Question

A friend wants to learn how the unemployment rate is calculated and how inflation is measured....

A friend wants to learn how the unemployment rate is calculated and how inflation is measured. He asks you which economics course to take and you advise him to enroll in

either micro- or macroeconomics. They both concentrate equally on those issues.
microeconomics.
macroeconomics.
financial accounting because economics doesn't address those topics in its courses.

Which of the following is a microeconomic concern?

the rate of economic growth in the United States
consumer behavior
the current unemployment rate in the United States
national output of the United States

A decision is rational if

enough of the action is undertaken to drive the marginal benefit to zero.
the marginal cost of the action is less than marginal benefit.
the marginal cost of the action is greater than opportunity cost.
the marginal cost of the action is greater than marginal benefit.
the marginal benefit of the action is less than opportunity cost.

Rose has decided that with the two hours in between classes she can do one of 3 things. She has ranked her choices, from highest to lowest as, (1) chat with her friends, (2) study economics or (3) take a nap. The opportunity cost of chatting with her friends is

zero since she does not pay her friends to talk to her.
the combined value of studying economics and taking a nap.
the value of chatting with her friends.
the value of studying economics, the next best use of time.

The marginal cost of a good is defined as

what you must give up to get one more unit of something.
what you are willing to give up to get one more unit of something.
equaling the marginal benefit of the good.
the value of all the alternatives forgone.
the dollar cost of a good

The pleasure received from consuming one more unit of a good is called the

marginal benefit.
marginal increase.
opportunity cost.
marginal cost.
marginal consumption

The US minimum wage should be increased to $20 an hour as a method of reducing poverty" is an example of

a microeconomic argument.
a positive statement.
a factual statement.

a normative statement.

A graph

uses equations to describe the qualitative data of two variables.
uses equations to describe the quantitative data of one variable.
shows us a change in which variable causes a change in another variable.
shows us why two or more variables are related.
enables us visualize the relationship between two variables.

Homework Answers

Answer #1

1. Ans: Macroeconomics

Explanation:

Macroecomics deals with the economic phenomenons like inflation, unemployment, general price level, national income, etc.

2. Ans: consumer behavior

Explanation:

Microeconomics is the study of individual decision making.

3. Ans: the marginal cost of the action is less than marginal benefit.

4. Ans: the value of studying economics, the next best use of time.

Explanation:

Opportunity cost refers to the forgone value of next best alternative.

5. Ans: what you must give up to get one more unit of something.

6. Ans: marginal benefit.

7. Ans: a positive statement.

Explanation:

Positive statements are objective statements that can be tested, amended or rejected by referring to the available evidence.

8. Ans: enables us visualize the relationship between two variables.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Covid-19 has caused a panic buying in Australia   not more than 750 word Some economics principles...
Covid-19 has caused a panic buying in Australia   not more than 750 word Some economics principles to consider: Incentives matter: because they affect the benefits and costs of taking one action as opposed to another. The principle of comparative advantage: Everybody does best when each concentrates on the activity for which he or she is relatively more productive. Trade-offs: in economics we often look at the trade-offs involved in a decision. Opportunity cost: each decision we make involves an opportunity...
DISCUSSION- PRODUCTION THEORY First, the idea that firms (and individuals) should make decisions on how they...
DISCUSSION- PRODUCTION THEORY First, the idea that firms (and individuals) should make decisions on how they optimize "on the margin" (where MC=MR). Often people get confused and think about making decisions based on the average (such as average total cost). Average total cost includes FIXED costs, which are sunk and should not influence future decisions. Second, the idea of diminishing marginal returns. That's the idea that each additional unit provides less benefit than the previous unit consumed. Use these concepts...
1.A firm hires labor up to the point where the Question 19 options: 1) real wage...
1.A firm hires labor up to the point where the Question 19 options: 1) real wage rate equals the nominal wage rate. 2) additional hour of labor produces extra output that equals the real wage rate. 3) additional hour of labor produces extra output that equals the nominal wage rate. 4) firm can sell the extra output. 2.An increase in the quantity of investment demanded (demand for loanable funds) occurs when 1) the real interest rate falls. 2) the real...
Production Theory This chapter heavily concentrates on two key ideas. First, the idea that firms (and...
Production Theory This chapter heavily concentrates on two key ideas. First, the idea that firms (and individuals) should make decisions on how they optimize "on the margin" (where MC=MR).   Often people get confused and think about making decisions based on the average (such as average total cost).   Average total cost includes FIXED costs, which are sunk and shouldn't influence future decisions.   Second, the idea of diminishing marginal returns. That's the idea that each additional unit provides less...
11. A map of the United States is an example of: Multiple Choice a model that...
11. A map of the United States is an example of: Multiple Choice a model that simplifies the complexities of the country. a theory that simplifies the complexities of the country. an exact representation of the complex details of the country. a version of the circular flow diagram. 12. In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made. Multiple Choice A. government B. market C. firm D....
Juanita is deciding whether to buy a skirt that she wants, as well as where to...
Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $129 for the skirt: Store Travel Time Each Way Price of a Skirt (Minutes) (Dollars per skirt) Local Department...
Total utility can be objectively measured in numbers that indicate usefulness or benefit to the consumer....
Total utility can be objectively measured in numbers that indicate usefulness or benefit to the consumer. ____ 2. Consumers should purchase quantities of a good to the point where MU > P. ____ 3. Voluntary exchange requires that there must be mutual gain. ____ 4. Points along a budget line represent the maximum combinations of two commodities that a consumer can afford. ____ 5. The budget line represents a consumer's preferences for a commodity. ____ 6. A change in consumer...
SECTION A: READ THE PASSAGE AND ANSWER QUESTIONS 1-3 Emma, a monthly salaried worker, received 1,300...
SECTION A: READ THE PASSAGE AND ANSWER QUESTIONS 1-3 Emma, a monthly salaried worker, received 1,300 cedis as her net salary; she heard that this year’s inflation is at 18%. This situation caused prices to soar so high that she complained about everything she buys. In the previous year she was able to buy herself, dresses, a basket of foodstuffs, a small bag of oranges, a dozen of drinks and her transportation. However, this year, she couldn’t afford the full...
step by step solution for the below question please Flag this Question Question 11 pts What...
step by step solution for the below question please Flag this Question Question 11 pts What is the difference between positive economics and normative economics? Group of answer choices Positive economics deals with dynamic systems, while normative economics focuses on static systems. Normative economics deals with how the world actually works, whereas positive economics focuses on what people ought to do. Positive economics requires making value judgments, while normative economics relies solely on factual statements. Normative economics applies in cases...
As an executive at diversified mail order retailer Avian Group, Ruth Owades saw opportunity. Choosy gardeners...
As an executive at diversified mail order retailer Avian Group, Ruth Owades saw opportunity. Choosy gardeners did not have easy access to premium specialty gardening equipment. But these amateur horticulturalists could be profitable, easily reached, and extremely loyal if well served. She proposed the business to Avion, but they had no interest. Her next step was to ask them if she could take the idea and develop it on her own. Surprisingly, they agreed. Ruth had not worked outside the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT