Which of the following is not a question addressed by macroeconomists?
a. Why is average income high in some nations but low in others?
b. What, if anything, can the government do to promote growth in incomes, low inflation, and stable employment?
c. What is the impact of foreign competition on the U.S. auto industry?
d. Why do production and employment expand in some years and contract in others?
c
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Short run average expenditure curves are tangent at their lowest point to the long run average cost curve.
Answer the following statement true (T) or false (F)
Which of the following is not a characteristic of a monopolistically competitive market structure?
A) All sellers sell products that are differentiated. B) There is a large number of independently acting small sellers. C) Each firm must react to actions of other firms. D) There are low barriers to entry of new firms.
Which of the following is an important ingredient of efficient economic organization
What will be an ideal response?
Your next-door neighbor has a beautiful rose garden, but you are allergic to roses and cannot use your yard because of the rose pollen that drifts into your yard. In this case, the rose garden is an example of a
A. public good. B. good that provides an external benefit. C. good that imposes an external cost. D. Pareto good.