Macroeconomists test their theories using controlled economy-wide experiments of various kinds
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
If the price level rises but the money wage rate does not, then firms will hire ________ labor and the quantity of real GDP supplied will ________
A) more; increase B) the same amount of; not change C) less; decrease D) more; not change E) less; increase
During the Reagan administration, the Laffer curve was used to argue that:
A. the supply-side effects of tax cuts are relatively small. B. discretionary tax cuts are unwise because they create stagflation. C. lower income tax rates could increase tax revenues. D. a "flat tax" would simplify the tax code and stimulate economic growth.
Scherer (1970) provides which of the following argument(s) to explain the appearance of antitrust laws?
(a) Many farmers believed that the growth of big business came at the expense of growth in agriculture. (b) Many ordinary individuals with moderate or low incomes were envious of the fame and wealth accumulated by the relatively few industrial entrepreneurs. (c) Falling costs in transportation resulted in growth of the optimal size of the firm. (d) All of the above.
In the long run, marginal cost must equal marginal revenue for a monopolistic competitive firm, but not at the minimum point of the long-run average cost curve
a. True b. False Indicate whether the statement is true or false