Macroeconomics is concerned primarily with
A. aggregate economic variables.
B. normative issues.
C. large firms or multinational corporations.
D. production and prices in particular markets.
Answer: A
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A firm must devote people, time, and money to designing a new product. Because any firm has only limited resources, it
A) faces a trade-off, because resources used to develop one product will not be available to develop another product. B) should wait until its competitors develop a similar product before deciding on devoting resources to its own product development. C) is not able to develop more than one new product at a time. D) must be certain that the product it chooses to develop will be successful or it will not be able to stay in business.
Refer to Figure 7.4. The deadweight loss associated with the monopoly would be represented by the area:
A. ? abe. B. ? ace. C. ? ade. D. ? efg.
The reversal of fortune is strong evidence against the:
A) religious hypothesis of economic prosperity. B) geography hypothesis of economic prosperity. C) culture hypothesis of economic prosperity. D) institutions hypothesis of economic prosperity.
Indifference curves are downward sloping because
A) when some of one good is taken away the consumer must be compensated with more of the other. B) higher prices mean less quantity demanded. C) higher indifference curves mean higher utility. D) Both A and B.