Microeconomics focuses on
A) the relationships among the different parts of the economy.
B) the totals, or aggregates, of the economy.
C) unemployment.
D) business cycles.
A
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Answer the following statement(s) true (T) or false (F)
1. To an economist, a cost is a forgone opportunity. 2. The most efficient typist is the one who can type the greatest number of words per minute. 3. The most efficient house cleaner is the person who has the lowest cost of cleaning houses. 4. The cost of producing furniture is not the resources used in its production, but the alternative uses for those resources. 5. If only materials and workers are used to make a computer and the materials cost $100 and labor costs $200, then the cost of making the computer is $300.
In the Modern Keynesian Model the short run aggregate supply curve slopes upward. How could one explain the shape of the upward sloping? short-run aggregate supply curve by only focusing on the capital? input?
Refer to the scenario above. If the market for Good Y is monopolistically competitive, a firm producing Good Y will shut down production in the short run if price falls below ________
A) $60 B) $200 C) $120 D) $50
Keeping a $20 bill in your purse to purchase a movie DVD when it comes out next month means that money functions as a
A) medium of exchange. B) unit of account. C) standard of deferred payment. D) store of value.