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Differences between macroeconomics and microeconomics correct answers Microeconomics -deals with the micro unit of economy such as individual consumer, producer or specific industry Macroeconomics -deals with the macro picture of the whole economy The fundamental problem of economics is. c...

A situation where people have unlimited wants but face limited resources is known as: A. Economic efficiency B. Factors of production C. Macroeconomics D. Scarcity correct answers D. Scarcity The branch of economics that focuses on the study of output, inflation, and unemployment is known as:...

Market failure occurs when correct answers the unrestrained market economy leads to too few or too many resources going to a specific economic activity. Market failure occurs because correct answers the market system does not make individuals responsible for the social costs/benefits of their act...

Microeconomics correct answers the branch of economics that studies the choices of individuals, including households, business firms, and government agencies. Macroeconomics correct answers the branch of economics that studies large-scale economic phenomena, particularly inflation, unemployment, ...

Efficiency from The First Fundamental Theorem of Welfare Economics requires correct answers that the economy is competitive. The marginal rate of substitution is correct answers the slope of the indifference curve. Market failure can occur when correct answers monopoly power exists in the mark...

Voluntary exchange benefits all parties if (a) it results in a lower price than the buyer's opportunity cost of producing the good themselves. (b) at least one party is indifferent between trading and not trading. (c) anyone who did not expect to gain would refuse to make the exchange. (d) gai...

The word that comes from the Greek word for "one who manages a household" is correct answers economy. The word "margin" means correct answers edge. Which of the following products would be considered scarce? correct answers All of the above are correct. The primary determinant of a coun...

Money Market correct answers Where financial instruments with high liquidity and short maturities are traded. Capital Market correct answers - Capital generates economic output - Market in which stocks and bonds are sold. - Consists of primary (new stocks sold directly from company to investor)...

Metropolitan area (MSA) correct answers group counties into socioeconomically linked surroundings; contain city w/ 50k+ inhabitants or urban area with 100k+ population Commuting Zone ("CZ") correct answers group of counties based on commuting flows (i.e. economically integrated); covers entire ...

Which of the following defines economics? Economics is the social science that studies ___________. correct answers The choices made to cope with scarcity, how incentives influence those choices, and how the choices are coordinated Microeconomics is the study of correct answers How individual hou...

Efficiency in production refers to the situation where all but one of the following apply: A. Production can not be increased B. production of one good means forgoing some other good C. all given resources are fully employed D. production must be reduced correct answers D. production must be ...

Which of the following statement is false with respect to monopolistically competitive firms and monopolies? a. both face a downward sloping marginal revenue curve b. both will reduce quantity produced in order to raise prices and extract greater profits c. both will experience sustained pr...

The total product of labor is... A. The change in total output when an additional worker is hired. B. The total output produced by a given number of workers. C. The labor required to make a single good. D. The labor required to make one more good. correct answers B. The total output produced b...

Which of the following are examples of command economies? correct answers Cuba and North Korea In a command economy, which of the following entities makes most economic decisions itself or at least strongly influences how the decisions are made? correct answers Government Which of the followin...