All of the following are examples of macroeconomic problems EXCEPT
A) inflationary pressures caused by an increase in the cost of petroleum.
B) unemployment caused by a fall off in the level of residential construction.
C) a decline in the rate of overall economic growth.
D) consumers deciding to buy more fish and less beef because of concerns about a healthier diet.
D
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The marginal rate of technical substitution of labor for capital (MRTSLK) tends to be higher
a. the larger the quantity of capital already employed. b. the lower the quantity of capital already employed. c. when a firm is choosing baskets that are technologically inefficient. d. in the short-run compared to the long-run.
In a competitive industry, the competitive firm's profits are
a. independent of the industry in which they compete b. closely linked to the industry in which they compete c. determined only by their own differentiated product d. determined solely by the inelastic demand for their product
The concern of economists with respect to the trade deficit is whether it is
a. sustainable at current levels. b. desirable at current levels. c. under-specified. d. overestimated. e. the result of the financial crisis.
Figure 10-7
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Which of the diagrams in Figure 10-7 represents a period of economic growth and inflation?
A. (A) B. (B) C. (C) D. (D)