It is ________ to empirically test alternative macroeconomic models against one another ________ macroeconomic models differ in ways that are hard to standardize.
A. pointless; because
B. difficult; because
C. impossible; because
D. relatively easy; even though
Answer: B
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The greater the marginal cost and the lower the marginal benefit of reducing greenhouse gases, other things constant, the cleaner the air
Indicate whether the statement is true or false
The extent of oligopoly power in various industries can be measured by means of ______.
a. costs of production b. expected marginal costs c. concentration ratios d. profit-maximizing output
Using Figure 2 above, suppose that the economy started at PAE2. A potential change that could cause the economy to go from PAE2 to PAE3 might be:
A. domestic income increases. B. interest rates decrease. C. wealth level decreases. D. expected profitability of investments decrease.
The aggregate demand curve shows the relationship between short-run equilibrium output and the:
A. nominal interest rate. B. unemployment rate. C. inflation rate. D. real interest rate.