Which of the following statements is false?
A) Microeconomics is the branch of economics that deals with human behavior and choices as they relate to relatively small units-an individual, a firm, an industry, and a single market.
B) Macroeconomics is the branch of economics that deals with human behavior and choices as they relate to highly aggregate markets.
C) Positive economics attempts to determine what is.
D) Normative economics addresses what should be.
E) Positive and normative economics both address what should be.
E
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Minneapolis business Rogue Chocolatier sells specialty chocolate bars with a high cocoa content. The price of cocoa beans shot up 44 percent in 2008. How did this affect Rogue's short run costs?
A) Short run variable costs would increase. B) Short run fixed costs would decrease. C) Short run total costs would decrease. D) Short run average fixed costs would increase.
Which of the following displays these two characteristics: nonrivalry and excludability?
A) public goods B) private goods C) quasi-public goods D) common resources
Productivity increases are most likely to be achieved by
a. Tony Soprano's psychiatrist. b. major league baseball teams. c. symphony orchestras. d. personal computer manufacturers.
The three fundamental questions that any economy must address are
A) What will be the prices of goods and services; how will these goods and services be produced; and who will receive them? B) What goods and services to produce; how will these goods and services be produced; and who receives them? C) Who gets jobs; what wages do workers earn; and who owns what property? D) How much will be saved; what will be produced; and how can these goods and services be fairly distributed?