An example of rational behavior in economics is
a. a firm seeking to minimize its losses in an economic downturn.
b. a consumer wanting to maximize satisfaction.
c. a country looking to maximize its output.
d. All of these.
d. All of these.
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In the short-run, a rise in the money wage rate leads to
A) an increase in the price level and an increase in real GDP. B) an increase in the price level and a decrease in real GDP. C) an increase in the price level, but no change in real GDP. D) no change in the price level, but an increase in real GDP.
Antitrust laws in other countries are much stronger than U.S. antitrust laws
a. True b. False Indicate whether the statement is true or false
Which organization officially tracks all business cycles in the U.S. economy?
a. Department of Commerce b. National Bureau of Economic Research c. Bureau of Economic Analysis d. Census Bureau
In the short run, an extremely large budget deficit run by a government can: a. shift the aggregate demand curve to the right and cause deflation
b. shift the aggregate demand curve to the left and cause unemployment. c. shift the aggregate demand curve to the right and cause severe inflation. d. shift the aggregate demand curve to the left and cause underemployment.