Economics Questions and Answers

Which of the following is a microeconomic statement? A. The US economy grew by 2.5 percent last year. B. Ninety-three percent of the work force was employed last year. C. The price of personal comp…
True or false? The classical school of economics believes consumers and producers are rational.
What do financial economists mean when they discuss the conditional expectation of the future spot exchange rate?
Match each term with the correct definition. economics \\ opportunity cost \\ marginal analysis \\ utility a. The next-best thing that must be forgone in order to produce one more unit of a g…
What is Neoclassicism in economics?
Which of the following are facts about the U.S. economy? Choose all that apply. \\ A. Business profits account for nearly one-third of the price Americans pay for typical goods and services. B. M…
Classify the following as microeconomics or macroeconomics and provide a justification for your choice. (a) Research into why the growth rate of total production increased. (b) A theory of how cons…
Which of the following best illustrates the importance of addressing the three questions of economics? a. People’s desires and needs are always changing. b. Businesses need to use limited resources…
Prices and wages help coordinate economic activities. Why?
Banks do not take steps to increase security since they believe it is less costly to allow some bank robberies than to install expensive security monitoring equipment. Explain how this demonstrates…
Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks, and compact cars. What fundamental economics question are they addressing by m…

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