Which of the following statements most likely lies within the realm of macroeconomics?
A. An increase in the price of automobiles will lead to a decrease in the quantity of automobiles demanded.
B. Due to process innovations in computer chip manufacturing, the market supply of computers increased.
C. Due to an economic recession, manufacturing firms began implementing layoffs of their workforces.
D. Anticipating that the benefits would outweigh costs involved, an undergraduate student purchases the course textbook.
C. Due to an economic recession, manufacturing firms began implementing layoffs of their workforces.
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The above figure shows the production possibility frontier for a country. Suppose the country is producing at point A. What is the opportunity cost of increasing the production of rice to 12 tons?
A) 6 thousand bottles of wine B) 9 thousand bottles of wine C) 15 thousand bottles of wine D) 12 tons of rice E) Nothing, it is a free lunch.
What is dumping and why do nations dump? Is dumping on U.S. markets legal? How can we detect dumping?
Without which of the following would there be no economics?
a. professors b. government c. money d. freedom e. scarcity
When there is excess supply of a product in a market,
a. price will tend to rise. b. price must be above the equilibrium price. c. producers will expand output and sales will rise. d. price must be below the equilibrium price.