An understanding of the best ways to produce goods and services is called

Which of the following questions is studied in microeconomics?

a. Should I go to college or get a job after I graduate? b. What government policies should be adopted to promote employment in the economy? c. How many people are employed in the economy this year? d. Has the overall level of prices in the economy increased or decreased this year? e. What determines the overall salary levels paid to workers in a given year?

Possible sources of an upward bias in the CPI include the

a. quantity adjustment bias. b. substitution bias. c. new products bias. d. Both b and c e. All of the above