Macroeconomics is the study of how individual choices are affected by economic forces.
Answer the following statement true (T) or false (F)
False
Macroeconomics is the study of the economy as a whole. This statement describes microeconomics.
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Average cost is the cost of producing the next unit.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
A. Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice and corn crops. B. Imports and exports account for over one-half of the GDP of Belgium. C. Japan is more dependent on foreign trade than is the United States. D. France is the leading exporting country, accounting for 10 percent of total world exports.
Refer to the information provided in Figure 23.5 below to answer the question(s) that follow.
Figure 23.5Refer to Figure 23.5. If aggregate income is $900 billion, aggregate consumption
A. is $25 billion. B. is $800 billion. C. is $875 billion. D. cannot be determined from this information.
California passed a law called “Proposition 2 ½” that limited property taxes to 2.5 percent of property value. Naturally this reduced taxes on many properties, and apartment landlords had more money at the end of the year at given rents. This windfall could be called an economic rent only if
A. we push the definition of economic rent too far. B. the supply of rental units can be expanded. C. the supply of rental units is fixed. D. competitors can build housing at costs that yield the return that was earned before the tax cut.