Which of the following is a microeconomic concern?
A) the rate of economic growth in the United States
B) the current unemployment rate in the United States
C) consumer behavior
D) national output of the United States
C
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The above figure shows the demand and cost curves for a firm in monopolistic competition. The firm maximizes its profit by
A) producing 8 units at a price of $5 each. B) producing 8 units at a price of $15 each. C) producing 4 units at a price of $20 each. D) producing 12 units at a price of $10 each.
If a monopsony must negotiate with a union, then the wage will probably be
A) more than the value of marginal product. B) more than the marginal cost of labor. C) the same as if there had been no union. D) more than what it would have been without a union but not more than the value of marginal product.
Since 1950, the labor force participation rate in the United States
A) of men and women both increased. B) of men increased and women decreased. C) of men and women both decreased. D) of men decreased and for women increased.
International per capita GDP comparisons are misleading when countries involved differ greatly in
a. the type of economic system each country uses to solve its economic problem. b. the freedom of their election processes. c. the percentage of economic activity that is transacted in organized markets. d. the quantity of human and natural resources they possess.