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?
a. Should I go to college or get a job after I graduate?
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An increase in the price of a resource would cause: a. producers to substitute other inputs for the resource
b. consumers to substitute other products for goods that increase in price as the result of the higher resource price. c. an increase in the demand for products that use the resource intensely. d. both (a) and (b) to occur.
Countries that grow the fastest are those that adopt inward-oriented policies toward trade and foreign direct investment.
Answer the following statement true (T) or false (F)