Macroeconomics simply focuses on the annual performance of a particular national economy and ignores its interactions with other national economies around the world
a. True
b. False
Indicate whether the statement is true or false
False
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The distribution of income is not a zero-sum game
Indicate whether the statement is true or false
Perfectly competitive markets will tend to under-allocate resources to nonexclusive public goods because a. these goods are produced under conditions of increasing returns to scale
b. no single individual can appropriate the total benefits provided by the purchase of such goods. c. these goods are best produced under conditions of monopoly. d. no private producer can provide the capital necessary to produce such goods.
Along the long-run Phillips curve, the economy is at an unemployment level that corresponds to an output level lower than the potential output level
a. True b. False Indicate whether the statement is true or false
Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1
Refer to Table 9.1. In the long run, if cost conditions do not change, this firm will earn a zero economic profit if price is
A. $10. B. $15. C. $20. D. $28.