Macroeconomics would be concerned with
A. the effects of a tax on beer.
B. the effects on individual consumers of changes in the price of gasoline for a business.
C. implications of changes in unemployment and inflation.
D. the effects of wage increases on steel manufacturers.
Answer: C
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Prices of PlayStation 4 game systems are similar at almost every large retailer and little price competition occurs among these retailers. An explanation for this is
A) retailers are in a prisoner's dilemma which causes them to all charge the same price for PlayStation 4 game systems. B) pricing PlayStation 4 game systems is a repeated game. Over a long period of time a cooperative equilibrium has been reached where retailers charge high prices for these systems. C) retailers are all price takers. D) retailers have lobbied state governments to allow them to collude legally to set the prices of certain products.
Which of the following is a direct consequence of the development of faster and cheaper computers?
a. The development of double-entry bookkeeping b. The enhanced ability of managers of business operations to deal with complex transactions in far-flung locations c. The creation of money d. The decrease in workers' productivity, because more computers need fewer people to operate them e. A decline in the rate of inflation
A cash-payment welfare program, where eligibility is no longer an entitlement but emphasizes welfare-to-work is
a. food stamps b. Medicare c. Social Security d. TANF e. SSI
In a competitive market with identical firms,
a. an increase in demand in the short run will result in a new price above the minimum of average total cost, allowing firms to earn a positive economic profit in both the short run and the long run. b. firms cannot earn positive economic profit in either the short run or long run. c. firms can earn positive economic profit in the long run if the long-run market supply curve is upward sloping. d. free entry and exit into the market requires that firms earn zero economic profit in the long run even though they may be able to earn positive economic profit in the short run.