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11) Which one of the following topics does microeconomics study? A)

Question : 11) Which one of the following topics does microeconomics study? A) : 1417840

 

 

 

11) Which one of the following topics does microeconomics study?

A) reasons for a fall in the price of orange juice

B) the effect of a rise in the Canadian dollar on Canada's exports

C) effect of interest rates on national economic growth

D) effect of the government budget deficit on employment

E) determination of total production in a country

 

12) Complete the following sentence. Microeconomics is

A) not concerned with factors of production.

B) concerned with normative issues only.

C) concerned with the size of the total amount of income earned by all households in an economy.

D) the branch of economics that studies the choices of individuals and businesses.

E) concerned exclusively with the role of the government in the economy.

 

13) Which of the following would be considered a microeconomic topic?

A) the severity of a recession

B) the cause of unemployment in the economy

C) the effect of the government budget deficit on inflation

D) the determination of aggregate income

E) the study of how wages are set for mine workers

 

14) The branch of economics that studies the national economy and the global economy is

A) macroeconomics.

B) microeconomics.

C) Keynesian economics.

D) positive economics.

E) normative economics.

15) The fact that human wants cannot be fully satisfied with available resources is called the problem of

A) opportunity cost.

B) scarcity.

C) normative economics.

D) marginal cost.

E) the big tradeoff.

 

16) The problem of scarcity exists

A) only in economies that lack incentives.

B) only in economies that have incentives.

C) in all economies.

D) only when people are unemployed.

E) now but will be eliminated with economic growth.

 

17) The inescapable economic fact is that

A) there are unlimited wants and limited resources.

B) there are unlimited resources, and we just have to figure out how to allocate them.

C) capitalists are always exploiting the workers.

D) unions are always exploiting firms.

E) capitalists and unions cannot work together.

 

18) An incentive ________.

A) could be a reward but could not be a penalty

B) could be a penalty but could not be a reward

C) could be either a reward or a penalty

D) is the opposite of a tradeoff

E) occurs in the macroeconomy but not in the microeconomy

 

19) Scarcity confronts ________.

A) neither the poor nor the rich

B) the rich but not the poor

C) the poor but not the rich

D) the rich and the poor

E) families with incomes less than $25,000 a year

 

 

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