The basic difference between macroeconomics and microeconomics is that
What will be an ideal response?
macroeconomics is concerned with the forest (aggregate markets), while microeconomics is concerned with the individual trees (subcomponents).
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Living wage laws have been instituted at the state level and affect a large number of jobs
Indicate whether the statement is true or false
A major tax revision occurred in the 1980s. Between 1981 and 1986, the top marginal tax rate for the federal personal income tax
a. decreased from 70 percent to 20 percent b. increased from 50 percent to 75 percent c. decreased from 70 percent to 31 percent d. increased from 31 percent to 50 percent e. decreased from 50 percent to 15 percent
For the infant-industry argument for tariffs to be appropriate, it is necessary that
A) the industry be deemed essential by the government. B) the government can identify which industries will eventually be able to compete with more established foreign producers. C) only industries that currently are operating efficiently will be protected. D) the country has access to the most modern production techniques.
Which of the following would cause a decrease in the equilibrium price and an increase in the equilibrium quantity of salmon?
A) a decrease in demand and an increase in supply B) an increase in supply C) an increase in supply and an increase in demand greater than the increase in supply D) a decrease in demand and a decrease in supply