Which of the following is not a macroeconomic question?
A. Should we have a constitutional amendment requiring the federal government to balance the budget each year?
B. Should restaurants be required to list the number of calories for each product on their menus?
C. How does a fiscal stimulus package affect gross domestic product?
D. Should Congress enact tougher immigration laws to reduce unemployment?
Answer: B
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The long-term impact of Munn v Illinois (1877) on regulatory efforts was
(a) to hold back federal efforts to regulate business. (b) to prevent states from regulating interstate trade. (c) to provide a temporary justification for regulating business. (d) to establish government as able to regulate all businesses permanently.
A pack of chocolates purchased by Monica from a shop is an example of a _____
a. merit good b. club good c. public good d. private good
For a profit-maximizing firm in a monopolistically competitive market, when price is equal to average total cost, price must lie above marginal cost
a. True b. False Indicate whether the statement is true or false
Which of the following terms describes a system of subsidized health insurance available to the aged?
A. Medicare. B. Supplemental Security Income (SSI). C. Medicaid. D. TANF.