One of the differences between microeconomics and macroeconomics is the use of fiscal policy. Fiscal policy is conducted by:
a. local banks.
b. a nation’s central bank.
c. a nation’s legislative body.
d. a state’s legislative body.
c. a nation’s legislative body.
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If it costs Vijay $150 to design 5 Web sites and $175 to design 6 Web sites, then $175 is the marginal cost of producing the 6th Web site
Indicate whether the statement is true or false
When demand is unit elastic, a change in price will cause
A) a change in total revenue in the same direction. B) a change in total revenue in the opposite direction. C) no change in total revenue. D) a change in total revenue in either direction depending on whether the price is increasing or decreasing.
Which of the following is the most accurate description of the US between 1880 and 1920?
a. The United States became the leading manufacturer in the world in terms of total production and output per worker. b. The quality of manufactured goods dropped c. American families bought fewer finished products, and instead saved money by increasingly buying materials and building things at home. d. No advertising was used because TV and radio had not yet been invented.
The ________ helps illustrate the competitive forces that determine the level of competition and profitability in an industry.
A. concentration ratio B. Five Forces Model C. Cournot Model D. Contestable Market Model