The study of inflation is part of:
a. Macroeconomics
b. Microeconomics
c. Urban economics
d. Home economics
a. Macroeconomics
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Consider a short-run equilibrium in a perfectly competitive market. Suppose that the firms' average total cost and marginal cost schedules differ. In the short run,
A) all firms in the market must be able to make an economic profit. B) all firms produce equal amounts of output. C) some firms might incur an economic loss, but still produce output. D) some firms might make an economic profit and, as a result, shut down. E) all firms in the market must be able to make either positive or zero economic profit.
Recently, banking has become easier with automated teller machines replacing bank tellers. The loss of tellers' jobs is an example of _____
a. cyclical unemployment b. structural unemployment c. frictional unemployment d. underemployment e. voluntary unemployment
Demand for labor is
a. derived demand. b. highly elastic. c. dependant on its supply. d. directly proportional to capital employed.
If a country went from a government budget deficit to a surplus, national saving would
a. increase, shifting the supply of loanable funds right. b. increase, shifting the supply of loanable funds left. c. decrease, shifting the demand for loanable funds right. d. decrease, shifting the demand for loanable funds left.