Macroeconomics would be concerned with
A) implications of changes in unemployment and inflation.
B) the effects on individual consumers of changes in the price of gasoline for a business.
C) the effects of a tax on beer.
D) the effects of wage increases on steel manufacturers.
Answer: A
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To measure GDP using the expenditure approach you must collect data on
A) inflation. B) exports. C) wages. D) saving.
Marginal cost is calculated as:
A. the change in output divided by the change in total costs. B. the percentage change in total costs divided by the percentage change in output. C. the change in total cost divided by the change in output. D. total revenue minus total costs.
The Fair Labor Standards Act of 1938
A. Eliminated minimum wages created during World War I. B. Granted women the right to work in nonclerical occupations. C. Set a minimum wage of 25 cents per hour. D. Established maximum work hours per day.
Suppose you own your own pizzeria. All of the following are implicit costs except
A. the income you could have made using your delivery truck to do something else. B. the gasoline used when you deliver pizzas. C. the wages you could earn making pizza for your competitors. D. the interest forgone on the money you invested in your restaurant.