Which field of economics studies how the number of firms affects the prices in a market and the efficiency of market outcomes?
a. macroeconomics
b. industrial organization
c. labor economics
d. monetary economics
b
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Refer to Table 19-32. The table above represents hypothetical data from the National Income Accounts for 2015. Use the data to calculate personal income and disposable income
What will be an ideal response?
Which of the following holds true at the chosen level of output in the long run for firms in a perfectly competitive market?
A. P = minimum AVC B. P > MC C. MR > MC D. MR = MC
Interest rates adjusted for the effects of inflation
a. and inflation are nominal variables. b. and inflation are real variables. c. are real variables; inflation is a nominal variable. d. are nominal variables; inflation is a real variable.
Answer the following questions true (T) or false (F)
1. Prior to the 1930s, the majority of dollars spent by government was spent at the state and local levels. 2. Expansionary fiscal policy involves increasing government purchases or increasing taxes. 3. Contractionary fiscal policy is used to decrease aggregate demand in an attempt to fight rising inflation.