Macroeconomics is the study of economics from the standpoint of:
A. a typical firm.
B. individual economic units.
C. a typical household.
D. the overall economy.
Answer: D
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European households wishing to purchase shares of stock in an American company are ________ the foreign exchange market.
A. demanders of Euros in B. demanders of U.S. dollars in C. suppliers of U.S. dollars in D. supplied dollars by the European Central Bank for use in
Suppose a market is in equilibrium. If a price ceiling is set by the government below the equilibrium price, which of the following is most likely to occur?
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Nonexcludable goods tend to be undersupplied because:
A. the free rider problem persists. B. people do not pay the true value of the good. C. people rarely willingly pay for something they could get for free, regardless of how much they value it. D. All of these statements are true.