Which of the following topics is related to microeconomics?
A. Explanations of why recessions occur.
B. Determining how much output a firm should produce.
C. The rate of unemployment.
D. The rate of economic growth.
B. Determining how much output a firm should produce.
You might also like to view...
Unlike developed countries, people in under-developed countries usually haggle over the prices of everyday items because:
a. the cost of production is low. b. the products are in general of poor quality. c. of the differences in the opportunity cost of time. d. adequate substitutes are available.
Briefly explain why the law of one price does not hold closely for most products that are traded internationally.
What will be an ideal response?
In a perfectly competitive market, a firm's short-run supply curve is
A. its marginal cost curve equal to or above the point of intersection with its average variable cost curve. B. its total cost curve between the shutdown point and the break-even point. C. its average variable cost curve below the point of intersection with its total cost curve. D. its total cost curve.
In assessing the efficiency of government policy, economic analysis would focus on:
A. The size of government: big versus small B. Marginal benefits versus costs of government policy and action C. Presence or absence of the "invisible hand" D. Revenues and profitability of the government agencies