It might be useful to think of macroeconomics as a study of ____ and microeconomics as a study of ____
a. big corporations, small businesses
b. oceans, fish
c. the long run, the short run
d. abstract, concrete
e. theory, reality
b
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The above table gives real GDP and the aggregate expenditure schedule. When real GDP is $15 billion, the amount of unplanned investment is
A) $29.25 billion. B) $14.25 billion. C) $15 billion. D) $0.75 billion. E) unknown.
Although the long-run equilibrium price of oil is $80 per barrel, some producers have much lower costs because their oil reserves are relatively close to the surface and are easier to extract
If the low-cost producers have a minimum LAC equal to $20 per barrel, then the difference ($60 per barrel) is: A) an above-normal economic profit. B) an economic rent due to the scarcity of low-cost oil reserves. C) a profit that will go to zero as new oil producers enter the market. D) none of the above
Roy just got a big promotion at work which includes a sizable pay increase. Roy's demand for Ramen Noodles, an inferior good, will likely:
A. decrease, and his demand curve will shift to the right. B. decrease, and his demand curve will shift to the left. C. increase, and his demand curve will shift to the right. D. decrease, causing a movement down along his demand curve.
An advance in technology results in:
a. suppliers offering a larger quantity than before at each given price. b. suppliers offering the same quantity as before at a lower price. c. a rightward shift of the supply curve. d. an increase in supply. e. all of these.