Which of the following would be studied by macroeconomists?
A. Inflation in developing countries
B. The effect of government subsidies on sugar prices
C. The effect of rent controls on housing prices in New York City
D. The impact of the minimum wage on families below the poverty level
Answer: A
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A graph of the relationship between two variables is a line that slopes down to the right. These two variables are ________ related
A) trend-line B) negatively C) positively D) not E) directly
If two goods are complements, then their
A) indifference curves are positively sloped straight lines. B) indifference curves are negatively sloped straight lines. C) indifference curves are L-shaped. D) marginal rate of substitution is infinity.
In the graph below, the value of the dollar in terms of yuan is:
A. appreciating because the dollar buys more yuan. B. appreciating because the dollar buys fewer yuan. C. depreciating because the dollar buys more yuan. D. depreciating because the dollar buys fewer yuan.
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower