Macroeconomics is best described as the study of
A) the nation's economy as a whole.
B) very large issues.
C) the choices made by individual households, firms, and governments.
D) the relationship between inflation and wage inequality.
A
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Production possibilities curve are usually bowed outward. This is because
a. the more resources a society uses to produce one good, the fewer resources it has available to produce another good. b. it reflects the fact that the opportunity cost of producing a good decreases as more and more of that good is produced. c. of the effects of technological change. d. resources are specialized, that is, some are better at producing particular goods rather than other goods.
Suppose Sam's Shoe Co. makes only one kind of shoe, which sells for $50 a pair. If they sold 500,000 pairs of shoes, then their total revenue would be:
A. $2,500,000. B. $10,000. C. $25,000,000. D. Cannot answer this question without knowing the cost per pair.