing high levels of unemployment and inflation. The government seeks your expertise to design an economic policy that can address both issues simultaneously. As part of your analysis, you decide to apply one of the ten principles of economics to guide your policy recommendations. Question: Select one of the ten principles of economics that you find most relevant to address the challenges of high unemployment and inflation in the given developing nation. Explain how the chosen principle can be applied to formulate an effective economic policy. Discuss the potential trade-offs and limitations of your proposed policy and evaluate its long-term sustainability.Economic mobility refers to __________________. A company's ability to pay its bills from cash or from assets that can be turned into cash very quic Recessions (caused by Capitalism?) make things worse for the poor because they are so vulnerable to price fluctuations We are losing the middle class and the U.S. is becoming more separated into rich and/vs. poor. The ability of an individual, family or some other group to improve (or lower) their economic status—usually measured in income. A company's ability to pay its bills from cash or from assets that can be turned into cash very quicklyWhich economists contributed a model of the whole economy in which there would generally, be unemployment? a. Adam Smith b. Karl Marx c. John Maynard Keynes <<<<< d. b and c
