A friend wants to learn how the unemployment rate is calculated and how inflation is measured. He asks you which economics course to take and you advise him to enroll in
A) macroeconomics.
B) microeconomics.
C) either micro- or macroeconomics. They both concentrate equally on those issues.
D) financial accounting because economics doesn't address those topics in its courses.
A
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
A firm that discriminates has ________ a nonprejudiced firm and ________
A) the same costs as; competes most often with imported goods and services B) the same costs as; can successfully maximize profit in a competitive industry C) lower costs than; drives other firms out of a competitive industry D) higher costs than; cannot survive in a competitive industry
The increased willingness of women to enter the workforce has most likely lead to
a. an increase in labor demand, higher real wages, and a lower price level. b. an increase in labor supply, higher real wages, and a lower price level. c. an increase in labor supply, higher real wages, and a higher price level. d. a decrease in labor demand, lower real wages, and no effect on the price level. e. none of the above.
If a consumer prefers Apples to Bananas and prefers Bananas to Citrus Fruit, in order to satisfy assumptions about preferences, she has to prefer
A) Bananas to Apples. B) Citrus Fruit to Bananas. C) Apples to Citrus Fruit. D) Citrus Fruit to Apples.