Which of the following is not true about macroeconomic models?
A. They are based on theories of macroeconomic behavior.
B. They attempt to identify key determinants of macro performance.
C. They tend to agree with each other about how the economy works.
D. They are mathematical summaries of the economy's performance.
Answer: C
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Suppose you know a piece of land will be worth $1 million (real) in 2025, and the real interest rate is 5%. About how much should you be willing to pay for the land today (20150)? (Assume no taxes)
a. $610,000 b. $1 million c. $1.89 million d. $230.000
Economic theory suggests politicians will be most likely to favor redistribution of income from
What will be an ideal response?
Under the current federal income tax system, who would pay the highest marginal tax rate on their last dollar earned for the year?
a. people who earned over $500,000 b. People who earned $201,000 to $500,000 c. people who earn $157,500 to $200,000 d. people who earn less than $9,525
In a competitive market, if the market price is equal to the minimum point of the firm's ATC curve, the firm may seek to earn economic profits by
A. Decreasing production costs through technological improvements. B. Decreasing price. C. Producing at the rate of output where price equals demand. D. Increasing price.