Microeconomics examines the
A. total household expenditures.
B. decision making undertaken by individual households.
C. aggregate business spending.
D. behavior of the economy as a whole.
Answer: B
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The fact that our wants are unlimited but our resources are limited implies that
A) we should limit our wants. B) entrepreneurship has failed as an economic system. C) we have to make choices. D) the only way to make someone better off is to make someone else worse off.
Static tax analysis assumes
A) all of the present tax rates will be in place for a minimum of twenty years. B) changes in the tax rates have no effect on the tax base. C) changes in the tax rates have no effect on tax revenue. D) changes in the tax rates will change the tax base.
If the inflation rate is 3% and the nominal interest rate is 4%, then the real interest rate is around
A. 1%. B. 3%. C. 12%. D. 7%.
Price floors keep the price _____ equilibrium price; price ceilings keep price _____ equilibrium price.
Fill in the blank(s) with the appropriate word(s).