The price of milk would be of particular interest to
A. a microeconomist.
B. a macroeconomist.
C. neither a microeconomist nor a macroeconomist.
D. both a microeconomist and a macroeconomist.
Answer: A
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The economic system of which of the following countries can be treated as an example of a command economy?
a. United States b. Canada c. United Kingdom d. Cuba
Which of the following statements exemplifies a principle of individual decisionmaking?
a. Trade can make everyone better off. b. Governments can sometimes improve market outcomes. c. The cost of something is what you give up to get it. d. All of the above are correct.
The price of a new model of iPad tends to fall significantly a year after it is introduced. Suppose Jane bought an iPad as soon as it was introduced (a year ago) and paid a premium price for it. Now she wants to buy an iPad cover. Which of the following should she consider before buying the new accessory?
A. The price of replacing her iPad, the price of the iPad cover, and the benefit she'll receive from using the iPad cover B. The price of the iPad cover and the benefit she'll receive from using the iPad cover C. The price she paid for her iPad, the price of the iPad cover, and the benefit she'll receive from using the iPad cover D. The price of the iPad cover had she bought it with the iPad, the current price of the iPad cover, and the benefit she'll receive from using the iPad cover
Answer the following questions true (T) or false (F)
1. Consumers in monopolistically competitive markets face a trade-off between paying prices greater than marginal costs and purchasing products that are more closely suited to their tastes. 2. One way by which firms differentiate their products is to try to anticipate changes in consumer tastes and adapt their products to fit those changed tastes. 3. In the long-run equilibrium, a monopolistically competitive firm earning normal profit produces the allocatively efficient output level.