Microeconomics is concerned with the study of
A. the effects of government spending.
B. aggregates.
C. the effects of inflation.
D. the effects on individual producers of higher wages paid to workers.
Answer: D
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The difference in economic growth in North Korea and South Korea can be primarily attributed to differences in ________
A) the proximate causes of prosperity B) geography C) culture D) institutions
In the above figure, using the slope across an arc, the slope of the curve between points a and c is
A) 3/5. B) 5/3. C) -3/5. D) -5/3.
Which of the following statements is true?
A) Producer surplus measures the total benefit received by producers from participating in a market. B) When a market is in equilibrium consumer surplus equals producer surplus. C) Consumer surplus measures the total benefit from participating in a market. D) Consumer surplus measures the net benefit from participating in a market.
Consider the market for ride-on lawn mowers and the recent increases in the price of oil. The recent increase in the price of oil makes it more expensive to manufacture ride-on lawn mowers. An increase in the price of oil also makes it more expensive to run a ride-on mower. If the price of oil increases, the demand for ride-on mowers will ________ and the supply will ________.
A. decrease; increase B. increase; decrease C. decrease; decrease D. increase; increase