The basic organizing framework for both microeconomic and macroeconomic models is
A. purely competitive markets.
B. government planning of the economy.
C. demand and supply.
D. democratic socialism.
E. All of these responses are correct.
Answer: C
You might also like to view...
Suppose a long lost relative died and left you a trust fund worth $1 million that you will receive ten years from now. What effect, if any, will this have on your demand for airline travel? (Assume that airline travel is a normal good.)
What will be an ideal response?
Regarding the institutional requirements of efficient markets,
a. Western economic theory ignores the operation of efficient markets b. market economists have an almost perfect understanding c. market economists would never take the necessary institutions for granted d. those involved in a transition from centrally planned economy must develop a deep appreciation e. None of the answers is correct
A country is categorized as a low-income economy by the World Bank if its per capita income is below:
a. $1,000. b. $100. c. $10,000. d. $50. e. $5,000.
Espresso Yourself Coffee Shop hires workers in a competitive labor market to make coffee. The ingredients required to make each cup of coffee cost 50 cents. The coffee shop's hourly output of coffee varies with the number of workers hired, as shown in the table. Each cup of coffee sells for $2.00.Number ofworkersCoffee(cups/hour)00125245360470575 The marginal product of the fourth worker is ________ cups of coffee per hour.
A. 60 B. 17.5 C. 10 D. 70