Which of the following is a topic studied in Macroeconomics?
A. aggregate behavior of households and industries
B. the functioning of individual industries
C. the behavior of individual households
D. the decision-making behavior of individual business firms
Answer: A
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The pure competitor usually charges higher prices and offers more output than the monopolist or oligopolist
Indicate whether the statement is true or false
The inputs used to produce cupcakes (e.g., flour, sugar, butter, and labor) are also used to produce cookies, cakes, muffins, pies and many other goods. This suggests that:
A. the elasticity of supply of cupcakes is relatively high. B. the elasticity of supply of cupcakes is relatively low. C. the supply curve for cupcakes is downward sloping. D. cupcakes are a normal good.
If an educational voucher system were adopted where parents could spend their share of education tax dollars at any school of their choice, then we could expect families to
A. make no changes in their education choices because the relative price of private and public education has not changed. B. make choices that cannot be predicted by economic theory. C. choose less education than before because the public schools would get better. D. choose more education because they do not need to pay double for private education.
An average tax rate of 20 percent on the poor and 1 percent on the rich would be
A. progressive. B. proportional. C. regressive.