Macroeconomics includes the study of
A) economic growth, the unemployment rate, and inflation.
B) product demand, product supply, and profit maximization.
C) industry sales, corporate growth, and home prices.
D) decisions made by individuals, businesses, and governments.
A
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Marginal cost is the additional cost to a firm of producing one more unit of a good or service
Indicate whether the statement is true or false
If planned expenditure is below output, as the economy approaches equilibrium, ________
A) planned expenditure is falling B) output is rising C) saving is rising D) all of the above E) none of the above
Suppose that an individual has a constant MRS of shoes for sneakers of 4:3 (that is, he or she is always willing to give up 3 pairs of sneakers to get 4 pairs of shoes). Then, if sneakers and shoes are equally costly, he or she will:
a. buy only sneakers. b. buy only shoes. c. spend his or her income equally on sneakers and shoes. d. wear sneakers only 3/4 of the time.
Suppose you receive Y1 of your income this period and Y2 of your income in the next period. If you can either borrow or lend at an interest rate r, what is the most you can consume in the future period?
A. Y2(1 + r) + Y1 B. Y2/(1 + r) + Y1 C. Y1(1 + r) + Y2 D. Y1/(1 + r) + Y2