A microeconomist would study all of the following issues EXCEPT
A) the impact of a change in consumer income on the sales of corn.
B) the impact of a snowstorm on the sales of snow shovels.
C) the most efficient means for General Motors to produce an automobile.
D) the effect of a change in income taxes on the nation's rate of unemployment.
Answer: D
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Interest is the payment for the use of
a. borrowed funds. b. natural resources. c. labor. d. any factor of production.
Free trade may lead to more pollution because
A. with free trade, the size of the economy increases resulting in higher production and consumption. B. competition among nations invariably leads to less restrictive pollution standards. C. imported products are produced using cleaner production techniques than domestic products. D. the countries may not specialize in the production of goods in which they have comparative advantage.
If inflation expectations change as a result of an expansionary fiscal policy, this causes
A. the long-run Phillips curve to shift. B. the short-run Phillips curve to remain constant. C. the short-run Phillips curve to shift. D. a movement along the short-run Phillips curve.
The condition to decide on the optimal amount of leisure is that:
A) the average benefit of leisure should be equal to zero. B) the total benefit of leisure should be equal to the wage rate. C) the average benefit of leisure should be equal to the wage rate. D) the marginal benefit of leisure should be equal to the wage rate.