Which of the following is a macroeconomic concept?
A) The elasticity of supply of a good B) The per capita income of a country
C) The average revenue earned by a firm D) The income elasticity of demand for a good
B
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An increase in demand coupled with an increase in supply results in a(n)
a. increase in price and an ambiguous effect on equilibrium quantity b. increase in equilibrium quantity and a decrease in equilibrium price c. decrease in equilibrium quantity and an ambiguous effect on equilibrium price d. increase in economic rent e. ambiguous effect on equilibrium price and an increase in equilibrium quantity
After the United States introduces a tariff in the market for widgets, the price of widgets in the United States will: Incorrect Response
A. decrease. B. increase. C. remain the same. D. change in an indeterminate manner.
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.
Your electrician accepts payment only in cash in order to avoid taxes. If you pay him $100,
A) the GDP of your country will increase B) the GDP of your country will fall C) the trade surplus of your country will increase D) the GDP of your country will remain unchanged