Macroeconomics deals with
A) aggregates within the economy.
B) specific sectors within the economy.
C) the retail industry only.
D) decisions made by firms.
Answer: A
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Suppose that the government passes a law requiring households to increase savings 10% above previous levels. According to Solow's growth theory, in the short run
A) output per capita grows more rapidly. B) output per capita grows at the constant steady state rate, n. C) output per capita stays constant. D) None of the above.
Marginal profit equals the difference between marginal revenue and marginal cost.
Answer the following statement true (T) or false (F)
Suppose you bought a concert ticket from Ticketmaster for $50, but when you get to the concert, there are a large number of people waiting outside who offer to pay you more than $50 for your ticket. What is probably true?
A. There is an excess demand for tickets at the Ticketmaster price. B. There is an excess supply of tickets at the Ticketmaster price. C. The Ticketmaster price is the equilibrium price. D. The Ticketmaster price was above the equilibrium price.
If the CPI is currently 202, what does this tell you about inflation between last year and this year?
A) Inflation in the economy between this year and last year was 2%. B) There was deflation in the economy between this year and last year. C) The CPI measures only the level of prices in a given year, not the percentage change in prices from one year to the next. D) Inflation in the economy between this year and last year was 102%.