Individual decision making by consumers and producers is the focus of
A. macroeconomics.
B. aggregate measures.
C. microeconomics.
D. any economic model.
Answer: C
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A rent ceiling is
A) fair, because it helps all renters. B) fair, because it insures that low-income families can rent apartments. C) fair, because it helps all landlords. D) unfair. E) fair, because it helps more renters than it harms.
A surplus will occur in a market if:
A. the quantity demanded at a given price is -less than the quantity supplied at that price. B. the quantity supplied at a given price exceeds the quantity demanded at that price. C. there are not enough sellers at the prevailing price. D. there are too many buyers at the prevailing price.
Which of the following profit functions exhibits a Cobb-Douglas production function?
A. ? = P × min(2L, 5K) ? 20L ? 35K B. ? = P × (3K + 4L) ? 20L ? 35K C. ? = P × K0.75L0.50 ? 20L ? 35K D. ? = P × (3K0.5 + 4L0.5) 1/0.2 ? 20L ? 35K
which is not an asset of the federal reserve?
A) gold B) government bonds C) loans to banks D) Federal Reserve notes