Microeconomics differs from macroeconomics in that microeconomics focuses on:
A. the performance of the entire economy.
B. issues such as inflation, unemployment and economic growth.
C. government policies designed improve the performance of the national economy.
D. the choices made by individuals the implications of those choices.
Answer: D
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A tariff ranging from 28 percent to 113 percent on Chinese frozen shrimp is an example of
A. a policy protecting American consumers from foreign producers. B. a policy protecting American fisheries from overfishing. C. a policy protecting domestic producers from foreign producers. D. a policy using regulations and taxes to protect American consumers.
In a perfectly competitive market, a permanent decrease in demand initially brings a lower price, economic
A) loss, and entry into the market. B) loss, and exit from the market. C) profit, and entry into the market. D) profit, and exit from the market.
The number of working days in a given year is constant for companies closed on weekends and federal holidays. That number is
a. 365 b. 250 c. 260 d. 253 e. 257
A political failure of a trade embargo is most likely to occur if
A. the target country is a dictatorship and the dictatorship is jeopardized by retreating from the policy that provoked the embargo. B. the embargo imposes more damage on the target country than on the country imposing the embargo. C. the target country is a colony of the imposing country and the embargo adversely affects the imposing country. D. the imposing country is a relatively smaller country than the target country in terms of trade volume.