Macroeconomics deals with the analysis of all of the following questions except
a. Why do national economies grow?
b. What determines a nation's saving and investment?
c. How does a central bank influence inflation?
d. Why does a country experience recessions?
e. How does Microsoft price its software packages?
E
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The law of increasing costs holds that the opportunity cost:
a. of a good decreases as the quantity of the good produced increases. b. of a good is proportional to the resources used in its production. c. of a good increases as more of the good is produced. d. of a good does not change with the resources used its production. e. changes as more of the good is produced.
During the past 50 years, the production possibilities of the United States have expanded, increasing both short-run and long-run aggregate supply. Other things constant, this would lead to
a. an expansion in output and an increase in prices. b. an expansion in output and a decrease in prices. c. no change in either output or prices. d. no change in output and a decrease in prices.
In economics, a difference in access to relevant knowledge is called a behavioral asymmetry
a. True b. False Indicate whether the statement is true or false
Ceteris paribus, with a fixed exchange rate, if Americans decide to buy more Japanese-made television sets, this causes a market ________ of Japanese currency and creates a balance-of-payments ________ for the United States.
A. shortage; surplus B. surplus; surplus C. surplus; deficit D. shortage; deficit