Which of the following is NOT a characteristic or focus of microeconomics?
A. individual consumers.
B. analysis of aggregate economic variables
C. individual markets
D. firm behavior
Answer: B
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If the exchange rate rises as shown by the arrow in the figure above, the price of imports coming into the United States will be ________, Americans will supply ________ dollars in order to get the foreign exchange to purchase ________ imported goods
. A) higher; more; more B) lower; more; more C) lower; fewer; more D) lower; fewer; fewer E) higher; fewer; more The figure above shows supply curves of dollars in the foreign exchange market.
If consumers have limited information about price and search costs exist, then
A) the result must be that all firms will charge the same price. B) the monopoly price must result. C) the full-information, competitive price is not an equilibrium. D) the difference in prices between firms will be greater than the search cost.
Assume the following situation. In year 1, a $400 capital stock generates a $100 GDP. One-fifth, or $20 of the $100 GDP, is put into investment. Assuming a constant capital/output ratio and no depreciation, the potential rate of GDP growth for this simple economy is
a. no growth b. 2 percent c. 5 percent d. 10 percent e. 20 percent
The two traumatic events which disrupted China's economic development in the late 1950s and mid-1960s were the _________________________ and the _________________________.
Fill in the blank(s) with the appropriate word(s).