Macroeconomics is best described as the study of
A) the nation's economy as a whole.
B) very large issues.
C) the choices made by individual households, firms, and governments.
D) the relationship between inflation and wage inequality.
A
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Refer to Figure 4-1. If the market price is $3.00, what is the consumer surplus on the second ice cream cone?
A) $0 B) $0.50 C) $3.00 D) $5.50
Intermediation entities include which of the following?
(a) Life and fire insurance companies (b) Stock exchanges (c) Mutual saving banks (d) All of the above
A kinked demand curve is most likely to occur when other firms
a. follow any change in price by a rival firm. b. engage in collusive practices. c. follow a downward change in price but not an upward change by a rival firm. d. ignore any change in price by a rival firm.
U.S. dollars are an example of commodity money and hides used to make trades are an example of fiat money
a. True b. False Indicate whether the statement is true or false