The branch of economics which studies the behavior of entire economies is called
A) public economics. B) macroeconomics.
C) microeconomics. D) normative economics.
B
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Product differentiation allows a firm to charge a higher price because the residual demand curve facing the firm
A) is more elastic than the residual demand curve without product differentiation. B) is less elastic than the residual demand curve without product differentiation. C) is horizontal. D) shifts to the left.
Answer the following questions true (T) or false (F)
1. Prior to the 1930s, the majority of dollars spent by government was spent at the state and local levels. 2. Expansionary fiscal policy involves increasing government purchases or increasing taxes. 3. Contractionary fiscal policy is used to decrease aggregate demand in an attempt to fight rising inflation.