General-equilibrium analysis is the study of
A) how an equilibrium is determined in all markets simultaneously.
B) how an equilibrium is determined in all closely related markets.
C) the effects of a change in a market, and all spillover effects in all related markets.
D) All of the above.
D
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The HeckscherOhlin model assumes that production techniques within a nation use the factors of production:
a. at different intensities depending on changing technology and which nation you are discussing. b. at different intensities for each industry, so that one is more or less intensive in that factor than the other. c. at the same intensity for each industry—for example, the ratio of capital to labor is the same for every industry in the nation. d. in no definite pattern.
If Real GDP is $8,000, the money supply is $4,000, and the price level is 3, then velocity is
A) 2.00. B) 3.33. C) 6.00. D) 7.50. E) none of the above