Which of the following questions is NOT a microeconomic question?
A) Can the Federal Reserve keep income growing by cutting interest rates?
B) How would a tax on e-commerce affect eBay?
C) What is Britney's opportunity cost of having another baby?
D) Does the United States have a comparative advantage in information technology services?
A
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________ emphasized that animal spirits affect GDP
A) Adam Smith B) Milton Friedman C) David Ricardo D) John Maynard Keynes
Suppose that, initially, the nominal interest rate is 6 percent and the inflation rate is 3 percent. If the inflation rate increases to 6 percent, what will be the new nominal interest rate?
A) 6 percent B) 1 percent C) 11 percent D) 9 percent
If a firm fails to provide investors with at least a normal rate of return
A) it will not be able to remain in business in the short run. B) it will have a positive economic profit but a negative accounting profit. C) it will not be able to remain in business in the long run. D) it will shut down in the short run but will be able to remain in business in the long run.
A theory is a deliberate simplification or abstraction of factual relationships.
Answer the following statement true (T) or false (F)