The field of political economy
a. applies the methods of political science to microeconomics.
b. applies the methods of political science to macroeconomics.
c. is relevant to the issue of how active government should be in economic matters.
d. integrates psychological insights to better understand individual choices.
c
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Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. If the lemonade market is perfectly competitive and Jenny is charging the equilibrium price, then Jenny can increase her revenue if she:
A. keeps the price of her lemonade the same and increases the output. B. decreases the price of her lemonade and doesn't change her output. C. increases the price of her lemonade and decreases her output. D. increases the price of her lemonade and doesn't change her output.
Use the following table to answer the next question.All figures below are in billions of dollars.Domestic Output or Income (RGDP = DI)Consumption$240$244250250260256270262280268290274300280310286320292When there is no investment in this private closed economy (an economy with only a private sector and no international trade), the equilibrium level of real GDP will be
A. $240 billion. B. $270 billion. C. $260 billion. D. $250 billion.
Natural monopolies are the natural result of:
A. geographical happenstance. B. government regulations intended to encourage competition. C. competition in markets where economies of scale exist over the relevant range of output. D. fierce competition from firms in a market.
Microeconomics is concerned with the study of
A) the effects of inflation. B) the effects of government spending. C) the effects on individual producers of higher wages paid to workers. D) aggregates.