The basic difference between macroeconomics and microeconomics is that...
What will be an ideal response?
Marcroeconomics looks at the forest (aggregate marks), while microeconomics looks at individual trees (subcomponents)
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A prisoner's dilemma is
A) stable. B) the best equilibrium possible. C) inefficient. D) efficient.
In an oligopoly, output is
A) less than the output in monopoly. B) greater than the output in perfect competition. C) in all circumstances the same as the output in perfect competition. D) somewhere between the output in monopoly and that in perfect competition outcomes. E) in all circumstances the same as the output in monopoly.
Briefly describe the following tasks of macroeconomists: forecasting; analysis; research; and data development
What will be an ideal response?
Based on what you know about the determinants of price elasticiyt, the demands for agricultural products, like, wheat, soybeans, milk, and eggs tend to be
a. price inelastic b. price elastic c. price inelastic only in the long run d. price elastic only in the short run e. price elastic only in the long run