Which of the following would be studied by macroeconomists?
A. Inflation in developing countries.
B. The effect of government subsidies on sugar prices.
C. The impact of the minimum wage on families below the poverty level.
D. The effect of rent controls on housing prices in New York City.
Answer: A
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The above figure shows a payoff matrix for two firms, A and B, that must choose between a high-price strategy and a low-price strategy. For firm B
A) setting a high price is the dominant strategy. B) setting a low price is the dominant strategy. C) there is no dominant strategy. D) doing the opposite of firm A is always the best strategy.
Today a college graduate earns about $____ while a high school graduate earns about $_____.
A. 70,000; 24,000 B. 55,000; 33,000 C. 53,000; 24,000 D. 70,000; 32,000
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, the amount of consumer surplus domestic consumers enjoy once a tariff has been imposed is:
A. ABC B. ABCDEFGHIJKL C. A D. ABCDEFG
Refer to the above figure. Total cost for this firm equals
A. P2. B. 0P3cQ1. C. 0P2bQ1. D. P3.