The problem of scarcity means that people face trade-offs. Which of the following trade-offs are the concern of microeconomics?
A. Trade-offs faced by firms in what goods to produce
B. Trade-offs faced by consumers in the purchase of goods
C. Trade-offs faced by workers between work and leisure
D. all of the above
D. all of the above
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When producing 8 units of output, average fixed cost is $12.50 and average variable cost is $81.25. Total cost at this output level is
A. $93.75. B. $97.78. C. $750. D. $880.
Demand is elastic if
A) consumers respond strongly to changes in the product's price. B) a large percentage change in price brings about a small percentage change in quantity demanded. C) a small percentage change in price brings about a small percentage change in quantity demanded. D) the quantity demanded is not responsive to price changes. E) the demand curve is vertical.
If credit card balances rise in the economy, then M1 will ________ and M2 will ________
A) decrease; increase B) not change; increase C) increase; decrease D) not change; not change E) increase; increase
Most of the major currencies have had a floating exchange rate system since
A) 1973. B) 1944. C) 1956. D) 1971.