Macroeconomics is concerned with
A) individual business firms.
B) specific markets.
C) individual consumers.
D) a nation's economy.
Answer: D
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Use the figure below to answer the following question.
If actual production and consumption occur at Q1 and the price is P1
A. deadweight loss equals area b. B. producer surplus equals area c + b. C. consumer surplus equals area a + b. D. consumer surplus equals area a.
State-Owned Enterprises (SOEs) can succeed when
a. they are free from political interference and can make decisions according to economic criteria b. the government is clear about the SOE's objectives and enforces the rules c. the government is ready to subsidize the SOE in bad years d. only the most crucial firms are state owned e. SOEs never succeed according to economic criteria
If a foreign currency becomes more expensive in United States dollars, we would expect
a. U.S. exports to increase b. U.S. imports to increase c. U.S. exports to remain constant d. U.S. exports to decrease e. the quantity of foreign currency demanded in the United States to rise
According to the theory of rational expectations, expansionary fiscal policy that is anticipated will:
a. cause wage expectations to adjust downward immediately following the lower price level. b. increase the real wage rate in the long run. c. cause a permanent decline in the natural rate of unemployment. d. decrease the real wage rate in the long run. e. cause wage expectations to adjust upward immediately following the higher price level.