The branch of economics that studies the economy as a whole is:
a. normative economics.
b. positive economics

A monopsonist can pick the ____, while a monopolist can pick the ____.

A. price it will charge; wage it will pay B. wage it will pay; price it will charge C. number of competitors; number of buyers D. marginal product of labor; marginal cost of labor

Formation of trade blocs can be considered beneficial because it

A. diverts world trade from low-cost producers to high-cost producers by encouraging too much trade within blocs. B. causes international friction when certain countries are let in the bloc and others are left out. C. encourages purchases from higher-cost producers. D. encourages increased total trade by each member country.