Which of the following terms identifies something that macroeconomists would study but that microeconomists would NOT?
A) incentives
B) resources
C) rationality
D) aggregates
D
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Direct controls are generally much more costly than emissions taxes because
A. under direct controls emissions cutbacks are usually not apportioned among the firms on the basis of their ability to reduce pollution cheaply and efficiently. B. emissions tax per unit of output is higher than the per-unit direct control program cost. C. government cannot legally levy emissions taxes that are as high. D. firms disregard emissions taxes.
If the average price of a car suddenly changes from $15,000 to $25,000, larger, more remote stores with lower prices are ________ to have a(n) ________ in the number of customers.
A) not likely; change B) likely; decrease C) likely; increase D) not likely; decrease
Which of the following prices could represent Eli's willingness to pay for a baseball glove if he observed the market price of $43 and decided not to buy one?
A. $37 B. $45 C. $50 D. None of these could represent Eli's willingness to pay.
The buyer's reservation price for a particular good or service is the:
A. price the buyer must pay to ensure he or she gets it. B. largest price the buyer would be willing to pay for it. C. smallest price the buyer would be willing to pay for it. D. same as the market price.