Microeconomics can be used by governments to predict the impacts of a policy and suggest solutions to problems
What will be an ideal response?
True. Microeconomics models can be used to examine the effects of a policy, and can provide insight into possible solutions to economics problems.
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Use the following figure to answer the question below.
Jane's opportunity cost of producing 1 pound of corn is ________ pound(s) of green beans.
A. 4 B. 2 C. 1/2 D. 1
Assume the economy is operating at a real GDP above full-employment real GDP. Keynesian economists would prescribe which of the following policies?
a. Expansionary b. Nonintervention c. Passive monetary policy d. Contractionary
The firm's break-even point occurs at an output of
A. 40.
B. 45.
C. 50.
D. 55.
The property that rules out indifference curves that cross is:
A. independence. B. completeness. C. diminishing marginal rate of substitution. D. transitivity.