Microeconomics is best described as the study of:
A. the choices made by individual households, firms, and governments.
B. inflation, unemployment, gross national product, and the nation's economy as a whole.
C. how markets interact in the aggregate economy.
D. marginal changes in the economy.
Answer: A
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The figure above shows supply curves for soft drinks. Suppose the economy is at point a. A movement to point d would be the result of
A) an increase in technology. B) a decrease in the relative price of a soft drink. C) an increase in the relative price of a soft drink. D) an increase in the number of soft drink suppliers.
During the 1990s, food production increased faster than population in all regions of the developing world except
(a) Latin America. (b) East Asia. (c) Sub-Saharan Africa. (d) none of the above.
The hyperinflation of the Revolutionary War period was in part caused by the issuance of paper money with a face value in ______ of dollars
a. millions b. tens of millions c. hundreds of millions d. billions of dollars
The oldest theory of comparative advantage is based on:
a. factor abundance. b. productivity differences. c. product life cycles. d. preferences. e. human skills.