Which of the following is not a question addressed by macroeconomists?
a. Why is average income high in some nations but low in others?
b. What, if anything, can the government do to promote growth in incomes, low inflation, and stable employment?
c. What is the impact of foreign competition on the U.S. auto industry?
d. Why do production and employment expand in some years and contract in others?
c
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The national security argument is used by those who assert they want to
A) increase imports as a way of strengthening their country. B) limit exports to control the flow of technology to third world nations. C) limit imports that compete with domestic producers important for national defense. D) limit all imports. E) increase exports as a way of earning money to strengthen their country.
If a good has a price elasticity of demand coefficient less than one, then:
a. this good has an elastic demand. b. this good has an inelastic demand. c. a 10 percent increase in the price will result in a greater than 10 percent decrease in the quantity demanded. d. the demand curve will be vertical.