The condition that exists when all markets in an economy are in simultaneous equilibrium is known as
A. Pareto efficiency.
B. partial equilibrium.
C. general equilibrium.
D. market equity.
Answer: C
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Country A has a lower stock of capital than Country B, but the supply of labor in both the countries is equal
A) An additional unit of capital will increase output in Country A only if there is an increase in the total efficiency units of labor. B) The increase in output due an additional unit of capital will be larger in Country A than in Country B. C) The increase in output due an additional unit of capital will be smaller in Country A than in Country B. D) An additional unit of capital will increase output in Country B only if there is an increase in the total efficiency units of labor.
To maintain a fixed exchange rate, authorities
A) make laws stipulating the exchange rate. B) modify money supply. C) modify government expenses. D) modify taxes.
Macroeconomics involves the study of the decision-making of individual firms or individuals
Indicate whether the statement is true or false