Microeconomics is most likely to be concerned with the:
A) economy as a whole.
B) activity of large segments of the economy.
C) economic behavior of specific parts or units of the economy.
D) economy-wide trends in unemployment, prices, and production.
Ans: C) economic behavior of specific parts or units of the economy.
Economics
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The figure above shows the market for airline tickets. If airline tickets are a normal good, then the recession in 2008 that caused people's incomes to decrease lead to a shift from
A) D0 to D1. B) D1 to D0. C) S0 to S1. D) S1 to S0.
Economics
When people use recent information to gradually adjust their forecasts of inflation, they are said to have:
a. static expectations. b. adaptive expectations. c. rational expectations. d. spiraling expectations.
Economics