Which of the following is not considered a macro outcome?
A. External shocks such as weather.
B. The average price of goods and services.
C. The year-to-year expansion in overall productive capacity.
D. The level of unemployment.
Answer: A
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How do competitive firms try to achieve market power? What is one way they try to accomplish this?
What will be an ideal response?
In contrast to first-dollar insurance coverage, one concern about HMOs is that:
A. patients will receive more medical care than they need. B. the price of medical care will be too low. C. acute treatment will be overemphasized. D. patients will not receive adequate medical care.
Refer to Figure 7.1. In equilibrium, the real wage is ________ and the amount of labor employed is ________
A) Y; B B) X; C C) Y; C D) Z; C
As we increase the production of computers, we find that we must give up larger and larger amounts of DVD players per computer
A) This situation illustrates increasing opportunity cost. B) As a result, we should specialize in the production of DVD players. C) The production possibilities frontier for computers and DVD players is a straight line. D) DVD players will be more highly regarded by consumers than computers.