Which of the following macroeconomic variables is the most seasonally procyclical?
A. Expenditure on services
B. The real wage
C. The unemployment rate
D. Expenditure on durable goods
Answer: D
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The equilibrium point represents the only price-quantity combination in a market that
a. causes both buyers and sellers to agree to a price increase b. causes both buyers and sellers to agree to a price decrease c. exactly matches the independent plans of buyers and sellers d. allows buyers to purchase what they want e. allows sellers to earn a profit
Which of the following explains why individuals must make choices?
a. competition among firms b. scarcity of resources c. inflation d. changes in the money supply e. conflict between positive and normative economic statements
All Americans take advantage of public goods and merit goods to the same degree
Indicate whether the statement is true or false
What is the systems approach to problem solving? How is this concept applicable to logistics management?