Microeconomics is defined as that part of economic analysis that
A) studies the behavior of the economy as a whole.
B) includes the problems of inflation and unemployment.
C) studies individual decision making by households and firms.
D) concerns aggregate production and consumption.
Answer: C
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Which of the following are expected consequences of common ownership of property and resources?
(a) The threat of corrupt use (b) The danger of over use (c) Free riding (d) All of the above
Someone is considered to exhibit risk-seeking behavior if he:
A. has a high willingness to take on situations with risk. B. has a low willingness to take on situations with risk. C. will only participate in high-risk situations. D. will always choose the riskier venture when given two choices.
If firms are producing at a profit-maximizing level of output where the price is equal to the average total cost:
A. economic profits must be zero. B. average total cost must be minimized. C. accounting profits must be positive. D. All of these are true.
Average hours worked per week have ____ since the early 1900s.
A. declined by almost 7 percent B. risen by almost 15 percent C. risen by almost 7 percent D. declined by almost 35 percent