All of the following are aspects of microeconomics EXCEPT
A) monopolies.
B) a firm maximizing profit.
C) a worker choosing one job over another.
D) the average level of prices of all goods and services produced in a country in a year.
Answer: D
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In order for someone to switch from borrowing to saving when the interest rate falls, it must be that current consumption is an inferior good.
Answer the following statement true (T) or false (F)
In response to an increase in total factor productivity
A) both the substitution effect and the income effect suggest that hours worked should increase. B) the substitution effect suggests that hours worked should increase, while the income effect suggests that hours worked should decrease. C) the substitution effect suggests that hours worked should decrease, while the income effect suggests that hours worked should increase. D) both the substitution effect and the income effect suggest that hours worked should decrease.
At which point is society producing some of each type of structure but still producing inefficiently? (See Figure 1.1.)
A. A. B. B. C. C. D. D.
The goal of a cartel is to
A) increase competition among members. B) maximize industry profits. C) increase industry supply. D) none of the above.