Which of the following is associated with macroeconomics?
A. An examination of the incomes of Harvard Business School graduates.
B. An empirical investigation of the general price level and unemployment rates since 1990.
C. A study of the trend of pecan prices since the Second World War.
D. A case study of pricing and production in the textbook industry.
Answer: B
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S2 (point B). Which of the following changes would cause the equilibrium to change to point C?
A) a positive change in the technology used to produce apples and decrease in the price of oranges, a substitute for apples B) an increase in the wages of apple workers and an increase in the price of oranges, a substitute for apples C) an increase in the number of apple producers and a decrease in the number of apple trees as a result of disease D) a decrease in the wages of apple workers and an increase in the price of oranges, a substitute for apples
Describe what the liquidity trap is. Explain how it can be problematic for monetary policymakers
What will be an ideal response?