Studying how Joshua allocates his time between school and video games is an example of
A. microeconomics.
B. descriptive economics.
C. industrial organization.
D. macroeconomics.
Answer: A
You might also like to view...
Which of the following is not an example of a fungible commodity?
A. Wheat B. Electricity C. Money D. All of these are fungible commodities.
According to Adam Smith, what is the primary source of a nation's wealth?
A. the amount of gold and silver in the government's possession B. a spirit of cooperation in which people share according to their means C. strong central planning authorities D. the people's ability to produce products and trade in free markets
If the government limits the number of firms in a market by issuing a limited number of licenses, the market structure is most likely to be:
A. a perfectly competitive market. B. a monopoly. C. a monopolistically competitive market. D. an oligopoly.
One basic difference between "land" and "capital" resources is that land is
A. a gift of nature, while capital is manufactured. B. manufactured, while capital is a gift of nature. C. unlimited, while capital is limited. D. limited, while capital is unlimited.