In a closed economy, imports equal ______.
a. GDP
b. zero
c. net revenue
d. aggregate expenditures
b. zero
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Microeconomics is the study of
a) the economy as a whole. b) individual components in the economy. c) individual economic behaviour. d) both (b) and (c).
Investing $2 million of your own money in your business is an example of an _______ cost.
Fill in the blank(s) with the appropriate word(s).
The market supply curve is found by
A) plotting the supply curves of individual firms. B) plotting and summing up the supply curves of individual firms. C) plotting the supply curves of individual consumers. D) taking the supply curve of the representative firm.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point E to Point B. This could be explained by
A. a change in society's preferences for hybrid cars versus motorcycles. B. an increase in economic growth. C. an increase in unemployment. D. a reduction in unemployment.