Macroeconomics is the study of ________ while microeconomics studies ________
A) large business enterprises; small business ventures
B) the overall household economic activity; market behavior
C) an individual firm; the overall economic performance of a nation
D) the overall economic performance of the world; the economy of a single country
E) none of the above
E
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If this is an open economy, the price of a car will be ________. 
A. $8,000/car B. $6,000/car C. $10,000/car D. $14,000/car
Which of the following is correct?
A. The Fed has very good control over the money supply and bank reserves. B. The Fed has very poor control over the money supply and bank reserves. C. The Fed has very good control over bank reserves but not over the money supply. D. The Fed has very good control over the money supply but not over bank reserves.
Which of the following observations concerning the Phillips curve is not true?
A. They are normally upward-sloping. B. They are more commonly constructed for price inflation. C. They depict the inverse relation between wage inflation and unemployment. D. They depict the rate of unemployment on the horizontal axis.
In the short run, the competitive firm will hire more labor if
A) the wage rate increases. B) the price the firm receives for the output increases. C) the price the firm receives for the output decreases. D) a specific tax is imposed on the output.