Which of the following is a microeconomic statement?
A. The price of personal computers declined 4.7 percent last year.
B. The real domestic output increased by 2.3 percent last year.
C. The general price level increased by 3.1 percent last year.
D. Unemployment was 6.5 percent of the labor force last year.
Answer: A
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Happy Cows is a perfectly competitive dairy farm with a 50 percent chance of a high demand of $5 and a 50 percent chance of a low demand of $4. Free Cows is a perfectly competitive dairy farm with a 50 percent chance of a high demand of $6 and a 50 percent chance of a low demand of $3. Which of the following statements is true?
A) All else equal, neither Free Cows nor Happy Cows can benefit from an accurate forecast. B) All else equal, an accurate forecast is more valuable to Happy Cows than Free Cows. C) All else equal, an accurate forecast has the same value to both Free Cows and Happy Cows. D) All else equal, an accurate forecast is more valuable to Free Cows than Happy Cows.
If banks are willing to make loans and consumers and businesses are willing to borrow money, this constrains the money supply.
Answer the following statement true (T) or false (F)
What do economists mean when they say ceteris paribus?
What will be an ideal response?
Efficiency is another word for equity.
Answer the following statement true (T) or false (F)