Question 1 5 pts Which of the following is a typical concept discussed in Microeconomics and not Macroeconomics? Monetary policy and the effect of Federal Reserve printing more money Gross Domestic Product U A country's national debt as a percentage of its Gross Domestic Product Income Inequality and the remount of tax paid by the top 15% of a country Question 9 Question 2 5 pts Statements I and i are positive economic Consider the following three statements When a country is experiencing unemployment, it is not using its resources (labor in this case) to Only statement il is a positive economic stateme Ill, We should increase tax rates for the wealthy Only statement ill is a positive economic statement its fullest capacity. This means that if a country experiences unemployment, it is operating: il. When tax rates go up, government tax revenue goes up 1. When tax rates go down, government tax revenue goes up outside (to the right off its production possibilities curve above its production possibilities curve inside (to the left off its production possibilities curve on its production possibilities curve Question 3 5 pts When a country experiences full employment one year, and then an increase in unemployment: the next year: its production possibilities curve shifts to the left it moves from a point outside (to the right of) the production possibilities curve to a point inside (to the sad s left off the curve its production possibilities curve shifts to the right it moves from a point on the product possibilities curve to a point inside (to the left off the curve Question 4 5 pts Question 8 Let's say that you know that a country protects its citizens' private properties (military, police, fire cou1 geau mod pur pusuou mol spog protection, managing a legal system, and building a solid infrastructure with roads, highways, Both your nominal and your real incomes decrease etc.). The other roles, if any, of the country's government are unknown. The economic system that this country has is called (pick the best answer) socialism services that you buy increased by 12%. An economist would conclude that; all of the economic systems listed choices can be correct ed but your real income increased capitalism poseanap ausmus pea You received a 10% increase in your salary. Unfortunately, you also learn that prices of goods and communism Question 5 5p A country without any government (there is no government at all): is a pure socialist country is a pure command economy (communist) country sid S none of the listed choices is correct is a pure capitalist country you have a valid excuse for missing the quiz by the assigneu gedum quiz in the HCC test center (closed notes, closed text). Question 7 D Question 6 5 pts spin auping ances isof josie you s sajeans creates jobs for people building the wall and there fore elsewhere in the economy cancels out any employinem gains A person sits down at a restaurant and estimates the following: One drink costs $4.00. From an economic point of view. building a $5 billion wall at our border: $4.00 is worth 100 utils. The first drink gives this person 250 utils of satisfaction. The second drink (by itself, not the total of all drinks) gives this person 150 utils. The third drink (by itself, not the total of all drinks) gives this person 50 utils. The fourth drink (by itself, not the total of all drinks) gives this person 20 utils. This person ends up ordering 3 dri s an economist, what can you conclude? The person should have bought 1 drink only beca first drink gave him the most satisfaction The person should have bought 4 drinks b re cheap and each additional drink gives him more utis on balance the and drink is not ratio D Question 10 sid s 5 pts In an effort to raise more tax revenue, a city increases its tax on gasoline that its citizens purchase within its borders. The tax was 30 cents per gallon before the increase, and after the increase, the tax became 45 cents. The city is confident that its tax revenue will increase because gasoline is a necessity for many people and it figures that people will purchase about the same quantity of gasoline. As an economist, how do you evaluate this? We have to question this city's definition of its variables. Tax revenue is a function of the amount of tax times the number of gallons of gasoline purchased. Gas stations may switch from selling gallons to Eters after the tax increase. We have to question all of the above, We have to question this city's as assume that people will buy the same quantity because people c outside of the city where gas taxes are lower. We have to question the statistics, If tax revenue increases, it may not really increase if the city government increases its spending on items not related to roads, highways, ete