The factors of production include
A) capital. B) investment. C) transfers. D) wages.
A
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Which of the following would be studied by macroeconomists?
A. Inflation in developing countries. B. The effect of government subsidies on sugar prices. C. The impact of the minimum wage on families below the poverty level. D. The effect of rent controls on housing prices in New York City.
Our business cycle experiences suggest that a macroeconomic policy designed to lower the average rate of inflation will require ________ in actual real GDP and an accompanying ________ in the unemployment rate
A) an increase, increase B) an increase, decrease C) a reduction, increase D) a reduction, decrease
If a firm faces a horizontal demand curve, marginal revenue
a. is constant regardless of how much output the firm produces b. decreases as the firm produces more output c. increases as the firm produces more output d. decreases if the firm produces less output e. is less than price at most possible output levels
If your income elasticity of demand for hot dogs is negative, then:
A. hot dogs are an inferior good for you. B. your demand curve for hot dogs is not downward sloping. C. hot dogs have no close substitutes for you. D. you must not enjoy eating hot dogs.