Microeconomics is concerned with studying which of the following?
A) the determinants of national unemployment
B) the effects of monetary policy
C) the study of a nation's workforce
D) none of the above
Answer: D
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How will an interest rate increase in the United States affect equilibrium in the market for dollars against foreign currencies? (Assume the exchange rate is stated in terms of foreign currency per U.S. dollar.)
A) The equilibrium exchange rate will increase, and the equilibrium quantity of dollars traded will increase. B) The equilibrium exchange rate will decrease, and the equilibrium quantity of dollars traded cannot be determined. C) The equilibrium exchange rate cannot be determined, and the equilibrium quantity of dollars traded will increase. D) The equilibrium exchange rate will increase, and the equilibrium quantity of dollars traded cannot be determined.
In this welfare effects of a tax graph, which area represents how much the loss of surplus exceeded tax revenue?
a. a + b
b. a
c. c + e
d. d – f
The two most important rationales for government intervention in non-monopolistic markets are
A) market failure and asymmetric information. B) substandard products and job creation for public employees. C) job creation and income maintenance. D) unfair pricing and usury.
Marginal rate of substitution between X and Y is
a. total utility of X divided by total utility of Y. b. marginal utility of X divided by marginal utility of Y. c. total utility of X divided by marginal utility of Y. d. none of the above.