Macroeconomics primarily examines:
a. the behavior of firms
b. how prices are determined in markets.
c. broad issues such as inflation.
d. the cost-minimizing conditions for business firms.
c
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If income increases and the demand for bus rides decreases,
A) bus rides are a normal good. B) consumers are behaving irrationally. C) bus rides are an inferior good. D) bus rides are a substitute good. E) bus rides must be a complement good with some other good.
Terri is enrolled in her first economics course. She is required to give a presentation about the circular flow. Which of the following statements should she include in her presentation?
A) Households choose the amount of the factors of production to provide the firms. B) Firms choose the amount of the factors of production to provide households. C) Households receive wages for the amount of entrepreneurship they provide firms. D) Firms pay wages for the amount of entrepreneurship they provide households. E) The flows of goods and services and payments for the goods and services flow in the same direction.
If the number of people with the skills necessary to perform a job increases, labor ________ shifts to the ________.
A. demand; left B. demand; right C. supply; left D. supply; right
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30 B. exactly 60 C. fewer than 30 D. more than 30