When we study macroeconomics,
a. we model tens of thousands of individual supply and demand curves
b. we determine thousands of prices and quantities
c. we employ aggregation to reduce the number of markets we need to understand
d. we add up all the demand and supply curves that are obtained in microeconomics
e. we add up the prices of all goods and services produced in the economy
C
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If we moved from point T to point R we would be
A. giving up trips for more transplants.
B. giving up transplants for more trips.
C. gaining both trips and transplants.
D. losing both trips and transplants.
Refer to the figure above. If the exchange rate is fixed below E yuan per dollar:
A) the dollar is overvalued and the yuan is undervalued. B) both the yuan and dollar are undervalued. C) the dollar is undervalued and the yuan is overvalued. D) both the yuan and dollar are overvalued.
Schumpeter’s theory that business cycles are caused by breakthroughs in the form of new products, new machines, or new production techniques is known as the
a. real business cycle theory. b. innovation theory. c. over investment theory. d. technology theory.
Overt collusion is relatively rare because: a. they are illegal in some countries, including the United States. b. members find it difficult to agree on key decisions
c. members frequently have an incentive to cheat on the cartel. d. of all the above reasons.