A microeconomist might study which of the following?
a. the collapse of US financial markets in 2007-2009
b. the causes of the Great Depression
c. the movements of prices for unleaded gasoline
d. the role of expectations in the determination of the level of real GDP
e. the trade-off between inflation and unemployment
C
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Refer to the figure below. 
The dominant strategy for Row Resorts is to ________, and the dominant strategy for Column Cruises is to ________.
A. offer reduced rates; offer reduced rates B. offer reduced rates; keep rates high C. keep rates high; offer reduced rates D. keep rates high; keep rates high
If a country experiences deflation, its currency will increase in value relative to its trading partners, ceteris paribus
Indicate whether the statement is true or false
Suppose that world demand shifts away from agricultural goods toward hightech manufactured goods. If land is specific to agriculture, capital is specific to manufacturing, and labor is mobile between sectors, which of the following is TRUE?
a. The percentage change in capital income is less than the percentage change in labor income. b. The percentage change in labor income is greater than the percentage change in the relative price of manufacturing goods. c. The percentage change in capital income is greater than zero. d. The percentage change in labor income is more than the percentage change in the relative price of manufacturing goods.
If a farmer earns a larger profit than the "normal profit" by producing a special type of milk that becomes popular,
A. the farm's owners are likely to withdraw from the industry in order to retire early. B. the firm will continue to earn its "normal profits" far into the future. C. other farmers are likely to produce the same milk, pushing down the prevailing market price. D. other farmers are likely to produce the same milk, pushing up the prevailing market price.