Which of the following is associated with macroeconomics?
A. An examination of the incomes of Harvard Business School graduates.
B. An empirical investigation of the general price level and unemployment rates since 1990.
C. A study of the trend of pecan prices since the Second World War.
D. A case study of pricing and production in the textbook industry.
Answer: B
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In the above figure, if initial equilibrium is at point A and there is a fully anticipated increase in aggregate demand from AD1 to AD2 due to an anticipated increase in the money supply, then
A) the price level will shift to P2 in the long run. B) the economy will move directly from point A to point C without passing through point B. C) the price level will shift to P2 in the short run. D) the economy will move directly from point A to point B, and will remain at point B in the long run.
Refer to the scenario above. Instead of the price increase, if there is a fall in price from $6 to $4, the absolute value of Gary's arc elasticity of demand for shirts is:
A) 1.2. B) 2.14. C) 4. D) 5.
Business inventories tend to fall after an unexpected increase in aggregate demand
a. True b. False Indicate whether the statement is true or false
If Indiana has an absolute advantage over Maine in producing both corn and ball bearings, then
a. Indiana should produce both corn and ball bearings b. there are no benefits possible from specialization c. Maine should produce ball bearings and Indiana should produce corn d. Indiana should produce ball bearings and Maine should produce corn e. they still may benefit from specialization, but more information is needed to determine which state should specialize in each