In macroeconomics, the vertical axis in a supply-demand model measures the price level rather than a particular product's price
a. True
b. False
Indicate whether the statement is true or false
True
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Jose works at Intel. His manager tells him what work needs to be completed each month. Jose's resource, labor, is allocated with which of the following methods?
A) command B) majority rule C) force D) personal characteristics E) lottery
In the figure above, an increase in the monetary base would create a change such as a
A) movement from point a to point b along the supply of money curve MS0. B) movement from point b to point a along the supply of money curve MS0. C) shift from the supply of money curve MS0 to the supply of money curve MS1. D) shift from the supply of money curve MS1 to the supply of money curve MS0.
If the market price falls below the bottom of the firm's ATC curve:
A. there is no level of output at which the firm can make a profit. B. the firm is earning profits. C. the market price must be lower than the firm's AVC. D. Total revenue must be higher than total cost.
Why is it customary to report price elasticity of demand in absolute value terms, while cross elasticities and income elasticities are reported with their sign attached?