Macroeconomic models use abstract concepts such as “price level” and “national income” that are calculated by combining many markets into one. This process is known as
A. analysis and synthesis.
B. integration and derivation.
C. conceptualization.
D. aggregation.
Answer: D
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Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000
Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000. B) $63,000. C) $50,000. D) $110,000. E) $0 because Lauren did not work as a biologist.
The price at which the quantity demanded is zero is called the
a. Choke price b. Reserve price c. Exponential price d. Extraction price e. User price
What challenges does the European Central Bank (ECB) face in making monetary policy for the euro zone?
What will be an ideal response?
Why is a monopolist's marginal revenue less than the price?
What will be an ideal response?