Unplanned inventory reduction causes firms to:
a. produce less output.
b. lower prices on the products it sells.
c. change its promotional strategies.
d. produce more output.
d
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In the U.S. over the last 50 years:
A. imports have grown and exports have fallen. B. both imports and exports have grown dramatically. C. both imports and exports have fallen dramatically. D. the percent of GDP that represents imports and exports has remained fairly steady.
Macroeconomics is the branch of economics that focuses on:
a. broad issues such as growth, unemployment, inflation, and trade balance. b. the actions of particular agents within the economy, like households, workers, and business firms. c. the means of production (resources and businesses) that are owned and operated by private individuals or groups of private individuals. d. workers or firms, and whether they are well suited within the overall production process.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
Which of the following combinations of cheese and bread could England not produce in 24 hours?
A. 8 units of cheese and 3 units of bread. B. 7 units of cheese and 2 units of bread. C. 5 units of cheese and 3 units of bread. D. 6 units of cheese and 4 units of bread.