Which is the primary focus of study in macroeconomics?
a. An industry
b. The national economy
c. A business firm
d. A household
b. The national economy
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According to the Coase Theorem
a. efficiency can result only if producers hold the property rights b. an efficient outcome is possible as long as property rights are assigned c. efficiency is not possible in the presence of an environmental externality d. none of the above
A tax where the percentage of income paid in taxes is the same regardless of the size of the income is a:
a. proportional tax. b. regressive tax. c. progressive tax. d. mix of a and b.
America's antitrust laws are used to protect competition against possible encroachment by monopoly. This is an example of government as
a. regulator of businesses. b. buyer of goods and services. c. tax collector. d. redistributor.
The income effect of an increase in the price of peaches is
A) the change in the quantity of other fruit demanded that results from the impact of the price change on purchasing power, holding all other factors constant. B) the change in the quantity of peaches demanded that results from the effect of the change in price on consumer purchasing power, holding all other factors constant. C) the change in the demand for peaches as a result of the change in the price of peaches, holding all other factors constant. D) the change in the quantity of peaches demanded that results from the price increase, making peaches more expensive than other fruit, holding constant the effect of the price change on consumer purchasing power.