Which of the following would not be studied by macroeconomists?
A. The effects of tax cuts on consumer spending.
B. Factors affecting average wages in the U.S. economy.
C. Inflation in developing countries.
D. The worldwide operations of General Motors
Answer: D
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Under perfect competition, the market mechanism, without any government regulation, is capable of
a. allocating resources efficiently. b. solving equity problems. c. making the average cost of labor equal to the average cost of all commodities. d. making more income available to the poor.
In the past, the Department of Transportation allowed airline mergers that gave the merged airlines market shares of 79 and 82 percent, respectively, in their hub cities. The concept the DOT used to allow mergers where there was obvious concentration was most likely
a. the good trust principle. b. contestability. c. the efficient market principle. d. the monopolistic competition principle.
Fossil Fuels are derived mostly from nonorganic matter trapped in metamorphic rock.
Indicate whether the statement is true or false.
Those who criticize individuals who choose to drive a relatively inefficient sport utility vehicle (SUV) might mistakenly
A) assume everyone faces the same relative prices. B) assume everyone has the same preference set. C) assume everyone has the same budget constraint. D) All of the above.