Macroeconomics seeks to understand
A) product demand, product cost, and profit maximization.
B) industry sales, marketing strategies, and corporate growth.
C) public choices, private choices, and consumer maximization.
D) economic growth, business cycles, and inflation.
D
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Why is a small country more likely to gain from international trade than a large country?
a. Because autarkic relative prices in a small country are likely to be quite different from the world relative prices. b. Because a small country, unlike a large country, does not have the resources it needs to be self-sufficient. c. Because small countries tend to be specialized in their production, while large countries tend to be diversified. d. Because a small country is less likely to encounter decreasing returns to scale than is a large country.
An increase in the price of oil ________ aggregate supply, shifting the aggregate supply curve ________ and potentially bringing the ________ phase of the business cycle
A) decreases; rightward; expansion B) increases; rightward; recession C) increases; rightward; expansion D) decreases; leftward; recession E) decreases; rightward; recession
Differentiate between the following
a) Normal goods and inferior goods b) Substitutes and complements
If person A sells a 2003 Treasury bond futures contract to person B, in market terminology,
A) A is long and B is short. B) A is short and B is long. C) A is short and B is the broker. D) A is long and B is the dealer.