In part, microeconomics is concerned with the study of
A) unemployment and economic growth.
B) the Federal Reserve's policies.
C) the effect government regulation has on the price of a product.
D) national output of goods and services.
C
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Government is a social institution
A) in which people do not engage in competition. B) in which the public interest, rather than private interests, guide individual behavior. C) whose behavior is determined by individuals' perceptions of marginal costs and marginal benefits. D) whose detailed actions are governed by the will of the majority.
Which of the following accurately describes an effect of hurricane Katrina on GDP?
A) GDP would increase reflecting the decrease in production that occurred during the storm and the productive capacity lost in the storm. B) GDP would increase well-being. C) GDP would increase reflecting the costs of cleanup. D) GDP would decrease reflecting the costs of cleanup.
Which of the following is an argument against MNCs?
(a) A reduction in inequality. (b) An increase in the use of labor intensive technology. (c) A deterioration of the balance of payments accounts. (d) An increase in government tax revenue. (e) None of the above.
Suppose that Mexico has external debt, and the value of the country's currency, the peso, falls. Which of the following is true?
A) The peso value of the loans will decrease as well. B) Mexico will find it easier to pay off its external debt. C) Mexico will declare bankruptcy. D) The cost of debt service will be higher.