Econ Assignment 1 2023 with 100% questions and answers

A shortage is the amount by which the quantity demanded exceeds the quantity supplied This period of massive economic change is generally referred to as the Industrial Revolution Which of the following is a reason to study​ economics? A. To understand global affairs. B. To be an informed citizen. C. To understand society and to learn a new way of thinking. D. All of the above. D. All of the above Which of the following is a reason to study​ economics? A. To better understand business accounting. B. To promote the virtues of nonmarket systems. C. To learn how to outsource. D. None of the above. D. None of the above The fundamental difference between microeconomics and macroeconomics is that microeconomics analyzes the decisions made by _____​, while macroeconomics deals primarily with _____ households and firms the economy as a whole Determine whether each of the following is covered by microeconomics or macroeconomics Number of employees in the steel​ industry: Changes in the aggregate price level​ (inflation): The price of​ gasoline: The unemployment​ rate: Microeconomics Macroeconomics Microeconomics Macroeconomics The field of economics that deals primarily with the factors that determine wage​ rates, employment, and unemployment is​ called: labor economics Which field of economics deals primarily with the problems faced by​ low-income countries? Economic development. Positive economic​ analysis An approach to economics that seeks to understand behavior and the operation of systems without making judgments. It describes what exists and how it works. Normative economic​ analysis An approach to economics that analyzes outcomes of economic​ behavior, evaluates them as good or​ bad, and may prescribe courses of action Indicate whether the following statements are examples of positive economic analysis or normative economic analysis 1) A devaluation of the U.S. dollar would increase exports from the United​ States: 2) Increasing the federal tax on gasoline would cause shipping costs in the United States to​ increase: 3) Florida should devote all revenues from its state lottery to improving public​ education: 4) Eliminating the trade embargo with Cuba would increase the number of Cuban cigars available in the United​ States: 5) As a public safety​ measure, the state of Texas should not pass legislation that allows people with concealed handgun permits to carry concealed weapons on college​ campuses: 1) Positive 2) Positive 3) Normative 4) Positive 5) Normative In​ 2012, Colorado and Washington became the first states to legalize marijuana for recreational​ use, and have since been joined by​ Oregon, Alaska, and​ Washington, D.C. In​ 2014, Colorado is reported to have received over​ $50 million in tax revenue from the sale of recreational​ marijuana, much of which was slated to be used for school construction. The potential for increased tax revenues and the benefits these revenues can provide has a number of other states contemplating the possible legalization of​ recreational-use marijuana. Recall that efficiency means producing what people want at the least cost. Which of the following responses uses the concept of efficiency to argue in favor of states allowing the sale of​ marijuana? A. Each state should allow the market to provide what people want. Since smoking is not mandatory ony those who want to partake will do so. B. Tax revenues that arise from the purchase of recreational marijuana are paid voluntarily and will be used for the public good. C. Marijuana smokers should bear the burden of the social programs required due to drug abuse. D. All of the above. E. A and B only. E. A and B only. Go to the Federal Reserve Economic Data of the Federal Reserve Bank of St. Louis, Use the data found there to answer the following questions:11. The series ID for these CPI data is _______CPIAUCSL_________________.12. How has this data been seasonally adjusted?_________ weekly______√____ monthly__________ yearly From the website listed above, click the "View Data" link on the left to answer the following questions (enter your responses exactly as they appear):13. The CPI for May of 2013 (shown as ) was _231.895__________.14. The CPI for May of 2014 (shown as ) was __236.803_________.15. Using the CPI values you just gathered, calculate the inflation rate for the past year. The inflation rate was _______2.11%. (enter your response rounded to two decimal places.)16. List the equation for the unemployment rate ... What nonmonetary costs might be associated with legalizing marijuana​ use? A. Marijuana can be addictive and lead to the use of harder​ drugs, burdening the community with the cost of rehabilitation. B. The use of marijuana can increase​ productivity, thus impacting efficiency. C. The use of marijuana can reduce​ productivity, thus impacting the productivity of an individual and the community. D. All of the above. E. A and C only. E. A and C only Using the concept of​ equity, argue for or against the legalization of​ recreational-use marijuana. A. Using marijuana could become addictive and lead to the abuse of harder​ drugs, leading to further drug abuse. B. Not everyone believes that marijuana is harmful and would like to receive its benefits. C. There are people who receive benefits from the medical use of marijuana and should be allowed to access it even without medical consent. D. All of the above. D. All of the above. What do you think would happen to the flow of tax revenue to state governments if all 50 states legalized​ marijuana? A. Tax revenue would fall in the states that were the first to legalize marijuana. B. Tax revenue would increase for those states that just legalized marijuana. C. There would be no change in the tax revenue flow. D. None of the above. E. A and B only. E. A and B only. Consider the following​ statement: ​"Statistics tell us that ice cream sales increase during the summer months. It is also the case that reported burglaries increase during the same period. We can​ conclude, therefore, that increased ice cream sales cause an increase in​ burglaries." The conclusion of this​ statement: A. falls victim to ​"post hoc, ergo propter​ hoc." B. commits the fallacy of composition. C. is normative analysis. D. All of the above. E. None of the above. A. falls victim to ​"post hoc, ergo propter​ hoc." When words are insufficient to explain the quantitative relationship between two variables​ (i.e., stimulus and​ response, cause and​ effect), economists often use _____ This quantitative relationship between variables can also be presented using _____ mathematical equations graphs Which of the following statements uses the concept of equity to argue against the legalization of casino​ gambling? A. If gamblers are able to gamble at less cost and nongamblers receive the benefits of additional tax​ revenue, then it is an equitable activity. B. Legalized casino gambling will generate additional tax​ revenues, which the state can use for gambling addiction programs. C. Legalized casino gambling places an unfair burden on​ nongamblers, who must now tolerate the increased traffic that the activity necessarily produces. D. All of the above. C. Legalized casino gambling places an unfair burden on​ nongamblers, who must now tolerate the increased traffic that the activity necessarily produces. X Y 0.1 80.0 0.2 60.0 0.3 40.0 0.4 20.0 0.5 0.0 Calculate the slope of the line represented by this set of numbers. The slope of the line is -200. ​ (Enter your response rounded to one decimal place and include a minus sign if​ appropriate.) time series graph measures how a single variable changes over time. The most common method for graphing the relationship between two variables is by drawing two _____ lines, where the _____ is a horizontal line and the _____ is a vertical line. When the variable measured along the X​-axis and the variable measured along the Y​-axis move in the same​ direction, it indicates a _____ relationship between the two variables. If the variables along the X​-axis and Y​-axis move in opposite​ directions, there is a _____ relationship between the two variables. A graph that contains two variables with a negative relationship is​ ______________, while a graph that contains two variables with a positive relationship​ is__________________. A. downward​ sloping; downward sloping B. upward​ sloping; downward sloping C. downward​ sloping; upward sloping D. upward​ sloping; upward sloping perpendicular X-axis Y-axis positive negative C. downward​ sloping; upward sloping What type of relationship exists between the two​ variables, average income before taxes and average consumption​ expenditures? Will the slope of the line used to graph this information be positive or​ negative? Income Average Income Average Consumption Bracket Before Taxes Expenditures Bottom fifth $10,263 ​$22,304 2nd fifth​ 27,442 ​ 31,751 3rd fifth 47,196 42,659 4th fifth 74,090 ​ 58,632 ​Top fifth 158,652 97,003 Source: Consumer Expenditures in​ 2008, U.S. Bureau of Labor Statistics. B. Positive​ relationship; positive slope. Briefly describe the​ trade-offs involved in the following decision.​ Specifically, what are the opportunity costs associated with the​ decision? Pay particular attention to the​ trade-offs between present and future consumption. Frank is overweight and decides to work out every day and to go on a diet. nothing A. His opportunity cost is the alternative uses of time spent exercising. nothing B. His opportunity cost is the forgone satisfaction of consuming foods that are not part of his diet plan. nothing C. Assuming exercise is not leisure comma he trades consumption of current leisure for future health. D. All of the above. D. All of the above. An analysis of a​ large-scale survey of consumer food purchases by Mark Aguiar and Erik Hurst indicates that retired people spend less for the same market basket of food than working people do. Use the concept of opportunity cost to explain this fact. A. The opportunity cost of time for retired people is lower than the opportunity cost of time for working​ people, so retirees choose to spend more time shopping for​ lower-priced items compared to people who are still working. B. The opportunity cost of time for retired people is identical to the opportunity cost of time for working​ people, because each minute is equally valuable regardless of​ one's employment status. C. The opportunity cost of time for retired people is lower than the opportunity cost of time for working​ people, so retirees spend more time pursuing their favorite leisure activities and less time shopping for necessities. D. The opportunity cost of time for retired people is higher than the opportunity cost of time for working​ people, so retirees choose to search longer for bargains for the items they buy. A. The opportunity cost of time for retired people is lower than the opportunity cost of time for working​ people, so retirees choose to spend more time shopping for​ lower-priced items compared to people who are still working. The process of converting inputs into useful output is called _____. These inputs are also known as _____ . Which of the following is not included in this list of​ inputs? A. Energy. B. Labor. C. Land. D. Capital. production the factors of production A. Energy. Factors of​ production: The three key factors of production are l​and, such as natural​ resources, labor ​(the w​orkforce), and c​apital, which includes physical capital​ (factories and​ machines) and human capital​ (education). Energy is often included in the land component of the factors of production​ (i.e., carbon-based,​ solar, wind, or hydroelectric​ power) or in the labor component​ (human efforts). ... For each of the​ following, describe some of the potential opportunity costs ​: Going home for Thanksgiving vacation. A. Cost of the trip home B. Time spent at home C. Time spent studying D. All of the above E. None of the above C. Time spent studying Riding your bicycle 20 miles every day. ​(Check all that apply.​) A. Time spent resting B. Time spent exercising C. Time spent on other leisure activities D. Cost of maintaining the bicycle A. Time spent resting C. Time spent on other leisure activities The federal government using tax revenue to purchase​ 10,000 acres in Florida for use as a bird sanctuary. A. Value of goods and services that taxpayers could have purchased with the tax revenue collected B. Value of the next best alternative use of the tax revenue collected C. Value of other goods and services the government could have purchased with that money D. All of the above E. None of the above D. All of the above A foreign government subsidizes its national airline to keep airfares down. A. The lower cost of the tickets for the passengers B. The better food served on board due to the government subsidy C. The improved maintenance of the​ airline's fleet D. All of the above E. None of the above E. None of the above Upgrading to a balcony suite for your cruise around the Mediterranean Sea. A. An excursion you could have purchased with the money spent on the upgrade B. Improved customer service in the upgraded suite C. The better view from the balcony suite D. All of the above E. None of the above A. An excursion you could have purchased with the money spent on the upgrade Staying up all night to watch season 5 of Game of Thrones. A. Loss of focus during daytime tasks B. Time spent studying the next day after you slept in C. Time spent sleeping D. All of the above E. None of the above D. All of the above