Answer the following statements true (T) or false (F)
1. Concern with the level of employment in the economy is a macroeconomic issue.
2. Microeconomics is a study of aggregates in the economy.
3. An economy’s wealth consists of a multitude of consumer and capital goods.
4. Economic services lack the characteristic of transferability found in economic goods.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
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In deciding on an optimal amount and type of research and development, firms should adhere to the rule: Expand R&D until:
A. expected rate of return is zero. B. expected rate of return equals the interest rate. C. expected rate of return exceeds the interest rate by the greatest amount. D. the interest rate is constant.
Carefully define the following terms and explain their importance. a. Variable b. Ray c. Slope d. Contour map
What will be an ideal response?