The study of an economy's price level is explicitly a part of
A) macroeconomics.
B) microeconomics.
C) positive economics.
D) normative economics.
A
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In a competitive market economy, a resource in short supply will be allocated
a. so that each firm gets enough to keep producing some portion of its output. b. according to how much each firm purchased before the shortage. c. to those firms that can make the most profitable use of it. d. by government fiat.
A tax on polluting firms
a. would shift the LRAC curve upward. b. would shift the LRAC curve downward. c. would have the same impact on the firm as a subsidy. d. tends to have the perverse effect of increasing pollution.
A consumer increases their consumption from 2 to 4 units of a product.. As it does its total utility rises from 10 to 16 utils. The consumers marginal utility is:
a) 6 utils. b) 2 utils. c) 3 utils. d) 4 utils.
What function is money serving when you deposit money in a savings account?
A unit of account A store of value A checkable deposit A medium of exchange