Microeconomics focuses on ____; macroeconomics concentrates on ____.
A. the basic tools of analysis; the use of abstractions and models
B. the economies of various countries; the decisions of individual companies
C. the decisions of individual units; the behavior of entire economies
D. the economic aggregates; the decisions of individual units
Answer: C
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An important problem facing the Fed is that
A) the goals for economic growth and price stability may conflict in the short run. B) it lost effective control over the monetary base. C) it has been given responsibility for meeting policy goals, but true control over monetary policy remains with Congress. D) it has been given responsibility for meeting policy goals, but true control over monetary policy remains with the President.
Look in your wallet. Your credit cards are
a. M1 money b. M2 and fiat money c. fiat money d. near money e. not money
If the board of regents of a major state university system plans to raise tuition in order to increase revenues, the regents must believe student demand is
a. elastic. b. inelastic. c. of unitary elasticity. d. perfectly elastic.
In an oligopolistic industry where the oligopolists collude, the price firms charge would be ________, and the quantity they produce would be ________, if the industry was a monopoly.
A. the same as; the same as B. lower than; lower than C. higher than; higher than D. higher than; lower than