Which of the following are economic themes considered in macroeconomics?
a. A firm's output
b. The level of prices in the economy
c. The unemployment rate
d. A firm's income or total revenues
e. National income
b. The level of prices in the economy
c. The unemployment rate
e. National income
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If there is a collusive agreement in a duopoly to maximize profit, then the price will
A) equal the marginal cost of production. B) equal the average total cost of production. C) be the same as the price set by a monopoly. D) be the same as the price set by a competitive industry.
Why do economists use graphs?
What will be an ideal response?
When real GDP is below natural real GDP, the unemployment rate is
A) rising. B) above the average unemployment rate. C) falling. D) below the average unemployment rate.
The equilibrium level of regulation is _____
a. determined where marginal political gains to the special interests are equal to the marginal political costs of the foregone regulation b. determined where the marginal benefits from the regulation are equal to the marginal costs of the regulation c. determined where the marginal political benefits to the special interests are equal to zero d. determined where the marginal benefits from the regulation are equal to zero