Economic analysis that focuses on the economy as a whole is called
a. macroeconomics
b. microeconomics
c. positive economics
d. normative economics
e. macrometrics
A
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Data on the unemployment rate in the U.S. since 1960 show that the economy always has some unemployment and that the amount changes from year to year
a. True b. False Indicate whether the statement is true or false
If your firm's production function has constant returns to scale and you increase all your inputs by 60%, then your firm's output will
a. not change. b. increase, but by less than 60% c. increase by 60% d. increase by more than 60%.
Using the annuity rule, an annuity that pays $10 annually has a present value of $200 if the market interest rate is:
A. 20 percent. B. 10 percent. C. 5 percent. D. 15 percent.
The average tariff imposed on dutiable imports in the United States is about _______ percent.
A) 4 B) 12 C) 20 D) 28