Which concept would be addressed by microeconomics?
a) the price of college tuition that an individual student pays
b) the reasons for a decline in a country's total output
c) the national unemployment rate
d) the inflation rate in Brazil
Ans: a) the price of college tuition that an individual student pays
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Rational choice
A) is a choice that uses the available resources to best achieve the objective of the person making the choice. B) is always efficient. C) is what you must give up to get what you want. D) is made by comparing different incentives. E) provides the answer to only the "how" question.
Discretionary monetary policy was more frequently employed than discretionary fiscal policy in the two decades following World War II because
A) economic conditions did not seem to require any use of fiscal policy tools during this period. B) economists did not yet believe in the effectiveness of fiscal policy. C) inflation was not yet seen as a problem. D) monetary policy could be altered without Congressional action. E) monetary policy was thought to be capable of raising output while holding down prices.
As output increases, average fixed cost
a. remains constant. b. decreases. c. rises and then falls. d. falls and then rises.
Real wages increased in industrialized countries in the twentieth century because the demand for labor:
A. decreased, while the supply of labor increased. B. increased more slowly than the supply of labor increased. C. increased, while the supply of labor decreased. D. increased more rapidly than the supply of labor increased.