In macroeconomics, we talk about:
A. consumption at a regionallevel.
B. production of mostgoods in the economy.
C. prices in one specific market.
D. investment on a national level.
D. investment on a national level.
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If the income elasticity of demand for corn is 0.5, then as income increases
A) the demand for corn will increase. B) the demand for corn will decrease. C) corn will prove to be an inferior good. D) the supply curve of corn will shift leftward.
If a firm in a perfectly competitive market faces a market price of $8, and it decides to increase its production from 300 units to 550 units, the firm's total revenue will:
A. increase from $2,400 to $4,400. B. decrease from $4,400 to $2,400. C. stay the same at $8. D. likely rise, but it cannot be determined by how much.
Since 1970, the federal government budget has never been in surplus
a. True b. False Indicate whether the statement is true or false
Which of the following goods is least likely to be in a market basket?
A. Shuttle service B. Airfare C. Streetlamps D. Coffee beans