This textbook is about microeconomics because it deals mainly with the behavior of variables such as:
A. economic sectors, the business cycle and monetary and fiscal policies.
B. national output, interest rates, unemployment and inflation.
C.individual economic units, such as consumers, firms, workers and investors
D.national and international markets, exchange rates and economic treaties.
C.individual economic units, such as consumers, firms, workers and investors
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During the bureaucratic bargaining process, if the legislature tries to counteroffer by saying it wants less output at a given price, the bureau's can employ the strategy of _____
a. saying no b. telling the legislature that reducing the output would endanger lives c. telling the legislature that at the lower output, the price per unit will be much higher d. making a counter-offer of more output at a lower price
Which is the fastest growing component of the federal government budget?
A) spending on the military and the war on terrorism B) spending to improve the nation's schools C) spending to improve and expand the nation's infrastructure D) spending on entitlements
Suppose y is measured on the vertical axis, x is on the horizontal axis, and the various combinations of x and y are shown by a nonvertical straight line. Which of the following must be true?
a. There is a negative relation between x and y. b. There is a positive relation between x and y. c. There is a causal relation between x and y. d. If the value of x is known, the value of y can be determined. e. The value of y is independent of the value of x.
Which of the following might be a goal of a union?
a. increasing the size of the union b. increasing the income while holding the size of the union constant c. increasing both the size and income of the union d. all of the above