Which branch of economics is most likely to study differences in countries' growth rates?
A. microeconomics
B. normative economics
C. experimental economics
D. macroeconomics
Answer: D
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Which of the following pairs is the most likely to exhibit a direct relationship?
a. The price of gasoline and the amount of gasoline that people purchase. b. Cholesterol levels and the likelihood of developing heart disease. c. Outdoor temperature and heating oil sales. d. Annual income and weekly pawn shop visits.
Total cost divided by total output yields:
a. marginal cost. b. average variable cost. c. average fixed cost. d. average total cost.
Which of the following is not consistent with a self-regulating economy?
A) flexible prices B) flexible wages C) a labor market in which wages fall if there is a surplus D) a labor market in which wages rise if there is a shortage E) none of the above (all are consistent with a self-regulating economy)
A firm's average cost is $20, and it charges a price of $20. The Lerner index for this firm is:
A. 0.20. B. 0.33. C. 0.50. D. insufficient information.