Which of the following is a microeconomics topic?
a. A price of a new home.
b. The inflation rate.
c. The economy's growth rate.
d. The unemployment rate.
e. Forecasts of a recession next year.
a
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If there is an inverse relationship between variable x and variable y, then an increase in the value of variable x will be accompanied by
A) an increase in the value of variable y. B) a decrease in the value of variable y. C) no change in the value of variable y. D) variable y reaching its maximum value.
During a recession,
A) real GDP is less than potential GDP. B) real GDP is equal to potential GDP. C) the actual unemployment rate is less than the natural unemployment rate. D) real GDP is greater than potential GDP. E) the relationship between real GDP and potential GDP no longer exists.
Markets do not always allocate resources efficiently, however, government always does
a. True b. False
A production point that lies outside the Production Possibilities Curve (PPC)
A) denotes inefficiency. B) indicates unemployment. C) is currently not attainable. D) can never be reached, even in future periods.