Which of the following statements pertains to macroeconomics?
A. Because the minimum wage was raised, Mrs. Olsen decided to enter the labor force.
B. A decline in the price of soybeans caused farmer Wanek to plant more land in wheat.
C. National income grew by 2.7 percent last year.
D. The Pumpkin Center State Bank increased its interest rate on consumer loans by 1
percentage point.
Answer: C
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Economic profit equals accounting profit minus:
a. explicit costs. b. implicit costs. c. fixed costs. d. variable costs.
The bonds held in the Social Security Trust Fund
a. are a valuable asset of the federal government. b. will generate a future stream of net income for the federal government. c. are an IOU from one government agency (the U.S. Treasury) to another (the Social Security Administration). d. are necessary to provide retirement benefits for future retirees.
Concrete likely does not follow the law of one price due to:
A. lack of information regarding prices. B. high transportation costs. C. technical differences. D. tariffs.
Look at the following production possibilities table for smartphones and tablets. The table shows the maximum combination of smartphones and tablets that can be produced, when all resources are fully employed. Production PossibilitiesGood A B C D E
Based on the above information
A. there is no trade-off between smartphones and tablets. B. the opportunity cost of producing 30 instead of 20 smartphones is 120 tablets. C. the opportunity cost of producing 90 instead of 50 tablets is 50 smartphones. D. the opportunity cost of producing 40 instead of 30 smartphones is 30 tablets.