Explain the difference between macroeconomics and microeconomics. Give examples of each.
What will be an ideal response?
Macroeconomics focuses on aggregate economic behavior. Full employment, price stability, and economic growth are macroeconomic issues. Microeconomics is concerned with the smaller components that actually contribute to the macroeconomy, such as individuals, particular business firms and industries, and government agencies.
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What does the assumption of perfect knowledge include?
What will be an ideal response?
If a monopolist can engage in perfect price discrimination:
a. consumer surplus is maximized. b. it produces at the socially efficient level. c. producer surplus is minimized. d. the government may impose fines on the monopolist.
As a result of specialization and trade, individuals no longer have to make choices about how to spend their incomes.
Answer the following statement true (T) or false (F)
The Federal Trade Commission is an agency that would enforce
A) social regulation. B) economic regulation. C) antitrust laws. D) fair pricing for consumers.