Which of the following components are involved in microeconomics?
a. aggregate economy; firms; agricultural subsidies
b. aggregate economy; households; inflation
c. smaller economic units; households; income distribution
d. smaller economic units; firms; business cycles
c. smaller economic units; households; income distribution
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If a market is contestable, how does the equilibrium differ from that of a monopoly?
What will be an ideal response?
Next period's capital is equal to current-period investment
A) plus the amount of current capital left over after depreciation. B) minus the amount of current capital left over after depreciation. C) plus the amount of current period depreciation. D) minus the amount of current period depreciation.
In the United States, the death rate has been decreasing for a number of reasons. According to the book which is not a reason
a. Decrease in infant mortality b. Increase in life expectancy c. Out migration d. Declining rates of heart disease
The following are national income account data for a hypothetical economy in billions of dollars: government purchases ($940), personal consumption expenditures ($4920), imports ($170), exports ($133), and gross private domestic investment ($640). What is GDP in this economy?
A. $6537 billion. B. $6633 billion. C. $6500 billion. D. $6463 billion.