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I have a set of short answers on Microeconomics I need ansewered in less than 2 hrs. Contact me if interested. Document Preview: 1. Microeconomics focuses on (Points : 2)   PRIVATE " "...

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I have a set of short answers on Microeconomics I need ansewered in less than 2 hrs. Contact me if interested.

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1. Microeconomics focuses on (Points : 2)        PRIVATE "" MACROBUTTON HTMLDirect   the religious decisions that a business manager makes         PRIVATE "" MACROBUTTON HTMLDirect   the monetary policy made by the Federal Reserve Bank         PRIVATE "" MACROBUTTON HTMLDirect   the purchasing decisions that an individual consumer makes         PRIVATE "" MACROBUTTON HTMLDirect   the fiscal decisions made by the government.  2. If resources are "scarce," it means that they: (Points : 2)        PRIVATE "" MACROBUTTON HTMLDirect   cannot provide enough goods or services to satisfy all human material wants and needs.         PRIVATE "" MACROBUTTON HTMLDirect   have no opportunity cost.         PRIVATE "" MACROBUTTON HTMLDirect   are probably not valued by consumers.         PRIVATE "" MACROBUTTON HTMLDirect   have an unlimited supply  3. The importance of an economic model is that it allows us to (Points : 2)        PRIVATE "" MACROBUTTON HTMLDirect   build a complex and accurate model of the economy.         PRIVATE "

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Answered Same Day Dec 24, 2021

Solution

Robert answered on Dec 24 2021
119 Votes
1. Microeconomics focuses on (Points : 2)
the religious decisions that a business manager makes
the monetary policy made by the Federal Reserve Bank
the purchasing decisions that an individual consumer makes
the fiscal decisions made by the government.
2. If resources are "scarce," it means that they: (Points : 2)
cannot provide enough goods or services to satisfy all human material wants
and needs.
have no opportunity cost.
are probably not valued by consumers.
have an unlimited supply
3. The importance of an economic model is that it allows us to (Points : 2)
build a complex and accurate model of the economy.
build an accurate mathematical model of the economy.
focus on the effects of only one change at a time.
avoid opportunity costs.
4. A college student is faced with a difficult decision of how to spend one hour
tonight. She could babysit her professor's child at an hourly wage of $7, she could
work at the college li
ary at a wage of $6, or she could finish her economics
homework assignment. If she chooses to complete her homework assignment, she
has incu
ed an opportunity cost equal to (Points : 2)
$7
$6
$13
$0
5. Which of the following is a normative economic statement? (Points : 2)
Government has grown too large and should be reduced.
There has been an increase in the rate of inflation.
Government is subject to the same rules as all other institutions.
The money supply grew by 3% last year.
6. An example of a positive statement is: (Points : 2)
the rate of unemployment should be 4%.
a high rate of economic growth is good for the country.
the federal government spends half of its budget on national defense.
everyone in the country should be covered by national health insurance.
7. The typical supply curve illustrates that: (Points : 2)
other things equal, the quantity supplied for a good is inversely related to the
price of a good
other things equal, the supply of the good creates its own demand for the
good
other things equal, the quantity supplied for a good is positively related to
the price of a good
price...
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