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when economists refer to investment,'' they are describing a situation where

... Economists refer to purchases of stocks and bonds as "investment." When economists refer to "investment," they are describing a situation where: A. people are buying shares of corporate stock. While his definition captures one of the striking characteristics of the economist’s way of thinking, it is at once too wide (because it would include in economics the game of chess) and too narrow (because it would exclude the study of the national income or the price level). C. money is saved in a bank account. Inflation lowers the standard of living for people whose income does not increase as fast as the price level. D. is only possible if the economy is experiencing positive growth in real GDP. Modern economic growth refers to countries that have experienced an increase in: Consider This) Which of the following is an example of economic investment? short-run fluctuations in output and employment. It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. Many have agreed with Alfred Marshall, a leading 19th-century English economist, that economics is “a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment, and with the use of the material requisites of wellbeing”—ignoring the fact that sociologists, psychologists, and anthropologists frequently study exactly the same phenomena. Emeritus Professor of Economics, University of Buckingham, England. This preview shows page 3 - 5 out of 36 pages. Unemployment describes the condition where: a person cannot get a job but is willing to work and is actively seeking work. When economists refer to "investment," they are describing a situation where: ... refer to unexpected changes in the desires of households and businesses to buy goods and services. Which of the following would an economist consider to be investment? Which of the following would an economist consider to be investment? When Economists Refer To "investment." Privacy B. resources are devoted to increasing future output. Which of the following would an economist consider to be investment? Articles from Britannica Encyclopedias for elementary and high school students. Refer to the figures. The other major branch of economics is macroeconomics, which focuses attention on aggregates such as the level of income in the whole economy, the volume of total employment, the flow of total investment, and so forth. value of final goods and services produced within the borders of a country, corrected for price changes. No one has ever succeeded in neatly defining the scope of economics. This would suggest that airline ticket prices are: Which of the following statements is most accurate about advanced economies? By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. The correct option is (b). Nigeria experiences a 2.7 percent increase in real GDP per person. Assuming this market is representative of the economy as a whole, a positive demand shock will: Score: 1/1 1. There is also the important field of development economics, which examines the attitudes and institutions supporting the process of economic development in poor countries as well as those capable of self-sustained economic growth (for example, development economics was at the heart of the Marshall Plan). Firms may be reluctant to change prices for fear of setting off a price war or losing customers to rivals. Indeed, this can be considered “the age of economists,” and the demand for their services seems insatiable. Firms may be reluctant to change prices for fear of setting off a price war or losing customers to rivals. an increase in the overall level of prices. D. cause fewer short-run fluctuations than supply shocks. The effective birth of economics as a separate discipline may be traced to the year 1776, when the Scottish philosopher Adam Smith published An Inquiry into the Nature and Causes of the Wealth of Nations. Which of the following is most closely related to recessions? Boeing building a new factory Oprah buying a $10 million home from a fellow celebrity A stockbroker buying 10.000 shares of Starbucks stock I). Please select which sections you would like to print: Corrections? Which of the following results from firms holding inventories? Real GDP is preferred to nominal GDP as a measure of economic performance because: nominal GDP uses current prices and thus may over- or understate true changes in output. The term "recession" describes a situation where: inflation rates exceed normal levels. When economists refer to "investment," they are describing a situation where: Score: 0/1 10. Prices tend to be sticky in the short run but become more flexible over time. Which of the following is an example of a demand shock? Based on this information we can conclude that Harry's production of large pepperoni pizzas this year: increased nominal GDP by $20,000 but left real GDP unchanged. Economics was formerly a hobby of gentlemen of leisure, but today there is hardly a government, international agency, or large commercial bank that does not have its own staff of economists. C. … & Omissions? the phases a business goes through from when it first opens to when it finally closes. Updates? View desktop site. financial assets are purchased in the hope of a monetary gain. University of Tennessee, Martin • ECON 201. Why are high rates of unemployment of concern to economists? Which figure(s) represent(s) a situation where prices are sticky? In this field the economist is concerned with the extent to which the factors affecting economic development can be manipulated by public policy. they are describing a situation where Multiple Choice Ο people are buying shares of corporate stock. Economies experience a positive growth trend over the long run but experience significant variability in the short run. Which of the following countries would economists say definitively is achieving modern economic growth? 25. Which of the following statements best describes price flexibility in the economy? When economists refer to "investment," they are describing a situation where: resources are devoted to increasing future output. resources are devoted to increasing future output. Economic conditions refer to the state of the economy in a country or region. When free markets do not maximise society's welfare, they are said to 'fail' and policy intervention may be needed to correct them. Our editors will review what you’ve submitted and determine whether to revise the article. government takes a less active role in economic matters. A. refer to unexpected changes in the desires of households and businesses to buy goods and services. © 2003-2020 Chegg Inc. All rights reserved. Here economists are concerned with the forces determining the income of a country or the level of total investment, and they seek to learn why full employment is so rarely attained and what public policies might help a country achieve higher employment or greater price stability. Among other things, they seek to analyze the forces determining prices—not only the prices of goods and services but the prices of the resources used to produce them. they are describing a situation where: people are buying shares of corporate stock. they are describing a situation where Multiple Choice Ο people are buying shares of corporate stock. increase nominal GDP. B. resources are devoted to increasing future output. Nike buys a new machine that increases shoe production. Based on this information we can conclude that Harry's production of large pepperoni pizzas this year: increased nominal GDP by $20,000 but left real GDP unchanged. Many of the world’s economists devote their time to teaching economics in colleges and universities around the world, but most work in various research or advisory capacities, either for themselves (in economics consulting firms), in industry, or in government. Harry's Pepperoni Pizza Parlor produced 10,000 large pepperoni pizzas last year that sold for $10 each. Methodological considerations in contemporary economics, https://www.britannica.com/topic/economics, Investopedia - Economics: Overview, Types, and Economic Indicators, economics - Children's Encyclopedia (Ages 8-11), economics - Student Encyclopedia (Ages 11 and up), An Inquiry into the Nature and Causes of the Wealth of Nations. C. can only occur if the government increases the amount of money in circulation. promote economic growth by helping to direct household saving to businesses that want to invest. D. financial assets are purchased in the hope of a monetary gain. money is saved in a bank account. There is lost output that could have been produced if the unemployed had been working. © 2003-2020 Chegg Inc. All rights reserved. Which of the following statements is most accurate about advanced economies? D. financial assets are purchased in the hope of a monetary gain. Unemployment describes the condition where: a person cannot get a job but is willing to work and is actively seeking work. For which of the following goods and services are prices most sticky? The term "recession" describes a situation where: Which of the following is most closely related to recessions?

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