Which of the following is a macroeconomics question?
A) What factors determine the price of carrots? B) What determines the production of DVDs?
C) What determines the inflation rate? D) What determines the wage of auto workers?
C
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According to the economic way of thinking, alcohol prohibition in the U.S
A) effectively destroyed peoples' incentives to produce and drink liquor. B) abolished the supply and demand process in liquor. C) led to a surge in prices and considerable profit opportunities for people willing to break the law. D) failed to make liquor truly illegal.
If one person has all the income and everyone else has none, the Gini ratio is 1
Indicate whether the statement is true or false
Equilibrium income equals planned autonomous spending
A) times the marginal propensity to consume. B) divided by the marginal propensity to consume. C) times the marginal propensity to save. D) divided by the marginal propensity to save.
In the long run,
a. some resources are variable and some resources are fixed. b. all the resources can be varied. c. all resources are fixed. d. at least one resource is fixed. e. there are no explicit costs.