Who would probably argue that you need to study the forest before you can understand the trees?
A. A macroeconomist
B. A microeconomist
C. A classical economist
D. A normative economist
Answer: A
You might also like to view...
If price is greater than the average variable cost, a profit-maximizing firm should:
A) contract production until price is equal to marginal cost. B) expand production until price is equal to marginal cost. C) contract production until total revenue is equal to total cost. D) expand production until total revenue is equal to total cost.
In the real world we don't observe countries completely specializing in the production of goods for which they have a comparative advantage. All of the following are reasons for this except
A) some countries have more resources than other countries. B) tastes for many traded goods are different in many countries because of globalization. C) production of most goods involves increasing opportunity costs. D) not all goods and services are traded internationally.
The slope of the BP curve reflects the
A) ease with which capital flows across a nation's borders. B) inflation rate of the country. C) sensitivity of income to changes in the inflation rate. D) ease with which the central bank can keep an exchange rate fixed.
High and unexpected inflation has a greater cost
a. for those who borrow than for those who save. b. for those who hold a little money than for those who hold a lot of money. c. for those whose wages increase by as much as inflation than for those who are paid a fixed nominal wage. d. for savers in high income tax brackets than for savers in low income tax brackets.