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.
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The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $4 per hour, how many hours do students work?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct.
The reserve ratio is 20 percent. If the Fed buys $1 million of U.S. government securities from a bond dealer by transmitting the funds to the dealer?s deposit account at Bank ABC, then
A) Bank ABC can make no additional loans. B) Bank ABC can make additional loans up to $800,000. C) Bank ABC can make additional loans up to $1 million. D) Bank ABC cannot make any additional loans, but the system as a whole can make additional loans up to $1 million.
Reciprocity between two countries implies that
a. neither will trade with the other b. trade flows freely across the two countries' borders c. trade can only be beneficial to one of the countries d. each agree not to trade with any other countries e. you do unto others as they do unto you
If 20 million workers are unemployed and 180 million workers are employed, then the unemployment rate is
A. 10%. B. 11.1%. C. 18%. D. 80%.