The field of economics that would be most concerned with a recent fall in interest rates is:
A. economic naturalism.
B. microeconomics.
C. marginal economics.
D. macroeconomics.
Answer: D
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If the savings rate in an economy is 30%, and the GDP of the economy is $1,000, then the level of investment in the economy will be:
A) $330. B) $150. C) $600. D) $300.
The short-run and long-run aggregate supply curves remain stable, and a decrease in aggregate demand occurs. What is the result in the short run?
A) A period of recession and a rise in the unemployment rate could occur. B) A period of expansion and a rise in the unemployment rate could occur. C) An increase in the price level and real GDP will occur. D) The price level will fall but real GDP will remain the same.
A study discussed in the Making the Connection feature in the text found that there is ________ that some consumers are not well aware of prices, even for goods they buy regularly
A) substantial evidence B) no evidence C) little evidence D) no reason to believe
If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, in the short run we would expect the:
A. labor-supply curve to shift to the left and wages would rise. B. labor-demand curve to shift to the right and wages would increase. C. labor-supply curve to shift to the right and wages would rise. D. labor-demand curve to shift to the left and wages would decrease.