Which of the following is amicro-economictopic?

Select one:

a.Inflation rates.

b.Unemployment.

c.Interest rate determination.

d.Tax policies.

e.Supply and demand analysis of a factor market.

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Which of the followingshould be included in a definition of economics?

Select one:

a.Money, income, and wealth.

b.The stock market.

c.Ways that individuals make money.

d.The scarcity of resources, the necessity of choice, and human wants and needs.

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All of the following statements, except one, concerning capitalism and socialism are correct.Which is the exception?

Select one:

a.Sweden is more of a socialist economy than is Hong Kong.

b.Government plays a larger role in a capitalist economy.

c.There is more economic planning in a socialist economy.

d.The Canadian economy is more socialist than is the US economy.

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What is thedefinition of opportunity cost?

Select one:

a.The amount of money spent on a good.

b.The value of the next best alternative that is given up as a result of making a particular choice.

c.The value of all the alternatives given up as a result of making a particular decision.

d.The cost incurred in producing a good.

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Macroeconomicsis a study ofhow themajorcomponents of an economy interact whereasMicroeconomicsfocuses on theoutcomes of decisions by people and firms.

Select one:

True

False

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All of the following statements, except one, are normative statements.Which is the exception?

Select one:

a.The taxes on gasoline should be lower.

b.Lowering the taxes on gasoline would decrease the price at the pump.

c.It is wrong for the government to tax gasoline.

d.The government is trying to mislead people about the tax on gasoline.