The study of the choices made by individual households, firms, and government is called
A) managerial economics. B) market economics.
C) macroeconomics. D) microeconomics.
D
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Economics is a
A) hard science. B) physical science. C) natural science. D) social science.
The substitution effect of a change in wage rate on a firm's demand for labor input will be more significant:
a. the greater the change in output. b. the more sharply curved are the firm's isoquants. c. the flatter are the firm's isoquants. d. the larger the quantity of labor employed.
If a passive approach is followed in closing an expansionary gap, _____
a. restrictive fiscal policy would be used b. restrictive monetary policy would be used c. the short-run aggregate supply curve would shift to the right d. the price level would decrease in the long run e. an economy would experience inflationary pressure
Which is a barrier to entry in an industry?
A. Allocative efficiency B. Economic profits C. Profit maximization D. Economies of scale