All of the following are macroeconomic injections into the circular flow except:
a. Consumption
b. Gross private domestic investment
c. National government spending
d.All of the above.
e. None of the above.
.A
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Which of the following best illustrates perfect competition?
a. Wheat farming. b. Orange growers setting quotas under the Sunkist cooperative. c. General Motors advertising campaign for its cars. d. All of these.
The interest-rate effect is the impact on real GDP caused by the inverse relationship between the price level and the interest rate
a. True b. False Indicate whether the statement is true or false
Whenever a determinant of supply other than price changes, the supply curve shifts
a. True b. False Indicate whether the statement is true or false
To pay piece rates in order to elicit effort, it must be the case that
A. the firm does not want to maximize profits. B. workers refuse to accept a time rate. C. firms cannot monitor individual worker effort. D. the firm can monitor individual worker output. E. the production process relies on group work.