The study of the choices made by individual households, firms, and government is called:
A. macroeconomics.
B. microeconomics.
C. managerial economics.
D. market economics.
Answer: B
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An example of a short-run fixed factor of production is
A) capital equipment. B) labor. C) electricity. D) postage for mailing.
Discuss how economists measure the following: (i) aggregate expenditure, (ii) aggregate income, and (iii) aggregate output
What will be an ideal response?
Suppose investment is equal to $950 billion, purchases of newly produced capital goods is $670 billion, and changes in business inventories is -$120 billion. What does purchases of new residential housing equal?
A. $1,500 billion B. $100 billion C. $160 billion D. $400 billion
Which of the following are scarce?
A) information B) time for recreation C) clean air D) all of the above