Microeconomics is defined as that part of economic analysis that
A. studies the behavior of the economy as a whole.
B. studies individual decision making by households and firms.
C. concerns aggregate production and consumption.
D. includes the problems of inflation and unemployment.
Answer: B
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The Federal Reserve System was created by the
A) Supreme Court. B) President. C) U.S. Treasury. D) Congress.
Which of the following creates job rationing?
A) The real wage rate is below the equilibrium level. B) The real wage rate is equal to the equilibrium level. C) An increase in unemployment benefits. D) The real wage rate is above the equilibrium level. E) Job search decreases.
If the money wage rate rises relative to the price level, firms ________ the quantity of labor they demand and workers ________ the quantity of labor they supply
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
If a national government improves its unemployment benefits, its unemployment rate will most likely:
What will be an ideal response?