Which of the following are primarily macroeconomic topics and which are primarily microeconomic topics?
a. college tuition rates
b. farm subsidies
c. national income
d. automobile prices
e. air traffic congestion
f. economic recession
c and f are primarily macroeconomic topics.
a, b, d, and e are primarily microeconomic topics.
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The total physical product of an input is the same thing as its
A. total revenue product. B. marginal physical product times output. C. output. D. total consumer’s surplus.
One of the shortcomings of the Solow growth model is that in it the rate of technological change is
A) assumed to be zero. B) assumed to be equal to the population growth rate. C) left unexplained. D) zero unless the saving rate exceeds the depreciation rate.
What percentage of the world's population subsists on incomes of less than $3 a day?
A. 40 percent. B. 60 percent. C. 70 percent. D. 50 percent.
Monopolists reduce producer surplus.
Answer the following statement true (T) or false (F)