61) Which of the following NOT studied in microeconomics? A) the

Question : 61) Which of the following NOT studied in microeconomics? A) the : 1912920

61) Which of the following is NOT studied in microeconomics?

A) the effect of an increase in gasoline taxes on the purchase of gasoline

B) the impact of an increase in the unemployment rate on economic production

C) the impact of firms' collective hiring choices on the aggregate unemployment rate

D) the impact of higher fuel prices on the cost of airline tickets

62) All of the following are examples of macroeconomic problems EXCEPT

A) inflationary pressures caused by an increase in the cost of petroleum.

B) unemployment caused by a fall off in the level of residential construction.

C) a decline in the rate of overall economic growth.

D) consumers deciding to buy more fish and less beef because of concerns about a healthier diet.

63) Macroeconomics is concerned primarily with

A) positive economics.

B) production and prices in particular markets.

C) aggregate economic variables.

D) normative issues.

64) Microeconomics studies

A) decisions made by individual consumers and firms.

B) the changes in economic theory brought about by real-world events.

C) how small changes in the unemployment rate can have far-reaching effects.

D) how small changes in the money supply can have far-reaching effects.

65) Which of the following terms identifies something that macroeconomists would study but that microeconomists would NOT?

A) incentives

B) resources

C) rationality

D) aggregates

66) Which of the following is a characteristic or focus of economics?

A) allocation of limited resources in an effort to satisfy potentially unlimited wants

B) positive economic analysis

C) empirical analysis

D) all of the above

67) Which of the following would likely be considered as falling into the domain of microeconomics?

A) the U.S. unemployment rate

B) the Gross Domestic Product

C) the price of apples

D) the effects of fiscal policy on the U.S. economy

68) Macroeconomics might study which of the following?

A) the causes of domestic unemployment

B) decision making undertaken by firms

C) decision making undertaken by households

D) determinants of the prices of rare goods (e.g., diamonds)

69) Which of the following is NOT a characteristic or focus of microeconomics?

A) normative analysis.

B) analysis of aggregate economic variables.

C) empirical analysis.

D) empirical analysis

70) Which of the following is a microeconomic concern?

A) the rate of economic growth in the United States

B) the current unemployment rate in the United States

C) consumer behavior

D) national output of the United States

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