Macroeconomics is the branch of economics that focuses on:
a. broad issues such as growth, unemployment, inflation, and trade balance.
b. the actions of particular agents within the economy, like households, workers, and business firms.
c. the means of production (resources and businesses) that are owned and operated by private individuals or groups of private individuals.
d. workers or firms, and whether they are well suited within the overall production process.
a. broad issues such as growth, unemployment, inflation, and trade balance.
Macroeconomics is the branch of economics that focuses on broad issues such as growth, unemployment, inflation, and trade balance.
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Business cycles vary greatly in duration and intensity
a. True b. False Indicate whether the statement is true or false
A surplus exists in a market if a. there is an excess demand for the good
b. quantity demanded exceeds quantity supplied. c. the current price is above its equilibrium price. d. All of the above are correct.
Answer the following statement true (T) or false (F)
1) Oligopoly firms may produce either standardized or differentiated products. 2) The term imperfect competition refers to every market structure besides pure competition. 3) Firms in a monopolistically competitive industry have no reason to engage in nonprice competition because their products are uniquely different from other sellers in the market. 4) Although individual purely competitive firms can influence the price of their product, these firms as a group cannot influence market price.
What calculation determines the optimal amount of research and development for the firm? Why is this decision a complex one?
What will be an ideal response?