Which of the following would most likely be part of the study of microeconomics?
A) how General Motors makes decisions regarding its production goals
B) national income
C) the total economic output of our domestic economy
D) overall price stability in the United States
Answer: A
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Privatizing a commons tends to lead to a faster depletion of the resource
Indicate whether the statement is true or false
According to economists, competitive firms
A) compete for the same customers. B) are price takers. C) differentiate their products. D) are able to change output and affect the market price.
Between 1800 and 1940, the U.S. birthrate fell steadily. Factors contributing to this downward trend include:
a. urbanization. b. rising female employment. c. compulsory schooling d. declining infant mortality. e. all of the above.
The basis for monopolistic competition is
A. product differentiation. B. price. C. economies of scale.