The key characteristic of macroeconomics is the process of aggregation
a. True
b. False
Indicate whether the statement is true or false
True
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The aggregate expenditure model focuses on the ________ relationship between real spending and ________.
a. short-run; real GDP b. short-run; inflation c. long-run; real GDP d. long-run; inflation
The world has had a freely floating exchange rate system since
A. 1933. B. 1946. C. 1964. D. 1973.
In the market for French wines, an increase in demand is illustrated by:
A) a movement up the demand curve. B) a movement down the demand curve. C) a shift of the demand curve to the left. D) a shift of the demand curve to the right.
When total revenue reaches its peak (elasticity equals 1), marginal revenue reaches
A) 1. B) zero. C) -1. D) Cannot be determined from the information provided