The unemployment rate for the economy as a whole is a(n)
a. normative value judgment
b. positive value judgment
c. microeconomic statistic
d. macroeconomic statistic
e. example of an economic model
D
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If the price level rises, what will happen to aggregate supply?
a. It will shift outward. b. It will shift inward. c. Nothing. d. It will get steeper. e. It will get flatter.
Marginal cost:
A. equals both average variable cost and average total cost at their respective minimums. B. is the difference between total cost and total variable cost. C. rises for a time, but then begins to decline when diminishing returns set in. D. declines continuously as output increases.
According to this Application, tariffs in the United States are very high on textiles, apparel items, and footwear, and within these categories tariffs are highest on the cheapest products
These tariffs disproportionately impact lower-income households because A) only lower-income consumers buy cheap, imported products. B) these cheaper products tend to be purchased by lower-income consumers. C) higher-income consumers can deduct the tariff from their income taxes. D) higher-income consumers tend to refuse to purchase products with tariffs.
Adam Smith argued that each person in a competitive market is led to promote the
A) efficient use of society's resources, because each person's intention is to make society better off. B) efficient use of society's resources, even though it is no person's intention to make society better off. C) inefficient use of society's resources, even though each person's intention is to make society better off. D) inefficient use of society's resources, because it is no person's intention to make society better off.