The study of individual choice and its implications for the behavior of prices and quantities in individual markets is:
A. a normative economic principle.
B. microeconomics.
C. the Scarcity Principle.
D. macroeconomics.
Answer: B
You might also like to view...
For a firm in the long-run, an increase in the market wage rate will cause it to reduce the employment of labor. With fewer workers, the firm's marginal revenue product for capital
a. shifts downward leading the firm to use less capital. b. shifts upward leading the firm to use more capital. c. twists so that is becomes more elastic d. is not affected.
Which of the following would not be classified as an oligopolistic industry?
A) Defense contractors. B) The recorded music industry. C) The tobacco industry. D) The women's clothing industry.
On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 3.33 Romanian new lei. Therefore, one Romanian new lei would have purchased about ________ U.S. dollars
A) 0.30 B) 1.86 C) 2.86 D) 3.33
If you were a government official and wanted to raise the price of wheat, which of the following actions would you take?
a. Take wheat from government storage and sell it. b. Encourage farmers to use more fertilizer. c. Lower the price of rye. d. Subsidize purchases of farm equipment. e. Encourage farmers to grow less wheat.