Macroeconomics deals with
A. decisions made by firms.
B. only large households in a country.
C. specific sectors within the economy.
D. aggregates within the economy.
Answer: D
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When compared with a perfectly competitive market with identical costs of production, a pure monopoly will produce ________.
A. more output and charge the same price B. less output and charge the same price C. less output and charge a higher price D. more output and charge a higher price
What are the key steps for analyzing Demand functions based on Regression results?
What will be an ideal response?
The long-run price elasticity of demand for a good is usually larger than its short-run price elasticity because
a. as the saying goes, "out of sight, out of mind" b. more goods are demanded in the long run than in the short run c. people have more time to find substitute goods d. incomes tend to rise over time e. supply curves shift outward over time
The principal difference between conventional accounting and economic analysis of inflation is that
a. accountants adjust nominal values for inflation. b. accountants adjust real values for inflation. c. economists adjust nominal values for inflation. d. economists adjust real values for inflation.