Microeconomics focuses on:
a. The individual units that make up the whole of the economy
b. The workings of the whole economy or large sectors of it
c. Issues such as unemployment and inflation
d. Total output and the general level of prices
a. The individual units that make up the whole of the economy
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If inflation is eight percent, a nominal interest rate of six percent translates into a real interest rate of two percent
Indicate whether the statement is true or false
In sequential order, the four phases of the business cycle are
A) trough, peak, expansion, contraction. B) peak, contraction, trough, expansion. C) expansion, contraction, peak, trough. D) contraction, trough, peak, expansion.
A substitute good is one that
a. appeals to a wide spectrum of consumers b. is used together with another good c. is exchanged on the black market d. is produced by the same firm as another good e. can be used in place of another good, fulfilling the same basic purpose
The relationship between the marginal product of capital (MPK), the product price (P), and marginal revenue product of capital (MRPK) in a perfectly competitive market is
a. MPK = P ? MRPK b. MPK = P + MRPK c. MRPK = P/MPK d. MRPK = P ? MPK e. MRPK = P + MPK