Microeconomics deals with:
A) the working of the entire economy or large sectors of it.
B) employment, growth, and inflation.
C) individual units in the economy.
D) normative economics for the most part.
Ans: C) individual units in the economy.
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To determine whether a market is perfectly competitive, economists examine the
a. number of firms in the market. b. similarities among the products of the different firms in the market. c. ease of entry and exit by firms in the market. d. All of the above are correct.
Suppose an airline ticket from Portland to Orlando costs $760 . A bus ticket costs $360 . Traveling by plane will take 6 hours, compared with 26 hours by bus. Other things constant, the minimum value of one's time that would induce a rational individual to fly rather than drive would be
a. $18 per hour. b. $20 per hour. c. $38 per hour. d. $44 per hour.
The reduction of structural unemployment in the United States' economy may require
a. an increase in the minimum wage. b. a reduction in government spending. c. an decrease in interest rates. d. increased spending on worker retraining.
The total supply of land is:
A. upsloping. B. perfectly elastic. C. perfectly inelastic. D. greater in the short run than in the long run.