Measuring the rate of inflation is primarily a concern of:
a. positive economics
b. normative economics.
c. microeconomics.
d. macroeconomics.
d
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Use the following graph to answer the next question.
When output increases from Q1 and the price level decreases from P1, this change will ________.
A. be caused by a shift in the aggregate supply curve from AS1 to AS2 B. result in a movement along the aggregate demand curve from e3 to e1 C. result in a movement along the aggregate demand curve from e1 to e2 D. be caused by a shift in the aggregate supply curve from AS1 to AS3
The expected value of a project is always the
A) median value of the project. B) modal value of the project. C) standard deviation of the project. D) weighted average of the outcomes, with probabilities of the outcomes used as weights.
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer this hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13.
Given the scenario described, if the market price of hammers was $13, then total producer surplus would be: A. $9. B. $30. C. $17. D. $7.
The major determinant of an individual's income is
a. his personality-if the coworkers and the boss like him. b. if he earns a salary or if he is paid by the hour. c. how productive he is combined with demand for what he produces. d. whether or not his family is wealthy