Macroeconomics is most likely to be concerned with
A. price determination in the car industry
B. relative prices
C. the efficient allocation of resources
D. unemployment and inflation
Ans: D. unemployment and inflation
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A union contract requiring elevator operators in a building with automatic elevators is an example of
A) a closed shop. B) featherbedding. C) a lockout. D) a right-to-work requirement.
Suppose the domestic market demand function in a certain market where Q is measured in thousands of units is Qd = 20 - 2.5P, and the domestic market supply function is Qs = 2.5P - 7.5. Suppose further that the world price for the good in question is $3.40 per unit. How much deadweight loss would be caused by a $1.20 tariff on imported units of this good?
A. $3,200 B. $3,600 C. $5,400 D. $3,000