Aggregate behavior is
A. the behavior of all households and firms together.
B. the behavior of each individual.
C. the behavior of each household and firm.
D. none of the above.
Answer: A
You might also like to view...
Intra-industry trade is the buying and selling of goods within ____________ industry/industries from one country to another.
a. different b. non-competitive c. the same d. multiple
Suppose the United States can produce either 1 ton of potato or 0.5 tons of wheat per worker per year, while Ireland can produce either 3 tons of potatoes or 2 tons of wheat per worker per year. There can be mutual gains from trade if: a. the United States specializes in potatoes because of its comparative advantage in producing potatoes
b. the United States specializes in wheat production because of its absolute advantage in producing wheat. c. the United States specializes in wheat production because of its comparative advantage in producing wheat. d. the United States specializes in potatoes because of its absolute advantage in producing potatoes.
A production function of the form Q = 150L.75 K.50exhibits ________ in the long run.
A. diminishing returns to the variable input B. increasing returns to scale C. constant returns to scale D. decreasing returns to scale
At the beginning of World War II, a rationing system was established in the United States. Ration stamps or cards were issued for a variety of commodities such as canned milk and gasoline. Canned milk was only available to babies and small children
In this example, canned milk was allocated through A) personal characteristics. B) market price. C) majority rule. D) first-come, first-served.