Macroeconomics deals with ________ while microeconomics deals with ________.
A. choices of rich people; choices of poor people
B. choices important to people; choices not important to people
C. choices that involve money; choices that does not involve money
D. economywide choices; choices of individuals
Answer: D
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Suppose there are no recurring fixed costs and the daily production process for all identical firms in a perfectly competitive industry has decreasing returns to scale throughout. Then each firm will only produce a single good each day when the industry is in long run equilibrium.
Answer the following statement true (T) or false (F)
Since 1980, union membership in the United States has
a. grown rapidly b. grown slowly c. declined rapidly d. declined slowly e. stayed the same
Explain how firms use elasticity and revenue to make decisions
What will be an ideal response?
Aggregate demand decreases and real output falls but the price level remains the same. Which factor would most likely contribute to downward price inflexibility?
A. Menu costs. B. Lower interest rates. C. An increase in aggregate supply. D. The real-balances effect.