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 individual markets
D) all of the above
C
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Free trade ________ living standards by ________ economic efficiency
A) lowers; eliminating B) raises; equalizing C) lowers; decreasing D) raises; increasing
A country running a current account surplus over many years is likely to see its exchange rate:
A. hold steady. B. appreciate. C. the rate can rise, fall, or hold steady; the current account and the exchange rate are not linked. D. depreciate.
A fall in labor costs will cause aggregate:
A. Supply to increase B. Demand to increase C. Supply to decrease D. Demand to decrease
Most economists would probably agree that new technologies are the single most important source of productivity improvement, hence of __________ in general.
A. economic growth B. human capital C. entrepreneurial activity D. absolute advantages