Answer the following statement(s) true (T) or false (F)
1. Microeconomics is the study of the whole economy, including topics of inflation and economic growth.
2. Causation occurs when two events occur together.
3. The fallacy of composition states that even if something is true for an individual, it is not necessarily true for many individuals combined in a group.
4. In the role of scientist, the economist is concerned about the ethics of human behavior.
1. False
2. False
3. True
4. False
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In the above figure, at point a what is the opportunity cost of producing one more audio tape?
A) 1 video tape per audio tape B) 2 video tapes per audio tape C) 14 video tapes per audio tape D) There is no opportunity cost.
What is produced and consumed in the economy is determined jointly by
A) government policies and the economy's productive capacity. B) the economy's productive capacity and the preferences of consumers. C) the preferences of consumers and the behavior of business managers. D) the behavior of business managers and government policies.
The total value of all outstanding federal government securities is called
A) the budget deficit. B) crowding out. C) the public debt. D) the trade deficit.
A reserve requirement of 40 percent would mean that each dollar of reserves could support ____ of demand deposits
a. $0.40 b. $1.60 c. $2.50 d. $4.00