Which of the following questions would not be of particular interest to a microeconomist?
a. Why do national economies grow?
b. What percentage of consumer income is spent on entertainment?
c. Why do workers prefer the 4-day workweek?
d. What happens to worker productivity when the job shifts to a 4-day workweek?
e. How is the electric industry harmed by the passage of new clean air legislation?
A
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Jane is attempting to maximize utility by selecting a market basket of goods. For each of the goods in the market basket the marginal utility per dollar spent is equal
There are some goods which are affordable but do not appear in the Jane's market basket. If Jane has maximized utility, the marginal utility per dollar spent on each of the goods that does not appear in the market basket is: A) too high. B) too low. C) zero. D) infinite. E) none of the above
According to the graph shown, the area ABC represents consumer surplus in an economy with:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. free trade.
B. autarky.
C. a tariff being imposed on trade.
D. None of these is true.
If incomes are rising, in the market for a normal good,
a. its price will rise and the quantity exchanged will rise. b. its price will rise and the quantity exchanged will fall. c. its price will fall and the quantity exchanged will rise. d. its price will fall and the quantity exchanged will fall.
Refer to the following graph.
The massive increase in defense spending is best represented by the:
A. AD curve shifting from AD1 to AD0. B. SAS curve shifting from SAS0 to SAS1. C. SAS curve shifting from SAS1 to SAS0. D. AD curve shifting from AD0 to AD1.