Question

Please answer All

Microeconomics is defined as a study of choice that focuses on

A.      the decisions of households, firms, and governments aggregated across an economy.

B.      the decisions of governments with respect to fiscal and monetary policies.

C.      the decisions of individual households and individual firms and individual governments.

D.     the decisions of investors in the stock market.

E.      the decisions of the World Trade Organization.

Macroeconomics is defined as a study of choice that focuses on

A.    the decisions of households, firms, and governments aggregated across an economy.

B.     the decisions of governments with respect to fiscal and monetary policies.

C.     the decisions of individual households and individual firms and individual governments.

D.    the decisions of investors in the stock market.

E.     the decisions of the World Trade Organization.

As defined by economists, capital includes all of the following except

A.    offices and warehouses.

B.     labor.

C.     tools.

D.    machinery.

E.     transportation systems.

To demonstrate efficient production choice on the PPF Model

A.    one would choose any point of production inside the production possibilities curve.

B.     one would choose any point of production outside the production possibilities curve.

C.     one would choose any point of production on the production possibilities curve.

D.    one would choose any point of production on the production possibilities frontier model.

E.       one would choose any point of production where the distribution of the 2 products is completely equitable for society.

Scarcity is caused by

A.    prices in the market.

B.     supply exceeding demand.

C.     a shortage of product on the shelf.

D.      too many demanders and not enough supply.

E.     the reproductive cycle constraints of resources.

Answer 1

Microeconomics is defined as a study of choice that focuses on
C.      the decisions of individual households and individual firms and individual governments.
Microeonomics studies decision making of units in the economy.

Macroeconomics is defined as a study of choice that focuses on

A.    the decisions of households, firms, and governments aggregated across an economy.
Macroeconomics studies the economy as a whole.


As defined by economists, capital includes all of the following except
B.     labor

To demonstrate efficient production choice on the PPF Model
C. one would choose any point of production on the production possibilities curve.
PPF shows all the efficient and attainable points.