Macroeconomic policies are government policies designed to affect: A. the environmental impact of all industries.
A. particular sectors of the economy.
B. the performance of the economy as a whole.
C. the economic activity of the government.
Answer: C
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The law of comparative advantage implies that a nation, individual, or region should produce those economic goods for which it
a. has an absolute advantage. b. is a low opportunity cost producer. c. is a high opportunity cost producer. d. pays the highest wage rate.
A firm that is a price taker can
a. substantially change the market price of its product by changing its level of production. b. sell all of its output at the market price. c. sell some of its output at a price higher than the market price. d. decide what price to charge for its product.
Barriers to entry:
A. can result from government regulation. B. usually result in pure competition. C. exist in economic theory but not in the real world. D. are typically the result of wrongdoing on the part of a firm.
The demand for loanable funds curve slopes downward because the
A) expected rate of profit is related positively to the real interest rate. B) real interest rate is the opportunity cost of investment. C) price of bonds and stocks is not related to the real interest rate. D) higher the real interest rate, the lower the cost of investment. E) expected rate of profit is factor that "rewards" firms for their investment.