The study of microeconomics and macroeconomics differ in that
a. microeconomics is concerned with the domestic economy, while macroeconomics is concerned only with the international economy
b. microeconomics examines the individual units of the economy, while macroeconomics studies the whole economy
c. microeconomics studies the actions of households, while macroeconomics studies the actions of business firms
d. microeconomics studies the economy in terms of private individuals and firms, while macroeconomics includes the effect of government
e. microeconomics examines the whole economy, while macroeconomics studies the individual units of the economy
B
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In the federal funds market diagram, an open market sale by the Fed
A) shifts the reserve supply curve to the right. B) shifts the reserve supply curve to the left. C) decreases the federal funds rate. D) increases the volume of federal funds traded.
Productivity is measured as output per unit of productive input
a. True b. False Indicate whether the statement is true or false
In a monopoly, the price is set when the firm ______.
a. chooses the most profitable spot on the demand curve b. chooses the highest output on the supply curve c. is forced into the least profitable spot on the demand curve d. is forced into the lowest output on the supply curve
If a good has a price elasticity of demand coefficient less than one, then:
A. this good has an elastic demand. B. this good has an inelastic demand. C. a 10 percent increase in the price will result in a greater than 10 percent decrease in the quantity demanded. D. the demand curve will be vertical.