All of the following are aspects of macroeconomics EXCEPT
A. the production decisions of a pharmaceutical firm.
B. the U.S. unemployment rate.
C. foreign trade.
D. the budget deficit of the United States.
Answer: A
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The federal government budget deficits of the late 2000s were driven by:
a. foreign trade deficits. b. increases in government spending. c. declines in tax rates and tax revenue. d. excessive money growth. e. both b and c.
When a firm is maximizing profit, it will necessarily be:
A. maximizing profit per unit of output. B. maximizing the difference between total revenue and total cost. C. minimizing total cost. D. maximizing total revenue.
If there are short-run profits in a perfectly competitive industry, in the long run new firms will ____________ and the industry-wide price will __________.
Fill in the blank(s) with the appropriate word(s).
Moving up a straight-line demand curve, the absolute price elasticity of demand
A) decreases. B) remains constant. C) increases. D) varies in uncertain ways.