Alan could most directly apply the principles of economic decision making with respect to his job when:
A. deciding how to spend his paycheck.
B. deciding which girl to marry.
C. deciding what to have for dinner after a long day at work.
D. deciding which route on his way to work is the most scenic.
A. deciding how to spend his paycheck.
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? In Figure 5-13, the consumer is better off
A. at A than at E. B. at B than at D. C. at any point on U2than at any point on U1. D. All of the responses are correct.
One of the differences between microeconomics and macroeconomics is the use of fiscal policy. Fiscal policy is conducted by:
a. local banks. b. a nation’s central bank. c. a nation’s legislative body. d. a state’s legislative body.
Which of the following is always a characteristic of the contraction phase of the business cycle?
A) lower unemployment rates B) a decline in Real GDP C) higher inflation rates D) a decline in GDP E) all of the above
If labor productivity rises at the same time that there is a beneficial supply shock, what is the effect on short-run aggregate supply (SRAS)?
A) SRAS rises. B) SRAS falls. C) SRAS remains constant. D) SRAS may rise, fall, or remain constant.