Macroeconomics differs from microeconomics in that macroeconomics focuses on:
A. individual choices and group behavior in individual markets.
B. production in specific markets.
C. the performance of national economies and ways to improve that performance.
D. prices in specific markets.
Answer: C
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Which of the following statements is true of a flexible exchange rate system?
A) Market forces tend to undervalue a currency over time. B) Market forces tend to overvalue a currency over time. C) Market forces do not affect exchange rates between different currencies. D) Market forces tend to push the exchange rate of a currency to market clearing levels over time.
_____________ consists of the social and managerial processes through which solutions are first translated into social use in a given culture
a. Innovation b. Invention c. Diffusion d. Intellect
A point on a production possibilities curve indicates
A) resources are not being used efficiently. B) resources are being used efficiently. C) opportunity costs are constant. D) an output combination that can be attained only if society gets more resources or there is technological change.
Along a linear demand curve, as the price rises, demand becomes more
a. steep b. elastic c. inelastic d. unit elastic e. variable