Microeconomics is the study of
A) aggregate measures of the economy.
B) foreign policy economic issues.
C) federal budget details.
D) individual decision making.
D
You might also like to view...
In the Edgeworth box diagram, if the initial allocation of consumer goods is off the contract curve, then we can be sure that
A. the MRS of each consumer is the same. B. both parties can be made better off. C. trade will occur if allowed and transactions costs are high. D. the initial allocation is unfair.
Use the following general linear demand relation:Qd = 100 - 5P + 0.004M - 5PRwhere P is the price of good X, M is income, and PR is the price of a related good, R. If income increases to $100,000 and the price of the related good is now $20, what is the demand function?
A. Qd = 100 - 10P B. Qd = 400 - 5P C. Qd = 400 - 10P D. Qd = 300 - 5P E. none of the above
A U.S. tariff on oil would reduce imports and raise the price of U.S. oil products.
Answer the following statement true (T) or false (F)
If a Pigovian tax is too large, the resulting:
A. quantity will be too high. B. outcome will not maximize surplus. C. outcome will still be efficient. D. All of these statements are true.