Microeconomics explores the allocation of scarce resources from the perspective of small economic units such as consumers and firms
a. True
b. False
Indicate whether the statement is true or false
True
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In calculating income for the Lorenz curve, one factor that is omitted, is
A) capital gains income. B) dividend payments. C) in-kind transfer payments from the government. D) pure economic rent.
In summary, many of the government's farm programs are an attempt to shift the
a. demand curve for farm goods to the right b. demand curve for farm goods to the left c. supply curve for farm goods to the left d. supply curve for farm goods to the right e. supply and demand curves for farm goods to the right
Without more information, the supply and demand model cannot predict the effect on price of:
A. a simultaneous decrease in quantity demanded and increase in quantity supplied. B. a simultaneous decrease in demand and increase in supply. C. a simultaneous increase in demand and increase in supply. D. a simultaneous increase in demand and decrease in supply.
Which of the following is an example of an agency concerned with social regulation?
A) Federal Communications Commission B) Securities and Exchange Commission C) Consumer Product Safety Commission D) Federal Energy Regulatory Commission