The study of the aggregate economic variables is
A. normative economics.
B. microeconomics.
C. macroeconomics.
D. positive economics.
Answer: C
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An increase in the capital stock has the same effect on the production function as an increase in
a. labor. b. output. c. GDP. d. technology.
The unemployment rate never falls to zero
a. True b. False Indicate whether the statement is true or false
In a competitive market the current price is $5 . The typical firm in the market has ATC = $5.50 and AVC = $5.15
a. In the short run firms will shut down, and in the long run firms will leave the market. b. In the short run firms will continue to operate, but in the long run firms will leave the market. c. New firms will likely enter this market to capture any remaining economic profits. d. The firm will earn zero profits in both the short run and long run.
How does an import quota differ from an equivalent tariff?