Which of the following would most likely NOT be taught in a microeconomics course?
A. the effect of an increase in wheat prices on farmers' behavior
B. changes in unemployment across the nation
C. changes in prices of automobiles
D. the effects of a gas tax on gas purchases
Answer: B
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In the current account, the largest category of international transactions is
A) imports. B) international investment. C) statistical discrepancy. D) net interest. E) net transfers.
Recall the Application. Unlike the Euro-zone, the United States does not just have a single currency, but also has a ________ that provides transfers to areas in economic distress
A) single central bank B) unified fiscal system C) national trade agreement D) federally funded emergency account
The traditional typewriter market has collapsed over the past few decades because people prefer personal computers. Yet, some new typewriters continue to be produced and sold at historically low prices
How would you explain the decline in typewriter prices? A) Typewriter producers have become less greedy. B) The demand curve for typewriters has shifted to the left. C) The supply curve for typewriters has shifted to the right. D) The supply curve for typewriters has shifted to the left.
If prices are held above the equilibrium price:
A) social surplus is maximized. B) all firms incur losses. C) there exists a surplus in the market. D) there exists a shortage in the market.