Macroeconomics:
a. is narrower in scope than microeconomics
b. analyzes mergers and acquisitions between firms.
c. is concerned with the expansion and contraction of the overall economy.
d. is primarily concerned with the decisions of individual households.
c
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At an output level of 100, a monopolist faces MC = 15 and MR = 17. At output level q = 101, the monopolist faces MC = 16 and MR = 15. To maximize profits, the firm
A) should produce 100 units. B) should produce 101 units. C) The firm cannot maximize profits. D) The firm is not a monopoly.
Stagflation is the typical result of adverse shifts in the aggregate supply curve.
Answer the following statement true (T) or false (F)
The aggregate production function is Y = 5KL. If there are 18 units of capital and 50 units of labor, aggregate output is
A. 4,500 units. B. 4,270 units. C. 3,820 units. D. 340 units.
If your nominal income in 2014 was $50,000, and prices doubled between 2014 and 2017, to have the same real income, your nominal income in 2017 must be
A) $50,000. B) $75,000. C) $90,000. D) $100,000.