Which of the following is not a macroeconomic statement?
A. Congress increased the minimum wage rate in January.
B. Jenny's wage rate rose, and in response, she decided to work more hours.
C. The unemployment rate for the United States rose to 5 percent in the last quarter.
D. The Federal Reserve lowered interest rates at its last meeting.
Answer: B
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Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same
Also, suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. In this case, the Coase theorem predicts that A) Dudley will pay Angus to not play the bagpipes. B) Angus will pay Dudley so Angus can play the bagpipes. C) Dudley will do nothing and Angus will mop floors. D) no bargain can be reached between Angus and Dudley.
Refer to Figure 9.1. Assume the economy is initially at point A. The initial change from a shock that increases investment expenditure is best represented by which short-run equilibrium combination of price level and real GDP?
A) P2; Y2 B) P3; Y2 C) P1; Y2 D) P2; Y1
In the production of goods and services, trade-offs exist because
A) not all production is efficient. B) society has only a limited amount of productive resources. C) buyers and sellers often must negotiate prices. D) human wants and needs are limited at a particular point in time.
If the number of stages between input production and final product production increases then:
a. GDP and GNP both rise. b. GDP and GNP both fall. c. GDP and GNP both remain unchanged. d. GDP rises and GNP falls. e. GDP falls and GNP rises.