Microeconomics focuses on:
A. total output and the general level of prices.
B. issues such as unemployment and inflation.
C. the workings of the whole economy or large sectors of it.
D. the individual units that make up the whole of the economy.
Answer: D
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Which of the following is true?
a. Advertising on a national scale became a widely accepted practice, but only after the Civil War. b. The first attempts at advertising on more than the local level were directed at consumers rather than retailers. c. By 1920, advertising was a billion-dollar industry. d. Only a and b are correct. e. Only a and c are correct.
The ratio at which one country trades a domestic product for imported product is that country's
A. comparative advantage. B. cost ratio. C. terms of trade. D. absolute advantage.
A single-price monopolist is inefficient because
A) MR = MC. B) P > ATC. C) it creates a deadweight loss. D) it increases producer surplus.
Refer to Table 9-18. Looking at the table above, what is the rate of growth of real average hourly earnings from 2015 to 2016?
A) 7.8% B) 6.25% C) 4% D) -4%