Microeconomics is most likely to be concerned with the:
A) economy as a whole.
B) activity of large segments of the economy.
C) economic behavior of specific parts or units of the economy.
D) economy-wide trends in unemployment, prices, and production.
Ans: C) economic behavior of specific parts or units of the economy.
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Steel producers offer to sell steel to U.S. auto producers at a much lower price than in the past. As a result one would expect: a. no change in the supply of automobiles
b. an increase in the demand for automobiles. c. an increase in the supply of automobiles. d. a decrease in the supply of automobiles.
Inflation affects borrowers and lenders differently. After signing a contract with a fixed nominal interest rate, it can be expected that
a. borrowers will hope that prices fall. b. lenders will hope that prices rise. c. lenders will hope that the purchasing power of money will fall. d. borrowers will hope that prices rise.
Suppose a good has a downward-sloping, straight-line demand curve. If the price elasticity of demand is 2.5 when the price is $10 per unit, then the price elasticity of demand when the price is $7 per unit could be
A. approaching infinity. B. 2.7. C. 2.5. D. 1.7.
The first major international trade agreement following World War II was the North American Free Trade Agreement (NAFTA).
Answer the following statement true (T) or false (F)