Microeconomics is the branch of economics that deals with which of the following topics?
A) The behavior of individual consumers
B) Unemployment and interest rates
C) The behavior of individual firms and investors
D) B and C
E) A and C
E
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If on Tuesday the perceived price of studying for an exam is $4 per hour but on Saturday the perceived price of studying for an exam is $10, the law of demand predicts
A) more studying on Saturday and less on Tuesday. B) more studying on Tuesday and less on Saturday. C) the same amount of studying on Tuesday and Saturday. D) no studying on Tuesday or Saturday.
One concern regarding the North American Free Trade Agreement (NAFTA) was that it would lead:
A. unskilled workers in the United States to lose their jobs. B. wages in Mexico to rise. C. the total value of goods and services produced by the United States to fall. D. highly skilled workers in the United States to lose their jobs.
Bonnie gets her hair cut at her usual salon and is very happy with the results. Later that afternoon, she goes to the mall and sees that a hair salon is giving away free haircuts only on that day. If Bonnie does not take advantage of the giveaway, it is because the:
A. marginal utility of the next haircut would be zero or negative. B. marginal utility of the next haircut would increase. C. marginal utility of the next haircut would be zero or positive. D. total utility of both haircuts would be zero or negative.
Market price is the same thing as equilibrium price.
Answer the following statement true (T) or false (F)