Microeconomics is the study of
A) how households and firms make choices.
B) the economy as a whole.
C) the global economy.
D) topics such as unemployment, inflation, and economic growth.
Answer: A
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A firm that is vertically integrated
A) participates in more than one successive stage of production. B) has higher profits than firms that are not vertically integrated. C) produces all of its own inputs. D) relies on other firms to market its products.
Which of the following is not an example of a transfer payment?
a. Social Security benefits. b. unemployment compensation. c. welfare payments. d. payments for imports.
Which of the following is not true about gross domestic product (GDP)? a. It includes only final goods and services
b. It reflects production in a particular year. c. Intermediate goods and services are excluded to prevent double counting. d. It excludes purchases of financial assets. e. It includes transfer payments.
In the long run a company that produces and sells candy bars incurs total costs of $1,200 when output is 2,400 candy bars and $1,400 when output is 2,900 candy bars. The candy bar company exhibits
a. diseconomies of scale because total cost is rising as output rises. b. diseconomies of scale because average total cost is rising as output rises. c. economies of scale because total cost is rising as output rises. d. economies of scale because average total cost is falling as output rises.