Which of the following is a microeconomic topic?
A) the increase in the amount of imports from China to the United States
B) the rate at which the cost of living has increased in Canada
C) the marketing strategy of the Apple Computer company
D) the increase in the employment level of the United States in the past year
Answer: C
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For allocative efficiency to hold
A) average total cost is minimized in production. B) average variable cost is minimized in production. C) price must equal the marginal cost of the last unit produced. D) price must equal marginal revenue of the last unit sold.
The cross price elasticity between X and Y is 1.2. We can conclude that
A) goods X and Y are substitutes. B) goods X and Y are complements. C) goods X and Y are unrelated. D) perfect substitutes
The financing of U.S. export transactions, ceteris paribus
A) reduces U.S. interest rates. B) reduces the amount of foreign currency held by the Fed. C) reduces U.S. GDP. D) increases the amount of foreign currency held by U.S. banks.
The producer can raise the level of profit by hiring more units of a resource if:
a. the marginal revenue product of the resource is equal to the marginal factor cost. b. the marginal factor cost becomes negative. c. the marginal revenue product of the resource is greater than the marginal factor cost. d. the marginal revenue product falls to zero. e. the marginal revenue product of the resource is less than the marginal factor cost.