One topic that microeconomics explores is how prices are determined in individual markets, while macroeconomics is concerned with issues such as the economy's overall rate of inflation, economic growth and unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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Income taxes are taxes paid on wages and investment income
Indicate whether the statement is true or false
In the Keynesian model with efficiency wages
A) the full-employment line is determined where the quantity of labor demanded equals the quantity of labor supplied. B) the full-employment level is determined at the intersection of the labor demand curve and the efficiency wage line. C) an increase in labor supply increases employment. D) a decrease in labor supply shifts the FE line to the left.
Which of the following is included in the calculated gross domestic product? a. Mr. Kelly buys a used lawn mower from his neighbor Mr. Templeton
b. A local ice cream store sells $17,000 worth of cones and sundaes on July 4th. c. Suzanne buys a love seat and chair for $85 at the yard sale on the corner. d. Farmer Fred sells his second tractor to his son.
A less-developed nation will be able to benefit substantially by adopting the technologies and the business practices that have been successful in other nations, but only if
a. its wages are low enough. b. its population is large enough. c. it first educates its citizens well, so they can use the new ideas. d. it improves its institutions so that investors are willing to import the capital and any expertise needed to take advantage of the advanced production techniques that are available.