Multiple Choice
Microeconomics
A) addresses scarcity from a global perspective
B) examines how individuals,households,and firms make economic decisions
C) is purely theoretical and has little value in explaining real-world phenomena
D) focuses on what is happening in the economy as a whole
E) answers the fundamental economic questions of how,when,where,and why
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Opportunity costs exist because<br>A) there is a
Q3: The opportunity cost of any activity can
Q4: In one hour,George can fix 4 flat
Q5: The unemployment rate for the economy as
Q6: The core problem faced by all economic
Q7: The opportunity cost of a particular activity
Q8: An economic model can be described as<br>A)
Q9: High-income people will sometimes pay higher prices
Q10: Macroeconomic models focus on the behavior of<br>A)
Q11: Assume that Kelly's various possible activities are