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.

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