Which of the following statements best captures the relationship between microeconomics and macroeconomics?
a. For the most part, microeconomists are unconcerned with macroeconomics, and macroeconomists are unconcerned with microeconomics.
b. Microeconomists study markets for small products, whereas macroeconomists study markets for large products.
c. Microeconomics and macroeconomics are distinct from one another, yet they are closely related.
d. Microeconomics is oriented toward policy studies, whereas macroeconomics is oriented toward theoretical studies.
c
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The evidence from banking crises in other countries indicates that
A) deposit insurance is to blame in each country. B) a government safety net for depositors need not increase moral hazard. C) regulatory forbearance never leads to problems. D) deregulation combined with poor regulatory supervision raises moral hazard incentives.
If the demand is perfectly elastic, what would happen to the quantity demanded if there is a tiny increase in price?
a. quantity demanded will increase proportionately b. quantity demanded will fall to zero c. quantity demanded will register a disproportionately high increase d. quantity demanded will decrease proportionately
With each additional unit consumed, ______ decreases.
a. marginal utility b. consumer equilibrium c. product substitution d. total utility
A progressive income tax would cause the after-tax Lorenz curve, compared with the before-tax Lorenz curve, to be:
A. More bowed toward the southeast B. Less bowed toward the southeast C. A vertical line D. A horizontal line