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macroec
Questions (15)
Given the necessary increase in GDP of $500 and the MPC of $0.90, how much should we reduce the taxes to get GDP to its natural
1 answer
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given our MPC of .80 and our necessary increase in GDP of $500, how much should we increase government spending to fix the
1 answer
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Immediately following the years 1929–1933, the U.S. economy
Multiple Choice experienced World War II, which resulted in rapid
1 answer
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A stock person who is laid off by a department store because retail sales across the country have decreased is _______
1 answer
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Deflation occurs when the
Multiple Choice price of large ticket items, such as appliances, decreases. economy reaches full
1 answer
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The labor force is smaller than the total population because the labor force does not include
Multiple Choice the very young and
1 answer
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The alternative combinations of goods and services that can be produced in a given time period with available resources and
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For a particular economy, the production possibilities curve shows the
Multiple Choice change in the price level. maximum level
1 answer
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Alternating periods of growth and contraction in real GDP define
Multiple Choice macro equilibrium. the business cycle.
1 answer
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All of the following are macro failures that justify government intervention except for
Multiple Choice a rising price level.
1 answer
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After the government filed its antitrust case, Microsoft
Multiple Choice changed some of its exclusionary licensing practices.
1 answer
56 views
By breaking up AT&T, the Justice Department expected that the telecommunications market would change from
Multiple Choice a
1 answer
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External costs arise when
Multiple Choice social costs are greater than private costs. private costs are too low. private costs
1 answer
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Item9
2 points eBookItem 9 If the economy relies entirely on markets to answer the WHAT question, it tends to _____ goods with
1 answer
90 views
A market failure is defined by a(n)
optimal mix of output. suboptimal mix of output. ample quantity of goods and services. All of
15 answers
295 views
Answers (7)
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The News Wire article in the text titled "Secondhand Smoke Kills More Than 600,000 a Year: A Study" addresses the true costs of tobacco use. Secondhand smoke is an example of Multiple Choice the free-rider dilemma. inequity. an externality. market power.
The market overproduces goods that have external costs because producers Multiple Choice cannot compete with the government in producing these goods. expect the government to subsidize these goods. do not experience the full costs of production for these
A private good is a good that: Multiple Choice is financed by private dollars instead of taxes consumers use privately in their homes can be jointly consumed can be denied to those who do not pay for it
In economics, a public good Multiple Choice is any good produced by the government. cannot be denied to consumers who do not pay. is provided in an optimal amount by the market. has social costs that are lower than private costs.
The distinction between public goods and private goods is based on Multiple Choice who produces the goods. government regulation. the link between payment and consumption. how much the goods cost.
A market failure occurs when: market prices signal producers to produce the optimal mix of output. producers supply the goods that earn the greatest profit. the economy produces at a point on the production possibilities curve. an imperfection in the
