Macroeconomics is the study of the economy as a whole
a. True
b. False
Indicate whether the statement is true or false
True
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Purchasing power parity can be used as
A) a long-run gauge, but in the short run large deviations in currency values can exist. B) a short-term gauge, but in the long run large deviations in currency values can exist. C) an indicator of how interest rates will change in the short run. D) an indicator of how interest rates will change in the long run. E) a short-term and long-term gauge of relative currency values.
Here's some unhappy news for Canadians: Canada's real GDP declined steadily for the first half of 2000 . so that Canada was, at least during that period of time, and according to economists, in a
a. depression b. recovery from recession c. recession d. peak or prosperity phase of its business cycle e. deflation
Each person is better off with a bigger tax return than with a small tax return. That means that everyone would be better off if all taxes were zero. A person saying that is
A. wrong because firms operate on jealousy. B. wrong because causation and correlation are not the same. C. wrong and have fallen victim to the fallacy of composition. D. right.
The situation where a single firm can supply the product to an entire market at a lower unit cost than if the market were split among a number of competing firms, is called a:
A. Dominant firm oligopoly B. Structured market C. Natural monopoly D. Trust