In economics, ________ means a shortage or insufficient amount of supply
a. Scarcity
b. Supply considerations
c. Leveraging
d. Risk
A
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________ adopts the view that aggregate fluctuations are a natural consequence of an expanding economy
A) The new macroeconomics B) The Okun Gap C) Keynesian economics D) The Lucas Wedge E) Classical macroeconomics
Which of the following is most likely a topic of discussion in macroeconomics?
a. an increase in the price of a pizza b. a decrease in the production of DVD players by a consumer electronics company c. an increase in the wage rate paid to automobile workers d. a decrease in the unemployment rate
Like the supply curve for individual goods and services, the aggregate supply curve slopes upward and to the right.
Answer the following statement true (T) or false (F)
An individual has an absolute advantage in producing pizzas if that individual:
A. can produce more pizzas in a given amount of time than anyone else. B. has a lower opportunity cost of producing pizzas than anyone else. C. has a higher opportunity cost of producing pizzas than anyone else. D. charges the lowest price for pizzas.