Which of the following is associated with microeconomics?
a) The country's unemployment rate.
b) A specific U.S. industry's sales figures.
c) The economy's rate of growth.
d) An economy's overall output level.
Answer: b) A specific U.S. industry's sales figures.
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A firm operating at MC = MR must be making a profit.
Answer the following statement true (T) or false (F)
Define the following terms and explain their importance to the study of macroeconomics:
a. exchange rate b. depreciation c. devaluation d. fixed exchange rates
Advocates of the minimum wage admit that it has some adverse effects, but they believe that these effects are small and that a higher minimum wage makes the poor better off
a. True b. False Indicate whether the statement is true or false
If a market reflects a shortage and prices are allowed to move:
A) supply will increase. B) demand will decrease. C) price will decrease. D) price will increase.