Major macroeconomic questions include all of the following EXCEPT:
A. Why does inflation vary over time and across countries?
B. What causes differences in wages between men and women?
C. What causes economic growth?
D. What are the causes of unemployment?
Answer: B
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In the scenario above, the market is
A) a natural duopoly. B) a natural oligopoly with three firms. C) a natural monopoly. D) monopolistically competitive.
Trade barriers are an expensive and grossly inefficient way to reach most of the goals for which they are used
Indicate whether the statement is true or false
Macroeconomics focuses on the behavior of economic agents such as the consumer, a business firm, or a specific market
a. True b. False
Most people who know little about economics do know that the purpose of money is to serve as a medium of exchange, that is, you buy things with it, but they will seldom identify its two other purposes, which are to serve as a
a. measure of value and standard of value b. measure of value and store of value c. standard of value and store of value d. medium of value and store of value e. measure of value and deferred value