Studying the determination of prices in individual markets is primarily a concern of
A) positive economics.
B) negative economics.
C) macroeconomics.
D) microeconomics.
D
Economics
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The best measure of a country's standard of living is
A) total nominal GDP. B) GDP per unit of capital. C) GDP per capita. D) GDP per labor hour.
Economics
Assume the demand curve for product X shifts to the right. This might be caused by:
A. a decline in income if X is an inferior good. B. a decline in the price of Z if X and Z are substitute goods. C. a change in consumer tastes that is unfavorable to X. D. an increase in the price of Y if X and Y are complementary goods.
Economics