Which of the following statements most likely lies within the realm of microeconomics?
A. Unemployment rises during a recession and falls during an expansion.
B. An increase in government spending will increase the aggregate demand for goods and services in the economy.
C. A rapid acceleration of the supply of money may create inflation.
D. An increase in labor costs will increase the additional cost of producing another bus.
D. An increase in labor costs will increase the additional cost of producing another bus.
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The short-run aggregate supply curve in modern Keynesian analysis represents the relationship between
A) the real output of goods and services in the economy and the price level when people have fully adjusted their behavior. B) the nominal output of goods and services and the real output of goods and services. C) the real output of goods and services in the economy and the price level. D) the real output of goods and services in the economy and the price level when people have not fully adjusted their behavior.
If the price of personal computers were to rise, then the demand for printers would decrease because personal computers and printers are
A) complementary goods. B) consumer goods. C) inferior goods. D) substitute goods.
Within the range of prices around the midpoint on a straight-line demand curve, demand is
A) elastic. B) inelastic. C) unit-elastic. D) zero.
The firm whose short-run cost curves are given in Exhibi has a long-run fixed cost of
A. $0. B. $2. C. $3. D. $4.