Macroeconomists are able to study the entire economy by
a. ignoring much of the data available in order to reduce the number of markets that need to be studied
b. studying only a few markets at a time
c. simply adding up all the prices and quantities in individual markets
d. aggregation which reduces the number of markets that need to be studied
e. dividing total output by the number of markets
D
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Last month, Sally spent $3,000 in repairing her old car. Now her car requires an additional $2,000 in repairs. She could get a comparable car for $2,500 . She should
a. repair her car because the money she has already spent repairing the car ($3,000 . exceeds the price of the new car ($2,500) b. buy a new car because sunk costs should be ignored in decision making c. buy a new car because the price of the new car ($2,500) is less than the total amount she would spend on her current car ($5,000) d. repair her car since the cost of repairing it is lower than the cost of buying another car e. repair the car or buy a comparable one because the opportunity costs are the same
Which is the most accurate statement?
A. The authority to run welfare programs resides mainly in the states. B. The authority to run welfare programs resides mainly in the federal government. C. When the 1996 welfare reform passed, it immediately removed 3 million people from the welfare rolls. D. The welfare reform law of 1996 will virtually abolish welfare by the year 2008.
Explain why the price elasticity varies even when a firm faces a linear demand curve.
What will be an ideal response?
Which of the following summarizes the transactions involving the international exchange of goods and services, investment income, and other miscellaneous transactions?
A. Balance of trade B. Statistical discrepancy C. Current account D. Capital account