Which of the following is a decision that economists study?
a. how much people work
b. what people buy
c. how much money people save
d. All of the above are correct.
d
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An agreement to exchange dollar bank deposits for euro bank deposits in one month is a
A) spot transaction. B) future transaction. C) forward transaction. D) deposit transaction.
Positive statements can be checked, evaluated, or edited based on:
a. available evidence. b. personal choice. c. budget constraints. d. opportunity costs.
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Figure 12.1 shows a successful price-fixing arrangement (cartel) between two identical firms. If the cartel collapses and the two firms compete against each other, each firm's profit will be ________ and the quantity will be ________.
A. smaller; smaller B. smaller; greater C. greater; smaller D. greater; greater