The study of microeconomics and macroeconomics differ in that:
a. microeconomics is concerned with the domestic economy and macroeconomics is concerned only with the international economy.
b. microeconomics examines the individual markets of the economy while macroeconomics studies the whole economy.
c. microeconomics studies the actions of households and macroeconomics studies the actions of business firms.
d. microeconomics examines the whole economy while macroeconomics studies the individual units of the economy.
b
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The intertemporal substitution effect refers to substitution of
A) goods for services. B) goods and services for less expensive goods and services. C) goods and services today for goods and services in the future. D) goods and services produced domestically for goods and services produced in another country.
When depository institutions have negative excess reserves, it indicates that the banking system is not "loaned up."
a. True b. False Indicate whether the statement is true or false
Assume a market initially exhibits a shortage. Assuming that both prices and quantities are flexible, which of the following will be true after the market adjusts to equilibrium?
A) Price is lower. B) Quantity demanded is greater. C) Quantity supplied is more. D) Quantity supplied will be reduced.
In 2016, there was no change in inventories, which implies that GDP was ________ in 2016.
A. less than final sales B. zero C. greater than final sales D. exactly equal to final sales