Which of the following questions would not be studied by a microeconomist but would be studied by a macroeconomist?
a. Why do national economies grow?
b. What percentage of consumer income is spent on entertainment?
c. Why do workers prefer the 4-day workweek?
d. How is the electric industry harmed by the passage of new clean air legislation?
a
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Automobiles and many other products are differentiated. As a result
A) consumers of automobiles have difficulty deciding what type of imported automobile to buy. B) we see countries specializing completely in the production of automobiles. C) different countries may each have a comparative advantage in producing different types of automobiles. D) the quality of imported automobiles is less than it could be.
For this question, assume that expectations of productivity are slow to adjust. Further assume that A had been increasing by 2% a year. Now suppose that A increases by 5% in period t. This increase in productivity growth will cause
A) the real wage to rise and no change in the natural rate of unemployment. B) the WS relation to shift up more than the PS relation. C) the natural rate of unemployment to fall. D) the real wage to fall.