The field of macroeconomics studies ________ and microeconomics studies ________.
A. variables within a single economy; international variables
B. economic aggregates; individual markets
C. individual markets; economic aggregates
D. international variables; variables within a single economy
Answer: B
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Economists favor the use of peak-load pricing since it can
A. improve the equity of the distribution of income. B. enhance the efficiency in the use of scarce resources. C. improve the profit levels of corporations. D. result in lower levels of pollution.
Suppose the market for grass seed can be expressed as
Demand: QD = 100 - 2p Supply: QS = 3p At the market equilibrium, calculate the price elasticities of supply and demand. Use these numbers to predict the change in price resulting from a specific tax.
If an economy is operating at a point inside the production possibilities curve,
What will be an ideal response?
Which of the following correctly describes the federal budget?
a. The federal budget is a plan that describes Fed's monetary policy for the current financial year. b. The federal budget is an aggregate profit and loss statement for all of the nation's business firms. c. The federal budget is the sum of the spending plans of the 50 states. d. The federal budget is a plan for federal government outlays and revenues for a specified period, usually a year.