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Questions and Answers
What is one goal of microeconomics?
What is one goal of microeconomics?
- Analyze national policies for growth and unemployment
- Focus on the sum total of economic activity
- Analyze the market mechanisms for establishing relative prices (correct)
- Deal with issues of inflation and unemployment
What is the focus of microeconomics?
What is the focus of microeconomics?
- National policies relating to growth, inflation, and unemployment
- Market mechanisms for establishing relative prices
- National economy as a whole
- Individual markets, sectors, or industries (correct)
What does microeconomics show conditions for?
What does microeconomics show conditions for?
- Free markets leading to desirable allocations (correct)
- Dealing with issues of inflation and unemployment
- Market mechanisms for establishing relative prices
- National policies relating to growth and inflation
What does macroeconomics deal with?
What does macroeconomics deal with?
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What is the focus of macroeconomics?
What is the focus of macroeconomics?
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What does an indifference curve connect on a graph?
What does an indifference curve connect on a graph?
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What does an indifference curve represent for the consumer?
What does an indifference curve represent for the consumer?
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What does each point on an indifference curve represent?
What does each point on an indifference curve represent?
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What is the main use of indifference curves?
What is the main use of indifference curves?
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What is utility used to represent?
What is utility used to represent?
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