The understanding of why an economy is contracting during slowdowns and how to recommend appropriate policies is studied under:
A) macroeconomics.
B) microeconomics.
C) agricultural economics.
D) international economics.
A
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How might unemployment insurance increase the efficiency of labor markets and the economy? How might it reduce the efficiency of labor markets and the economy?
What will be an ideal response?
The second fundamental theorem of welfare economics states that
A) under certain conditions, a competitive equilibrium is Pareto optimal. B) a competitive equilibrium is always Pareto optimal. C) under certain conditions, a Pareto optimum is a competitive equilibrium. D) a Pareto optimum is always a competitive equilibrium.
Recessions occur at regular intervals and are possible to predict with much accuracy.
a. true b. false
The market for Product A has many sellers, selling identical products, each earning an economic profit of zero in the long run. The market for Product B has many sellers, selling differentiated products, each earning an economics profit of zero in the long run. Given this information, one can conclude thatÂ
A. The markets for Product A and Product B are perfectly competitive. B. The markets for Product A and Product B are monopolistically competitive. C. The market for Product A is monopolistically competitive and the market for Product B is perfectly competitive. D. The market for Product A is perfectly competitive and the market for Product B is monopolistically competitive.