Which of the following concepts is not included in the study of macroeconomics?

Which of the following concepts is not included in the study of macroeconomics?
 a. The unemployment level
 b. The inflation rate
 c. The real income
 d. The profit-maximizing condition
  e. The role of government

QUESTION 2

Defenders of advertising argue that it:
 a. informs buyers and broadens the market for goods.
  b. enhances economic efficiency by lowering prices.
  c. enables small firms to compete more effectively with large ones.
  d. all of these.

QUESTION 3

Two friends, Diane and Sam, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Sam tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
 a. Diane's wage.
  b. Sam's time.
  c. Diane's tips.
  d. Sam's tips.
  e. Both Diane's and Sam's tips.

QUESTION 4

Which of the following statements regarding the gross domestic product is true?
 a. It is useful in comparing the overall performance of different economies at the same time.
 b. It measures aggregate income in an economy over a period of ten years.
 c. It measures the value of all goods and services produced in the world during a given period.
 d. It is a measure of an economy's price level during a particular year.
 e. It records the cumulative value of all goods and services produced by domestically owned factors of production.

QUESTION 5

Which of the following is true about advertising?
 a. If monopolistically competitive firms compete through advertising, and if advertising requires sunk-cost investment and creates brand loyalty, then advertising can be an effective entry cost.
  b. Advertising may be the only way that a new entrant can penetrate a market dominated by long-established firms.
  c. Advertising has no impact on entry costs or market structure.
 d. Both answers a. and b. above are correct.

QUESTION 6

A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays 20,000 a year, and take over a store building that he owns and currently rents to his brother for 6,000 a year. His expenses at the sushi bar would be 50,000 . for food and 2,000 for gas and electricity. What are his implicit costs?
 a. 26,000.
  b. 66,000.
  c. 78,000.
  d. 52,000.
  e. 72,000.

QUESTION 7

The ultimate objective of macroeconomics is to:
 a. reduce the unemployment rate in an economy.
 b. stabilize the growth rate in an economy.
 c. develop and test theories about how the overall economy works.
 d. improve the international competitiveness of U.S. financial markets.
  e. maximize the efficiency of government intervention in the marketplace.