Which of the following headlines would be more closely related to what macroeconomists study than what microeconomists study?
A) Avocado prices rise due to a late frost in California.
B) The United Auto Workers sign a contract raising wages and benefits 7% over the next 3 years.
C) Real GDP grows by 2.3% in the second quarter.
D) Airlines raise ticket prices in response to rising fuel costs.
Answer: C
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Referring to a production possibilities curve and the goods being compared, depict the economic event. The bubonic plague (Black Death) in the 1300s killed one-third of Europe's population (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on or near the curve B. A movement from a point on or near the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
If the total population is 200 million, the labor force is 100 million, and 92 million workers are employed, then the unemployment rate would be
A. 8%. B. 6%. C. 4%. D. 10%.
The coordinates of point A are 20 units of X and 36 units of Y. The coordinates of point B are 22 units of X and 30 units of Y. With X on the horizontal axis and Y on the vertical axis, the slope of the line between points A and B is
A) + 3.00 B) + .20 C) + 0.33 D) - 0.33 E) - 3.00
What is outsourcing and what forms does it take?
What will be an ideal response?