Macroeconomics deals with the analysis of all of the following questions except:
A. why do national economies grow.
B. how does Microsoft price its software packages.
C. how does a central bank influence inflation.
D. why does a country experience recessions.
Answer: B
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Consumer’s surplus exists only for the last unit of a good that a buyer has purchased.
Answer the following statement true (T) or false (F)
The unregulated, single-price monopoly shown in the figure above makes a total economic profit of
A) $24. B) $16. C) $8. D) $4.
In the model of monopolistic competition, an increase in industry output will ________ producers of ________ higher-priced goods and ________ producers of lower-priced goods
A) harm; benefit B) benefit; harm C) harm; harm D) benefit; benefit E) benefit; have no effect on
The general equilibrium analysis of a minimum wage applied to only some sectors of the economy suggests that
A) workers in all sectors will face increased wages. B) some workers in the covered sectors will lose their jobs and remain unemployed. C) some workers originally employed in the covered sectors will move to the uncovered sectors, driving down wages in the uncovered sectors. D) all workers will be worse off.