Which of the following topics is NOT a primary concern of macroeconomists?
A) fluctuations in the level of economic activity
B) differences in standards of living across countries
C) relative wages of skilled and unskilled workers
D) unemployment
C
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Each point along an indifference curve represents the same level of total utility for a consumer
a. True b. False Indicate whether the statement is true or false
Which of the following most accurately describes the long-run period? a. The long run is a period of time in which a firm is unable to vary some of its factors of production
b. In the long run, the firm is able to expand output by utilizing additional workers and raw materials, but not physical capital. c. The long run is of sufficient length to allow a firm to alter its plant capacity and all other factors of production. d. The long run is of sufficient length to allow a firm to transform economic losses into economic profits.
A markup of price over marginal cost is inconsistent with free entry and zero profit
a. True b. False Indicate whether the statement is true or false
Which of the following is not a result if the quantity supplied exceeds the quantity demanded in a market?
A. Deadweight loss B. Inefficiency C. Overproduction D. Shortage