Microeconomics involves decisions made by
A. governments and societies
B. firms and households
C. countries and International organizations
D. governments and economies
B. firms and households
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Use the following table to answer the question below. Jake's Production Possibilities ScheduleJane's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn01600801012020602080404030406020400800Without trade, Jake consumes 20 pounds of green beans and 80 pounds of corn, and Jane consumes 40 pounds of green beans and 40 pounds of corn. If the terms of trade are 1 pound of green beans for 3 pounds of corn, and Jake sells Jane 72 pounds of corn, then the gains from trade for Jake are ________ pounds of green beans and ________ pounds of corn with trade and specialization.
A. 16, 32 B. 8, 4 C. 4, 8 D. 32, 16
In the above table, based on the four-firm concentration ratio, which industry is the most concentrated?
A) Widgets B) Gadgets C) Blodgets D) All three industries are equally concentrated.
With a human capital investment (such as the investment in going to college), the most important cost tends to be
A) foregone leisure. B) books and equipment. C) the opportunity cost of not working. D) taxes.
What was the first important law regulating monopoly that prohibited "restraint of trade"?
a. Sherman Act b. Robinson-Patman Act c. Cellar-Kefauver Act d. Clayton Act