A microeconomist — as opposed to a macroeconomist — might study
a. the effect of a national healthcare program on the nation's unemployment rate.
b. the effect of new regulations on production in the pulp and paper industry.
c. the effect of changes in interest rates on gross domestic product.
d. the growth rate of production in the economy.
b
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A tax wedge causes
A. consumer prices to equal producer prices. B. producer prices to rise above consumer prices. C. consumer prices to separate from producer prices. D. all prices to fall.
We observe that the price of food rises and the quantity purchased also rises. This means the
a. supply curve shifted to the left. b. demand curve shifted to the right. c. demand curve shifted to the left. d. supply curve shifted to the right.
A disadvantage associated with a minimum wage law to reduce poverty is that it
a. encourages illegitimate births because single women with children receive higher payments. b. rewards laziness because it provides payments to those with low incomes regardless of their work effort. c. focuses on children and the disabled while neglecting the working poor. d. may benefit the teenage children of families who are not poor.
In the goods-and-services market, households
A. only supply. B. only demand. C. both supply and demand. D. neither supply nor demand.