Economists concerned about the behavior of individual households, firms, and industries are studying:
A) microeconomics.
B) macroeconomics.
C) neither macroeconomics nor microeconomics
D) the "forest" of economic behavior, rather than the "trees."
Ans: A) microeconomics
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If you believe that expectations react quickly, you are likely a
A. believer in rational expectations. B. Keynesian. C. theoretical economist. D. None of the above is correct.
In the figure above, if information technologies are introduced that are complements for high-skilled workers and substitutes for low-skilled workers, the wage rate of high-skilled workers will ________ and the wage rate of low-skilled workers will
________. A) rise; fall B) fall; rise C) fall; fall D) rise; rise
A firm’s fixed cost
A. does not vary with output. B. does not change between the short run and the long run. C. is generally a higher percentage of its total cost at high output quantities than at low output quantities. D. All of the above are true.
If nominal GDP in 2011 is greater than nominal GDP in 2010, the economy's real output of goods and services must have risen
a. True b. False Indicate whether the statement is true or false