Answer the following statements true (T) or false (F)
1. Concern with the level of employment in the economy is a macroeconomic issue.
2. Microeconomics is a study of aggregates in the economy.
3. An economy’s wealth consists of a multitude of consumer and capital goods.
4. Economic services lack the characteristic of transferability found in economic goods.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
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Suppose the economy had been operating along a given short-run Phillips curve for several years and then experienced a year of stagflation. The year of stagflation would: a. be represented as a move upward along the short-run Phillips curve. b. be represented as a move downward along the short-run Phillips curve. c. be represented as a point above the short-run Phillips curve
d. be represented as a point below the short-run Phillips curve. e. correspond to the origin.
What makes someone an entrepreneur?
What will be an ideal response?
To guide a person through complicated decisions such as whether to get a particular credit card, behavioral economists advocate electronic disclosure in which characteristics such as late fees and high interest rates would be explained clearly. They call this type of nudge a(n):
A. encouragement nudge. B. information nudge. C. pricing nudge. D. advantageous default option nudge.
The short run in macroeconomics is a period in which nominal wages:
A. change as the price level stays constant. B. do not respond as the price level changes. C. change as the price level changes. D. do not respond as the price level stays constant.