Which of the following is a microeconomic issue?
The quantity of wheat grown in the United States increases this year.
The inflation rate fell this year.
Growth in the U.S. economy slowed.
Increased federal government expenditures have lowered the unemployment rate.
The U.S. government cuts taxes to combat a recession.
In the above figure, the diagram shows
an upward trend inx.
a cross-section graph betweenx and time.
a two-variable scatter diagram.
a downward trend inx.
a scatter diagram.
Factors of production are the
goods that are bought by businesses to produce productive resources.
goods and services produced by the economy.
productive resources used by government to increase the productivity of consumption.
goods that are bought by individuals and used to provide personal enjoyment.
productive resources used to produce goods and services.
The above figure shows the production possibility frontier for a country. What is the opportunity cost to move from pointD to pointE?
6 tons of rice
6 thousand bottles of wine
Nothing, it is a free lunch
9 thousand bottles of wine
15 thousand bottles of wine
When one person's opportunity cost of producing a good is lower than another person's opportunity cost of producing the same good, it is called
a comparative advantage.
a trade off.
an absolute advantage.
specialization.
production possibilities.
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