Macroeconomists are concerned with each of the following issues EXCEPT:
A. Why do the prices of computers increase more slowly than the price of gasoline?
B. What are the costs of inflation?
C. Why does inflation vary over time?
D. Why does inflation vary across countries?
Answer: A
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When Bank of America finances your purchase of a new car, you are
A) borrowing in the stock market. B) lending in the bond market. C) lending in the capital market. D) borrowing in the loan market. E) borrowing in the bond market.
If a firm spends $400 to produce 20 units of output and spends $880 to produce 40 units, then between 20 and 40 units of output, the marginal cost of production is:
A. $20. B. $480. C. $24. D. $22.
When you have a job and your employer compensates you for your time with money, resulting in both of you being better off, it is an example of a voluntary exchange.
Answer the following statement true (T) or false (F)
Suppose the current market wage rate (w) is $4. In the short run, a firm's marginal cost at the current output level is $2. What is this firm's marginal product of labor?
A) MPL = 0.5 B) MPL = 1 C) MPL = 2 D) MPL = 8