Economists concerned about economy-wide trends in the unemployment of labor, the rate of inflation, and the level of economic production are studying:
A) microeconomics.
B) macroeconomics.
C) specific units or parts of the economy.
D) the "trees" of economic behavior, rather than the "forest."
Ans: B) macroeconomics.
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"If firms in an oligopoly enter into a collusive agreement to operate as a monopoly, the industry produces the most output and if they operate as perfect competitors, the industry produces the least output
" Is the previous statement correct or incorrect? Why?
The holdout problem occurs when _____
a. unanimity rule is required for any Congressional action b. free riding is prevalent c. individuals drafted into the military refuse to report d. any individual has the power to prevent collective action
A tax
a. lowers the price buyers pay and raises the price sellers receive. b. raises the price buyers pay and lowers the price sellers receive. c. places a wedge between the price buyers pay and the price sellers receive. d. Both b) and c) are correct.
By 2016, economists had drawn what conclusion about the very low productivity growth that lasted from 2005 to 2015?
A. Productivity slowed because of government overregulation. B. Productivity slowed because of a decrease in investment. C. Productivity averaged only 1.2 percent during that time. D. It was merely a temporary pause in otherwise strong productivity growth.