Macroeconomics is the study of
A) the economic issues which affect individual well-being and individual firms' profit levels.
B) the economic issues which affect foreign and domestic prices of related goods and services.
C) inflation and poverty at the level of the household.
D) the economic issues which affect the nation's total income, employment, and output.
D
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Developing countries have often attempted to establish cartels so as to counter the actual or perceived inexorable downward push on the prices of their exported commodities. OPEC is the best well known of these
How are such cartels expected to help the developing countries? At times importing countries profess support for such schemes. Can you think of any logical basis for such support? How are cartels like monopolies, and how are they different from monopolies. Why is there a presupposition among economists that such schemes are not likely to succeed in the long run?
Which of the following statements about markets and industries is TRUE?
A) A market includes buyers but not sellers. B) A market includes sellers but not buyers. C) An industry includes buyers but not sellers. D) An industry includes sellers but not buyers.
Featherbedding allows unions to increase wages by:
a. limiting the supply of labor. b. increasing firms' demand for labor. c. forcing firms to accept higher-than-equilibrium wages. d. reducing labor share of payroll taxes.
Economics is considered to be part of the field of
a. management science b. mathematical sciences c. actuarial science d. social sciences e. natural sciences