All of the following are aspects of microeconomics EXCEPT
A. a worker choosing one job over another.
B. monopolies.
C. a firm maximizing profit.
D. the average level of prices of all goods and services produced in a country in a year.
Answer: D
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Answer the next question(s) based on the following supply and demand schedules in units per week for a product.PriceQuantity DemandedQuantity Supplied$601004005014034040180280302202202026016010300100If the government introduced a guaranteed price floor of $40 and agreed to purchase surplus output, then the government's total support payments to producers would be
A. $3,000 per week. B. $4,000 per week. C. $2,500 per week. D. $3,500 per week.
For almost 70 years international trade policies have been governed
A) by the World Trade Organization. B) by the International Monetary Fund. C) by the World. D) by an international treaty known as the General Agreement on Tariffs and Trade (GATT). E) by the North American Free Trade Agreement (NAFTA).
Which of the following is one of the main features of our modern economy that helps ensure against a repeat performance of the Great Depression?
a. transfer payments b. outsourcing c. multiplier d. personal income tax
In general, when the price of a variable factor of production increases:
A. the profit-maximizing price falls. B. total cost falls. C. the profit-maximizing level of output falls. D. the profit maximizing level of output rises.