"Macroeconomics is the part of economics concerned with individual units such as a person, a household, a firm, or an industry." This statement is:
A. positive but incorrect.
B. positive and correct.
C. normative but incorrect.
D. normative and correct.
Answer: A
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Agricultural prices fell during each of these periods EXCEPT
A. 1865-1900. B. 1900-1919. C. 1929-1933. D. There is no exception. Agricultural prices fell in all these time periods.
What are the characteristics of a market that allow a monopolist to successfully price discriminate between groups?
What will be an ideal response?
Which of the following perspectives believes that both wages and prices are stuck in the immediate short run and that prices are inflexible downward but flexible upward?
A. Monetarism. B. Mainstream economists. C. Rational expectations economists. D. None of these—they all see wages and prices as flexible.
Under a flexible exchange rate system, which one of the following would not directly affect the exchange rate?
a. a change in income b. the relative inflation rates in two countries c. the salary of the president of the United States d. a change in capital flows e. a change in the level of exports or imports