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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An employer faces a minimum wage control where it cannot pay its workers any less than $10.25 an hour. The employer knows that the workers value the jobs and are willing to work even at much less. The employer decides to offer them the minimum wage but forces them to buy their uniforms from the employer. This is an example of
a. Tying b. Bundling c. Exclusion d. Fraud
Which of the following statements is not true?
a. Price elasticity of demand for basic foods is low. b. When price elasticity of demand is very high, we say there is brand loyalty. c. The availability and price of substitutes affect the elasticity of demand for a good or service. d. When goods have very low prices, the elasticity of demand is usually quite low. e. Elasticities increase as the price of the good increases.
Externalities are consequences visited upon those individuals residing outside decision processes
Indicate whether the statement is true or false
In a market economy, the decision regarding allocation of resources is made by
a. automatic forces of supply and demand. b. authorities in Washington, D.C. c. planners in state capitals. d. committees from a variety of economic interest groups. e. All of the above are correct.