Which of the following exemplifies a microeconomic question?
A. What is the current national rate of unemployment?
B. Is the economy experiencing a decline in the rate of inflation?
C. Will a new type of electronic reader or tablet increase the number of buyers?
D. Is the aggregate output in the economy greater this year than last year?
Answer: C
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Which of the following wars consumed almost half of the United States' total output?
A. the Civil War B. World War I C. World War II D. the Vietnam War
Net exports are the sum of
A) the current account balance and capital account balance. B) the balance of payments accounts. C) exports and imports. D) the private sector balance and the government sector balance. E) the current account balance and the official settlements account balance.
Which of the following statements about potential GDP is false?
A) The Fed's goal is to have equilibrium GDP close to potential GDP. B) When GDP is at potential, cyclical unemployment is zero. C) It occurs when firms are producing at their maximum level of output. D) It occurs when firms are producing with a workforce of normal size working normal hours.
When comparing public and private schools, the voluntary choice of going to a private school _____
a. is a Pareto optimal move b. is a Pareto superior move c. is neither Pareto optimal nor Pareto superior d. cannot be evaluated according to the Pareto criteria