Which of the following is a macroeconomic statement?
A) Real domestic output of seafood increased 12 percent from 2015 to 2016.
B) The U.S. inflation rate was two percent in 2016.
C) The price of cell phones decreased by 18 percent last year.
D) Motorcycle manufacturer productivity decreased by three percent in 2016.
B
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When economists are critical of government regulations that prohibit free individuals from making certain kinds of contracts, for example, to purchase a good or service, they will usually invoke the concept of
a. marginal analysis. b. mutual gains from voluntary trade. c. inflation-unemployment trade-off. d. the need for abstraction. e. externalities.
If Anh's elasticity of labor supply is 1.5 and she increases her supply of labor by 5 percent, then the wage rate must have
A. Increased by 3.3 percent. B. Increased by 3.0 percent. C. Decreased by 7.5 percent. D. Increased by 7.5 percent.
Exhibit 5-9 Supply and Demand Curves for Good X
?
As shown in Exhibit 5-9, the $200 per unit tax on Good X raises tax revenue per time period totaling:
A. $10,000. B. $20,000. C. $30,000. D. $60,000.
In Figure 33.1, suppose that the Gini coefficient for Omega is 0.55. The Gini coefficient for Alpha must be
A. Greater than 0.55. B. Equal to 0.55. C. Less than 0.55. D. 0.45.