The study of microeconomic theory focuses on
A. individual behavior in the economy
B. Role of the banking system in the economy.
C. Operation of the entire economy.
D. Interaction of international trade and domestic production of goods and services.
Answer: A
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If the cross-price elasticity of demand for goods A and B is zero, this means the two goods are unrelated
Indicate whether the statement is true or false
Suppose that the price of one ear of corn was $0.05 in 1920, that the CPI in 1920 was 10, and that in 1990 the CPI was 180 . What is the price of a 1920 ear of corn in 1990 dollars?
On the Heritage Foundation's scale of "Economic Freedom," which of the following countries is least "Free"?
A. Russia B. New Zealand C. United States D. Hong Kong
Refer to the information provided in Table 14.3 below to answer the question that follows. Table 14.3B's Strategy ?AdvertiseDon't Advertise??A's profit $75 millionA's profit $200 million?AdvertiseB's profit $75 millionB's profit $50 millionA's Strategy????Don'tA's profit $50 millionA's profit $100 million?AdvertiseB's profit $200 millionB's profit $100 millionRefer to Table 14.3. What is the Nash equilibrium in the game?
A. (Don't Advertise, Advertise) B. (Don't Advertise, Don't Advertise) C. (Advertise, Advertise) D. (Advertise, Don't Advertise)