Macroeconomics, as opposed to microeconomics, includes the study of what determines the
A) wages paid to employees of Walmart.
B) prices charged for automobiles produced by Tesla.
C) exchange rates between the U.S. dollar and the currencies of Asian nations.
D) quantity of iPhones produced by Apple.
C
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Any allocation resulting from a mutually beneficial trade is efficient.
Answer the following statement true (T) or false (F)
Which, if any, of the following causes a country's reported GDP to be less than its total economic production?
A) the exclusion of household production B) the exclusion of government transfers C) the inclusion of government expenditures D) None of the above cause reported GDP to be less than total production.
________: the slope of the aggregate consumption function
Fill in the blank(s) with correct word
The real-income effect of a price change is most significant when
A) the substitution effect is insignificant. B) the substitution effect is significant too. C) the good under consideration constitutes a major portion of the consumer's budget. D) the marginal utility per dollar spent on the last unit is high.