Microeconomics focuses on ____; macroeconomics concentrates on ____
a. the basic tools of analysis; the use of abstractions and models
b. the economies of various countries; the decisions of individual companies
c. the decisions of individual units; the behavior of entire economies
d. the economic aggregates; the decisions of individual units
c
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Everything else held constant, when output is ________ the natural rate level, wages will begin to ________, decreasing short-run aggregate supply
A) above; fall B) above; rise C) below; fall D) below; rise
Capital is defined as
A. a flow of money into a business to buy various inputs. B. automated production processes that require little or no labor. C. interest payments to owners of companies. D. an inventory of plant, equipment, and other productive resources held by a firm.