In Barylia, Greenaqua Corp . is the sole controller of a resource required for the production of bottled drinking water. Therefore, Greenaqua Corp . enjoys:
A) legal market power.
B) natural market power.
C) regulated market power.
D) restricted market power.
B
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The branch of economics that focuses on economywide variables like inflation and unemployment is called:
a. macroeconomics. b. microeconomics. c. free-market economics. d. aggregate economics.
Throughout the 1980s, accounting departments in U.S. universities were unable to fill many available faculty positions. This fact suggests that the salaries offered by these departments
A. suffered from the cost disease of the service sector. B. were below the market price for qualified accountants. C. created externalities. D. failed to reflect productivity growth in teaching.
You are hired by the Council of Economic Advisors (CEA) as an economic consultant. The Chairperson of the CEA tells you that she believes the current unemployment rate is too high. The unemployment rate can be reduced if aggregate output increases. She wants to know what policy to pursue to increase aggregate output by $300 billion. The best estimate she has for the MPC is 0.8. Which of the following policies should you recommend?
A. Increase government purchases by $60 billion. B. Increase government purchases by $150 billion. C. Cut taxes by $60 billion and to increase government purchases by $60 billion. D. Cut taxes by $60 billion.
A new idea was introduced in macroeconomic analysis during the early 1970s to describe the unusual combination of high inflation and high rates of unemployment. It was
a. stagflation b. the business cycle c. fine-tuning d. crowding out e. cost-push inflation