The two broad fields that make up the subject of economics are:
A. microeconomics and macroeconomics.
B. imports and exports.
C. personal investments and business investments.
D. fiscal policy and monetary policy.
Answer: A
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What is the difference between nominal variables and real variables? Discuss the calculations undertaken to determine the real wage rate and the real interest rate. Explain why the real wage rate and real interest rate are real variables
What will be an ideal response?
Wage and price stickiness
A. give rise to a vertical long-run aggregate supply curve. B. give rise to a vertical short-run aggregate supply curve. C. creates a surplus or a shortage of real GDP. D. prevents the economy from producing its potential level of real GDP.
A change in the slope of a budget line reflects:
A. a change in the marginal rate of substitution. B. a change in the consumer's preferences. C. a change in consumer income. D. a change in the relative prices of the two goods.
If an individual perfectly competitive firm charges a price ________ the industry equilibrium price while competitors charge the equilibrium price, the firm will not sell any of what it produces.
A. above B. equal to C. below D. More information is needed to answer the question.