Which of the following is a microeconomic question?
A. Should companies pay for employees' health insurance?
B. Why do some countries have higher economic growth rates than other countries?
C. Should Congress and the president take action to reduce the unemployment rate?
D. Should the Fed attempt to influence the interest rate to control potential inflation?
Answer: A
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Scarcity is only a temporary problem that a society can solve by promoting economic growth.
Answer the following statement true (T) or false (F)
In common value auctions
a. Bidders do not know the value of the object being sold b. Each bidder makes the same estimate of the value of the good c. All bidders know the estimates of the others d. The true value of the item differs across bidders
If consumer purchases of a good are highly sensitive to the price of the good, this is illustrated by a
What will be an ideal response?
The entry of firms into a market, ceteris paribus,
A. Shifts the market demand curve to the left. B. Decreases the equilibrium output in the market. C. Reduces the economic profit of each firm already in the market. D. Shifts the market supply curve to the left.