Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist?
a. Why do prices in general rise by more in some countries than in others?
b. Why do wages differ across industries?
c. Why do national production and income increase in some periods and not in others?
d. How rapidly is GDP currently increasing?
b
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An isoquant is the locus of the different combinations of inputs that produce the same level of output
Indicate whether the statement is true or false
The attendees at the FOMC meetings receive information prior to the meetings that is contained in books with colorful names. The information that is released to the public prior to the meetings is from the:
A. Beigebook and Bluebook but not the Greenbook. B. Beigebook only. C. Bluebook only. D. Bluebook and Greenbook, but not the Tealbook.
In the long run, a monopoly
A. will never exit the industry. B. will yield an efficient outcome. C. will always earn zero economic profits. D. may earn positive economic profits due to entry barriers.
After graduating from Harvard Law School, Anne started looking for a job. She could not find a job after looking for one week. Which of the following is true in this case? a. This is an example of frictional unemployment. b. This is an example of cyclical unemployment. c. This is an example of seasonal unemployment. d. She is underemployed
e. She is a discouraged worker.