Microeconomics is concerned with issues such as
A. The level of inflation in the economy.
B. The demand for bottled water by individuals.
C. Maintaining a strong level of economic growth.
D. All of the choices are correct.
Answer: B
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Identify the correct statement
a. The removal of financial market regulations has lowered the probability of a financial crisis to zero. b. Investment in residential housing in the U.S. was less volatile during the era prior to the removal of Regulation Q. c. Investment in residential housing in the U.S. was more volatile after the removal of Regulation Q. d. The removal of financial market regulations lowered output volatility. e. The removal of financial market regulations increased variability in consumer spending.
Suppose there is currently a shortage in the guitar market. Pick the correct statement
A) Quantity demanded exceeds quantity supplied. B) Sellers could sell all they plan to sell at the current price. C) The price of guitars would tend to increase. D) All of the above are true. E) None of the above is true.
Figure 17-12
If the country illustrated in is initially trading without restrictions at a world price of $1.00, the loss of consumer surplus as a result of a tariff of $0.50 per unit is represented by area
a.
a
b.
b + d
c.
c + i + e + f
d.
c
e.
d
Price discrimination is
A. selling a given product at more than one price, with the price differences being unrelated to differences in cost. B. selling a given product to all customers at the same price and same costs. C. selling a given product at more than one price, with the price differences reflecting differences in marginal cost in providing the product to different groups of customers. D. refusing to sell a given product to some group of customers.