Which of the following is not an abstraction of macroeconomics?
A. Inflation rate
B. Total costs
C. Unemployment
D. Aggregate supply
Answer: B
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Assuming an inflationary gap exists, classical economists believe that flexible wages will restore full employment
a. True b. False Indicate whether the statement is true or false
Under ________ exchange rates, monetary policy is powerful in its effects on internal balance. This conclusion holds
A. fixed; only with perfect capital mobility. B. floating; only with low capital mobility. C. floating; with all degrees of capital mobility. D. fixed; with all degrees of capital mobility.
A firm will not shut down in the short run as long as\ it is at the point where MR = MC and:
A. P > AVC. B. P > ATC. C. P > MC. D. P > AFC.
The producer surplus on a unit of a good is
A) equal to the marginal benefit from the good minus its price. B) equal to the price of the good minus the marginal cost of producing it. C) always equal to consumer surplus. D) Both answers A and C are correct. E) Both answers B and C are correct.