Which of the following is a microeconomic question?
A) When will the government better secure the borders?
B) Why hasn't the federal government raised the minimum wage?
C) How does Fiat decide on the price of the 500 Pop model?
D) What determines the level of U.S. imports and exports?
Answer: C
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Which component of federal spending is included in GDP?
A) transfer payments B) government purchases C) net exports D) capital supply
Which of the following best describes the effect on the aggregate supply curve if political negotiations result in a substantial decrease in the price of oil?
A) There is no change to the AS curve. B) The AS curve does not shift but there is a downward movement along it. C) The AS curve shifts leftward. D) The AS curve does not shift but there is an upward movement along it. E) The AS curve shifts rightward.