Microeconomics approaches the study of economics from the viewpoint of:
a. individual or specific markets. b. the national economy.
c. government units. d. economywide markets.
a
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A rightward shift in the demand curve for a product will ordinarily result from
A. a decrease in the advertising budget. B. a decrease in the price of a competing product. C. an increase in consumer income. D. an increase in the price of a complementary good.
The marginal physical product of an input is the
A. addition to output from using one more unit of an input. B. extra amount of an input needed to produce one additional unit of output. C. change in average physical product, given a change in the quantity of an input. D. slope of the production indifference curve for an output made using the input.
A shift in demand toward the foreign country's goods would ________ the domestic real interest rate and ________ net desired saving (desired saving less desired investment) in the economy
A) lower; increase B) lower; decrease C) raise; increase D) raise; decrease
A lower nominal money supply is equally demanded, given each interest rate, at a ________ level of income, meaning that the LM curve has shifted to the ________
A) higher, left B) higher, right C) lower, left D) lower, right