In macroeconomics, equilibrium is defined as the point at which:
a. the economy attains the highest level of GDP.
b. there is no unemployment in the economy.
c. people's plans match the reality.
d. there is high inflation and unemployment in the economy.
e. there is no inflation in the economy.
c
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For a pure monopoly to sell a quantity of 10 units, the price must be $8. Marginal revenue (MR) at this output level will be ________.
A. = $8 B. > $16 C. > $8 and < $16 D. < $8
An import tariff will cause the terms of trade of the ________ country to ________ and will ________ the country
A) importing; improve; benefit B) exporting; improve; benefit C) importing; suffer; harm D) exporting; improve; harm E) importing; improve; harm
The Federal Open Market Committee:
A. is responsible for monitoring how goods and services are being sold on the open market. B. is responsible for regulatory oversight and implementation of monetary policy of regional banks. C. is the most important policy-making body of the Federal Reserve. D. includes all regional bank presidents and the Board of Governors.
Which of the following groups would have the highest unemployment rates?
A. Married men B. White workers C. College graduates D. Teenagers