Which of the following would be a macroeconomic question?
A. How have the retirement benefits in the auto industry changed over time?
B. How has inflation increased over time?
C. How has the price of gold increased over time?
D. How has the number of commercial airline flights decreased over time?
Answer: B
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If output more than doubles when all inputs are doubled, production is said to occur under conditions of
A) increasing returns to scale. B) imperfect competition. C) intraindustry trade. D) interindustry trade.
The Three Amigo's company produced and sold 500 dog beds. The average cost of production per dog bed was $50 . Each dog be sold for a price of $65 . The Three Amigo's total costs are
a. $7,500. b. $25,000. c. $32,500. d. $67,500.
If 1 Canadian dollar costs 0.60 U.S. dollars, 1 U.S. dollar costs:
A. 0.40 Canadian dollars. B. 1.67 Canadian dollars. C. 0.60 Canadian dollars. D. 1.40 Canadian dollars.
The figure below shows an IS-LM-FE model for an economy with fixed exchange rates. Initially the economy was at Point A, a triple intersection. Here, the FE curve is flatter than the LM curve.
At Point B, the economy is experiencing
A. a decreasing money supply. B. a high rate of unemployment. C. a surplus in the overall balance of payments. D. an overall balance of payments that is in equilibrium.