Microeconomics is concerned with
A. the aggregate or total levels of income, employment, and output.
B. a detailed examination of specific economic units that make up the economic system.
C. how government debt affects aggregate economic activity.
D. the establishing of an overall view of the operation of the aggregate economic system.
Answer: B. a detailed examination of specific economic units that make up the economic system.
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With a temporary income tax surcharge, according to the ________, household consumption should ________
A) PIH; fall as disposable income falls B) PIH; rise since the decrease is disposable income is temporary C) LCH; fall since disposable income over the lifecycle falls D) None of the above is correct since a temporary change affects neither permanent income or relative lifecycle earnings.
An outcome is said to be efficient if an economy is conserving the largest possible quantity of its scarce resources while still meeting the basic needs of society
a. True b. False Indicate whether the statement is true or false
Free trade causes job losses in industries in which a country does not have a comparative advantage, but it also causes job gains in industries in which the country has a comparative advantage
a. True b. False Indicate whether the statement is true or false
GDP per capita is:
A. the amount of GDP produced per unit of capital equipment. B. GDP divided by the total population. C. the amount of GDP produced by an individual state. D. GDP multiplied by the total population.