In an interview an economist states, "This problem should be of greater concern to the federal government." We can explicitly put this statement in the category of
A) microeconomics.
B) macroeconomics.
C) positive economics.
D) normative economics.
D
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The above figure shows the PPF for a country that produces computers and computer factories. Which of the following would most likely shift the PPF from PPF0 in one year to PPF1 in the next?
A) Nothing, because the PPF does not shift. B) Increase the production of computers from 9 million (at point C) to 11 million (at point B). C) Decrease the production of computers from 11 million (at point B) to 9 million (at point C) and build 9 new computer factories. D) Increase consumption of both computers and computer factories. E) Decrease production of both computers and computer factories by moving into the interior of the PPF.
The measurement of GDP includes
A) nonmarket goods such as homemaking and child-rearing. B) the benefits of clean air and water. C) estimated values of activity in the underground economy. D) purchases and sales of goods produced in previous periods.
A swap is
A) another name for a put option. B) another name for a call option. C) an agreement between two or more persons to exchange sets of cash flows over some future period. D) the name for the replacement of a futures contract by an options contract.
The labor demand curve is based on the firm's:
a. average revenue curve. b. marginal product curve. c. marginal cost curve. d. average cost curve. e. marginal revenue product curve.