Answer the following statements true (T) or false (F)
1. Macroeconomics is concerned with the study of the nation-wide market for specific goods like oranges.
2. The comment that "taxes must be reduced for the good of the economy" is an example of a normative economic statement.
3. "The role of government in the economy should be kept to a minimum" is an example of a positive economic statement.
4. The economizing problem for individuals arises from the conflict between having relatively unlimited time and relatively limited jobs to do.
1. Answer: False
2. Answer: True
3. Answer: False
4. Answer: False
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How would each of the following events affect the level of employment and the real wage rate? Explain which curves in the labor market diagram would be affected and show your work
(a) The stock market falls sharply. (b) A war destroys a substantial amount of a country's physical capital. (c) A new law reduces immigration of workers into the country.
If a product's price increases, then its:
a. MP will increase. b. MFC will increase. c. MRP will increase. d. MP will decrease.
Interdependence among firms is characteristic of: a. perfectly competitive markets
b. monopoly markets. c. oligopoly markets. d. monopolistically competitive markets.
All of the following would shift the consumption-income line except
a. an increase in taxes that causes the marginal propensity to consume to change b. an increase in taxes that changes autonomous spending c. a change in expectations of future income d. a change in wealth e. none of the above