The two topics of primary concern in macroeconomics are:
A. short-run fluctuations in output and employment and long-run economic growth.
B. unemployment and wage rates in labor markets.
C. monopoly power of corporations and small business profitability.
D. oil prices and housing markets.
Answer: A
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When inflation increases at a ________ rate, the money someone holds will ________ every day
A) high; buy more B) high; buy less C) low; buy less D) low; buy more
The table below shows data regarding Germany's labor market
Year Labor Force (millions) Number of Employed (millions) Population (millions) 2006 43.7 39.01 82.3 2007 43.7 39.06 82.2 2008 43.6 39.8 82.1 The data show that Germany's unemployment rate between 2007 and 2008 A) increased. B) decreased C) stayed the same. D) cannot be determined because the population decreased.
Most people would prefer to drive a luxury car that has all the options, but more people buy less expensive cars even though they could afford the luxury car because
A) luxury cars cost a lot more than non-luxury cars. B) the marginal utility per dollar spent on the less expensive car is higher than that spent on luxury cars. C) car buyers are irrational. D) the total utility of less expensive cars is greater than that of luxury cars.
Which of the following is not an argument often made for the imposition of trade restrictions?
a. trade restrictions are necessary for national defense purposes b. trade restrictions are necessary to improve economic efficiency c. trade restrictions are necessary to protect fledgling industries d. trade restrictions are necessary to protect against dumping e. trade restrictions are necessary to protect jobs