Macroeconomics is concerned with
A. government decision making concerning farm price supports.
B. the effects on a corporation of a strike by the United Auto Workers.
C. aggregates.
D. individual consumers.
Answer: C
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If the supply and demand curves for a product both decrease, then equilibrium:
A. quantity must fall and equilibrium price must rise. B. price must fall, but equilibrium quantity may rise, fall, or remain unchanged. C. quantity must decline, but equilibrium price may rise, fall, or remain unchanged. D. quantity and equilibrium price must both decline.
Fill in Table.
Which of the following statements is NOT true about the price system?
A. Individuals have freedom to purchase what they want. B. Firms have total control over what consumers can buy. C. The price system allows resources to flow from low-valued uses to high-valued uses. D. The price system allows for economic efficiency.
A fixed resource is one that
A) is physically tied to a specific location. B) costs more than the average daily revenue of the firm. C) cannot be varied in the short run. D) can be disposed of only if the firm goes out of business.