Which of the following is a microeconomic issue?
A) Growth in the U.S. economy slowed.
B) Increased federal government expenditures have lowered the unemployment rate.
C) The inflation rate fell this year.
D) The quantity of wheat grown in the United States increases this year.
E) The U.S. government cuts taxes to combat a recession.
D
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A principle that economists emphasize is that the ____ of decision makers are always limited.
A. ideas B. goals C. resources D. opportunities E. offices
In 2007, Japan reported that its overseas assets totaled more than $4.6 trillion. This implies that Japan
A) is debtor nation. B) has a current account deficit. C) has a capital account deficit. D) is a creditor nation.
Daily Steel produces bars that cost $4 to make, and it receives $7 for them. The difference between these two prices is known as ______.
a. consumer surplus b. producer surplus c. deadweight loss d. price control
Which of the following best approximates a pure monopoly?
A. The foreign exchange market. B. The Kansas City wheat market. C. The only bank in a small town. D. The soft drink market.