The following graph shows the marginal benefit (MB) and marginal cost (MC) curves for baseballs in an economy. 18 Marginal Cost 15 12 Marginal Benefit 05 10 15 20 25 30 35 40 45 50 55 60 QUANTITY (Millions of baseballs per year) IF 50 million baseballs are sold, which means that: The production of baseballs is currently at an inefficient level, and to reach efficiency more should be produced. The production of baseballs is currently at an inefficient level, and to reach efficiency less should be produced. From the data given it is impossible to tell if baseballs are being produced at the efficient level. The production of baseballs is currently at the efficient level. PRICE (Dollars per baseball)

Why is having knowledge of graphing and basic algebra or essential for your understanding of macroeconomics and how they are used in the course

We live in a world where computers and other items of technology seem to get ever cheaper to produce. Such technology is important in the production of a vast range of consumer goods.  We wish to analyse the impact of this phenomenon on two key pieces of economic data. The main impact of the decreasing cost of technology is that (select from consumption/investment/government spending/exports/imports/economy-wide production costs/wage costs) would (Select increase/decrease) This would shift the (Select one from the picture attached) which (Select: Increse or decreases the price level) and (Select: increases or decreases GDP) Suppose that the economy is now away from long run equilibrium (GDP is above Yf).  The way that the economy adjusts back to equilibrium is that (Select: interest rates/the exchange rate/factor prices such as wages/governement spending) (Select: Increases/decreases).  This shifts the (Select one from the picture attached)

Explain the importance of the study of "macroeconomics ?

need help with macroeconomic question  23. A Malthusian and a modern economist walk into a bar and converse as follows: MALTHUSIAN: I bet you $1,000 that I can make the average patron in this bar wealthier with a simple trick.MODERN ECONOMIST: I agree to your bet, and bet you $2,000 that I can do a better job.Thus, the Malthusian proceeds to murder half of the patrons, cleanly disposing of their bodies. The modern economist, on the other hand, replaces the bartender with a robot. How can we explain this ridiculous situation?(A) The Malthusian believes that killing people raises per-capita wealth, while the economist believes that technological improvements raise per-capita wealth.(B) The Malthusian believes that the agricultural commodities used in beer are scarce, and should be preserved; the modern economist believes that technological im- provements raise per-capita wealth.(C) There is no underlying logic to their actions.(D) The Malthusian and modern economists are both soyjacks…

micro 1

Suppose that the following headlines appeared in a newspaper Which would most clearly represent a macroeconomic issue? Select one "Auto Dealership to Cut Prices" b. "United Workers Union to Strike April 15 C. "Fanny's Freeze Dried Prunes to Lay Off 50 Workers" d. "Central Bank Raises Interest Rates" CLEAR MY CHOICE 0 0 O 0

What is the main driving force behind plate tectonics? a) Solar radiation b) Mantle convection c) Earth's rotation d) Gravitational pull

Which of the following is a macroeconomic issue? The price of butterThe number of new cars producedThe growth rate of total outputThe price of products sold in the steel industryThe price of cell phone service Question 8.8.When economists make the assumption that wants are unlimited, they mean that most people  want more of everything.are satisfied with what they have.want more of some goods, even if they don’t want more of everything.don’t care what they have.are greedy. Question 9.9.What will cause a change along the supply curve?  The supplier’s expectationsThe supplier’s costsThe price of the goodThe price of all other good? Question 10.10.Ceteris paribus, as applied in demand theory, means accounting for all possible simultaneous changes.holding constant all factors that affect demand except one.observing the real world.holding technology and resource prices constant.holding one input constant while changing the other input.