Macroeconomics, as opposed to microeconomics, includes the study of what determines the
A) average price levels of goods and services in the economy.
B) price charged for laptop computers by Dell.
C) wages paid to employees by Dell.
D) quantity of Dell employees.
Answer: A
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A trade-off refers to
A) sacrificing one thing for another. B) deciding who consumes the products produced in an economy. C) allowing the government and other organizations to choose for us. D) holding other variables fixed.
To say that "supply increases" for any reason, means there is a
A) movement rightward along a supply curve. B) movement leftward along a supply curve. C) shift rightward in the supply curve. D) shift leftward in the supply curve.
What creates an incentive for firms in a collusive agreement to cheat and increase output?
What will be an ideal response?
A notable and unique feature of the colonial monetary system was
a. the use of minted silver coins. b. the circulation of commodities as money. c. the use of a widely accepted paper currency. d. the development of checking accounts issued by private commercial banks.