Among the subjects covered in macroeconomics are the
A) unemployment rate for the entire labor force, and the causes of the increase in the overall price level.
B) causes of the increase in the price of oil relative to other commodities.
C) effects of low wages on the laborers' moral.
D) causes of the change in the individual firms' profits.
A
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The above figure shows three possible average total cost curves
If all firms in a perfectly competitive industry each have an average total cost curve identical to ATC1, each produce 30 units, and the market price of the good is $16 per unit, then the firms A) make zero economic profit and new firms enter the market. B) make zero economic profit and no firms enter or exit the market. C) make zero economic profit and some firms exit the market. D) incur an economic loss and some firms exit the market. E) make an economic profit and new firms enter the market.
Refer to Table 2-1. Assume Dina's Diner only produces sliders and hot wings. A combination of 50 sliders and 50 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
Describe the main ideas of endogenous growth theory. What does it have to say about the role of government in economic growth?
What will be an ideal response?
What are the main reasons comparative advantages occur?
a. climate, import quotas, technology b. education, technology, import quotas c. education, factor endowments, capital d. climate, factor endowments, technology