Changes in the macro environment affect individual firms and industries through the microeconomic factors of demand, production, cost, and profitability
Indicate whether the statement is true or false
TRUE
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In a cartel, firms jointly act as
A) a monopolistic competitive firm. B) a perfectly competitive firm. C) a monopoly firm. D) an oligopolistic firm.
If discretionary fiscal policy creates a federal budget deficit, the economy must be experiencing falling output
a. True b. False Indicate whether the statement is true or false
Which of the following would be counted in U.S. GDP?
a. the purchase of an old house b. the purchase of a new textbook c. the purchase of a $1,000 government savings bond d. washing your car in the driveway e. the purchase of 50 shares of IBM stock
Which of the following would be inconsistent with the More-Is-Better Principle?
A. Indifference curves with negative slopes B. Indifference curves that cross C. Indifference curves that are L-shaped D. Indifference curves that are parallel to one another