The branch of economics which studies how households and firms make choices, interact in markets, and how government attempts to influence their choices is called
A) microeconomics. B) positive economics.
C) normative economics. D) macroeconomics.
A
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In the United States, as measured by real GDP per person, average income is about how many times as high as average income a century ago?
a. 2 b. 4 c. 6 d. 8
In a particular country in 2000 . the average worker needed to work 40 hours to produce 55 units of output. In that same country in 2008, the average worker needed to work 30 hours to produce 45 units of output. In that country, the productivity of the average worker
a. decreased by about 6 percent between 2000 and 2008. b. remained unchanged between 2000 and 2008. c. increased by about 9 percent between 2000 and 2008. d. increased by about 18 percent between 2000 and 2008.
Distinguish between macroeconomics and microeconomics
What will be an ideal response?
Adam Smith authored which famous early book on economics:
A) The Wealth of Nations B) Principle of Economics C) Essays on Wealth D) Money and Capital