Answer the following statement(s) true (T) or false (F)
1. Microeconomics is the study of the behavior of the overall economies of small countries.
2. Macroeconomics is the study of how certain occurrences affect the economy as a whole.
3. The supply of services is not part of the study of economies because it does not involve the exchange of goods.
4. Economics is the study of how goods and services are exchanged between individuals, businesses, and governments.
5. Traditional economies are the most common economies found in the world today.
1. False
2. True
3. False
4. True
5. False
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Torrie is thinking of starting up a small business selling hand-painted wine glasses. She is considering setting up her business as a sole proprietorship. What is one advantage to Torrie of setting up her business as a sole proprietorship?
A) As a sole proprietor, Torrie would have the ability to share risk with shareholders. B) As a sole proprietor, Torrie would face limited liability. C) As a sole proprietor, Torrie would have both ownership and control over the business. D) All of the above would be advantages of setting up her business as a sole proprietorship.
What is meant by the term "incentives," and why are they important?
What will be an ideal response?