Macroeconomics deals with
A. the what, who, and how questions faced by any economy
B. the role of prices and markets in allocating outputs
C. the determinants of aggregate output, overall levels of prices and inflation, growth, etc.
D. all of the above
Ans: C. the determinants of aggregate output, overall levels of prices and inflation, growth, etc.
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An industry's output is produced at the lowest possible cost when
a. firms' marginal costs are equal. b. firms minimize their average costs. c. all firms earn the same profit. d. output is evenly divided among the industry's firms.
If the U.S. real exchange rate increases, U.S. exports will ________ and U.S. imports will ________
A) fall; rise B) rise; rise C) rise; fall D) fall; fall
A monopolist maximizes profits by finding
A) the rate of output where marginal revenue equals marginal cost. B) the rate of output where price equals marginal cost. C) the price where price exceeds marginal revenue by that largest amount. D) the price where average revenue and marginal cost are equal.
Average revenue is
a. total revenue minus total cost b. total revenue divided by quantity of output c. total revenue divided by quantity of input d. the change in total revenue divided by the change in output e. the change in total revenue divided by the change in the quantity of an input used