A macroeconomist - as opposed to a microeconomist - would study
a. the effects of rent control on housing in New York City.
b. the effects of foreign competition on the US auto industry.
c. the effects of borrowing by the federal government.
d. the effects of raising the gasoline tax on transit ridership.
c
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In perfect competition, each firm's output is a large fraction of total market supply
a. True b. False
Which of the following is always a characteristic of the oligopoly market structure? a. Many sellers, each small in size relative to the overall market. b. Few sellers
c. All sellers produce identical products. d. Easy, low-cost entry and exit.
The unemployment rate equals the number of people:
A. unemployed divided by the labor force. B. unemployed plus discouraged workers divided by the labor force. C. unemployed divided by the number employed. D. unemployed.
When the price of a normal good decreases, people increase their consumption of the good. The reason is
A. the income effect only. B. the law of diminishing marginal utility. C. the substitution and income effects. D. the substitution effect only.