Microeconomics is the branch of economics that focuses on:
a. broad issues such as growth, unemployment, inflation, and trade balance.
b. the actions of particular agents within the economy, like households, workers, and business firms.
c. the means of production (resources and businesses) that are owned and operated by private individuals or groups of private individuals.
d. workers or firms, and whether they are well suited within the overall production process.
b. the actions of particular agents within the economy, like households, workers, and business firms.
Microeconomics is the branch of economics that focuses on the actions of particular agents within the economy, such as households, workers, and business firms.
You might also like to view...
Any dollar amount received by a seller above the marginal cost of production is known as a
A. producer surplus. B. willingness to accept. C. consumer surplus.
An increase in the discount rate ________ the present value of a bond and ________ the price of the bond.
A) increases; increases B) decreases; decreases C) decreases; increases D) increases; decreases
The more bowed out the Lorenz curve, the
A) less equal the income distribution. B) more equal the income distribution. C) greater the overall wealth in the economy. D) less the overall wealth in the economy.
f Bob earns $20,000 per year and Sue earns $100,000 a year, and there is a flat tax of 10 percent imposed, then Bob would pay __________, Sue would pay ___________, and this is a __________ tax.
A. $2,000; $10,000; proportional B. $2,000; $10,000; progressive C. $2,000; $10,000; lump-sum tax D. $200; $1,000; flat tax