Which of the following is a macroeconomics topic?
a. wages of textile workers in the Northeast
b. the cost of producing 10,000 bookcases
c. the economy's annual growth rate
d. market demand for fish
e. effects of farm subsidies on food prices
C
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Who benefits the most from competitive markets?
A. Consumers B. Producers C. The government D. Investors
In the long run, under perfect competition:
A) firms earn positive economic profit because of economies of scale. B) firms earn positive accounting profit because of government regulations. C) firms earn zero economic profit because of free entry and exit of firms. D) firms earn negative economic profit because of free entry and exit of firms.
For a competitive firm,
a. total revenue equals average revenue. b. total revenue equals marginal revenue. c. total cost equals marginal revenue. d. average revenue equals marginal revenue.
Most economists reject the theory of rational expectations because
A. expectations adjust very quickly. B. workers receive wage increases in advance of inflation. C. the short-run aggregate supply curve is vertical. D. labor contracts tend to embody past inflation rates.