Macroeconomic topics do not usually include:
a. the rate of inflation
b. the rate of unemployment.
c. economic growth.
d. the profit maximizing decisions of an individual firm.
d
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The amount of money that people wish to hold to use in transactions varies directly with
A) the income tax rate. B) their planned near-term purchases. C) the money supply. D) the interest rate.
During the colonial period, individual producers
(a) were never required to produce specific goods or services. (b) were, at times, required by colonial officials to produce certain staples if they wanted to produce cash crops. For example, the early governors of Virginia directed tobacco producers to also plant wheat. (c) produced only what they were directed to produce by colonial officials as part of an overall plan of colonial development. (d) received orders directly from England to produce what was viewed as most valuable to England.
Refer to the above figure. Ajax and Greenco are oligopolists. Above you are given the payoff matrix for the two firms giving the payoff associated with different pricing strategies. What is the dominant strategy for Greenco?
A. high price B. low price C. There is no best strategy. D. Not enough information is given to determine the best strategy.
The trough of a business cycle occurs when ________ hits its lowest point.
A. the money supply B. aggregate economic activity C. the unemployment rate D. inflation