The 5 basic macroeconomic outcomes
What will be an ideal response?
1) output
2) prices
3) jobs
4) growth
5) international balances
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Most of us are dependent on crude oil in some shape or way, whether it's to power our cars or to heat our homes in some parts of the country. More than 80 percent of the home heating oil used in the United States goes to the Northeast
It is suggested that there needs to be government regulation to make it illegal to charge a very high price for oil. This type of regulation would be a ________. A) price ceiling B) price floor C) shortage regulation D) tax incidence
On the graph above, suppose the economy is at point 1. Which sequence of points best illustrates the short-run and then long-run impacts if taxes are reduced for one year, then returned to the original level? [Assume that potential output remains
constant at .] A) 7, 2, 5 B) 2, 4, 1 C) 2, 7, 6 D) 7, 8, 1
Which of the following would be the best example of a near public good?
a. a candy bar b. a painting by Monet c. a taxi cab d. a beautiful sunset e. a national park
In which of the following markets do firms sell the same standardized product?
A. Four-door cars B. Desktop computers C. 2% milk D. Sandwiches