The basic difference between macroeconomics and microeconomics is:
What will be an ideal response?
microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
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What all is assumed constant when looking at the demand curve of any foreign exchange transaction between the dollar and any other currency?
a. the incomes and preferences of U.S. consumers b. expected inflation in the United States c. interest rates in the U.S. d. all of the above are assumed constant
Suppose the demand for a product is lnQxd = 12 ? 3 ln Px. Then product x is:
A. unitary elastic. B. elastic. C. inelastic. D. It cannot be determined without more information.
Jose and Maria work at a restaurant. Jose can make either 10 pancakes or 4 waffles; Maria can make either 8 pancakes or 2 waffles. According to this scenario, the opportunity cost of making one pancake for Jose is
A) 1/4 waffle. B) 2/5 waffle. C) 2.5 waffles. D) 4 waffles.
A family that earns $20,000 a year pays $400 a year in city wage taxes. A family that earns $40,000 a year pays $1,400 a year in city wage taxes. The city wage tax is a ________ tax.
A. progressive B. regressive C. proportional D. benefits-received