As the opportunity cost of a good decreases, people buy Select one: a. more of that good and also more of its complements. b. less of that good but more of its complements. c. more of that good but less of its complements. d. less of that good and also less of its complements. - In broad terms what is the difference between microeconomics and macroeconomics? Select one: a. They use different sets of tools and ideas. b. Macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not. c. Microeconomics studies the effects of government taxes on the national unemployment rate. d. Microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy. - What will happen when there is a fall in price? Select one: a. Leads to a higher level of production b. Will cause an outward shift of supply c. Leads to a movement along a demand curve d. Will cause an inward shift of demand
As the opportunity cost of a good decreases, people buy Select one: a. more of that good and also more of its complements. b. less of that good but more of its complements. c. more of that good but less of its complements. d. less of that good and also less of its complements. - In broad terms what is the difference between microeconomics and macroeconomics? Select one: a. They use different sets of tools and ideas. b. Macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not. c. Microeconomics studies the effects of government taxes on the national unemployment rate. d. Microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy. - What will happen when there is a fall in price? Select one: a. Leads to a higher level of production b. Will cause an outward shift of supply c. Leads to a movement along a demand curve d. Will cause an inward shift of demand
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
- As the
Select one:
a. more of that good and also more of its complements.
b. less of that good but more of its complements.
c. more of that good but less of its complements.
d. less of that good and also less of its complements.
- In broad terms what is the difference between microeconomics and macroeconomics ?
Select one:
a. They use different sets of tools and ideas.
b. Macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not.
c. Microeconomics studies the effects of government taxes on the national unemployment rate.
d. Microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy.
- What will happen when there is a fall in price?
Select one:
a. Leads to a higher level of production
b. Will cause an outward shift of supply
c. Leads to a movement along a demand curve
d. Will cause an inward shift of demand
- The slope of the budget line is measured by
Select one:
a. All the options.
b. MRSxy
c. Ratio of MUx/MUy
d. Ratio of the prices of the 2 goods
- If the price in a market is fixed by the government below equilibrium, what happens?
Select one:
a. There is excess demand
b. There is excess supply
c. There is excess equilibrium
d. There is equilibrium
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