Which of the following would most likely NOT be taught in a macroeconomics course?
A. government actions in response to a slowdown in the economy
B. factors leading to different economic growth rates among countries
C. the relationship between the inflation rate and the unemployment rate
D. price changes in the world's oil markets
Answer: D
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Assume that in a monopolistically competitive industry, firms are earning economic profit. This situation will
A. attract other firms to enter the industry, causing the existing firms' profits to shrink. B. cause firms to standardize their product to limit the degree of competition. C. reduce the excess capacity in the industry as firms expand production. D. make the industry allocatively efficient as each firm seeks to maintain its profits.
According to this Application, during the late 1980s, Argentina pegged its currency to the U.S. dollar. When the dollar appreciated sharply on world markets after 1995, this caused a large trade deficit in Argentina because
A) Argentina could no longer afford to purchase as many imported products. B) Argentinean exports grew relative to the nation's imports. C) U.S. exports to Argentina declined. D) Argentinean exports became relatively more expensive in global markets.
In the above figure, a rent ceiling of $500 per month would
A) not affect the equilibrium quantity. B) create a shortage. C) raise the rent and cause a surplus. D) reduce the rent and create a surplus.
If the money supply in the economy were at MS2, and the Federal Reserve Bank used open market operations to move money supply to MS1 the overall result in the economy would be:
A. Aggregate demand shifted in, causing GDP to fall. B. LRAS move to the FE level of output. C. Aggregate demand shifted out, causing GDP to rise D. Aggregate supply shifted in, causing GDP to fall.