Microeconomics is the study of
A) the behavior of the economy as a whole.
B) a nation from the perspective of the whole world.
C) how individuals and firms make decisions.
D) the effect that money has in the economic system.
Answer: C
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Buyers’ expenditures and sellers’ revenues are always identical.
Answer the following statement true (T) or false (F)
Research indicates that Medicaid has a significant impact on enrollee behavior. Which of the following statements is not true?
a. Medicaid enrollees use more emergency department services than the uninsured. b. Many individuals, especially women with small children, will refuse to accept jobs in order to maintain Medicaid eligibility. c. Because they are not required to pay premiums, Medicaid enrollees have higher savings rates. d. A significant number of low-income jobholders drop private insurance coverage when they qualify for Medicaid. e. Medicaid coverage is associated with worse health outcomes than either private insurance or even no insurance at all.
Increases in the minimum wage are in every worker's best interest.
Answer the following statement true (T) or false (F)
When the United States cannot produce all of the goods and services desired by its citizens, the economy is
A) in a deep freeze. B) inefficient. C) in a shortage state. D) facing scarcity.