Which of the following groups of words best represents macroeconomic goals?
A.) Full employment, price stability, economic growth.
B.) Rate of production, choice of factors of production, and the pricing of specific goods.
C.) Welfare of individual consumers and business firms.
D.) Land, labor, and capital.
A.) Full employment, price stability, economic growth.
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In estimating short-run cost functions, one must adjust for
A) price level changes. B) accounting procedure changes. C) product heterogeneity. D) All of the above
Suppose the supply of non-OPEC oil increases due to new petroleum discoveries in other countries. What happens to the price of oil on the world market?
A) Increases B) Decreases C) Remains the same D) We do not have enough information to answer this question.
If spending decreased by $400, and the GDP decreased $1,000 as a result, the MPC must be:
A. 0.60 B. 0.75 C. 4 D. 2.5
The extent to which a firm is viewed by consumers as being a monopoly depends primarily on
a. how the government defines a monopoly b. whether they believe there are close substitutes for the good it produces c. the level of profits earned by the firm d. the difference between price and marginal cost of the good it produces e. the size of the firm