Economists concerned about the behavior of individual households, firms, and industries are studying:
A) microeconomics.
B) macroeconomics.
C) neither macroeconomics nor microeconomics
D) the "forest" of economic behavior, rather than the "trees."
Ans: A) microeconomics
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An assumption of the neoclassical theory of growth is that
A) people receive only subsistence real GDP per person. B) all technological advances are the result of chance. C) the marginal product of all types of capital increases as more capital is accumulated. D) knowledge has diminishing returns.
Which of the following is true of the antitrust laws in the United States? They are
A) designed to make the business environment more equitable. B) designed to promote a competitive economy. C) deliberately written in a way to make clear to all what is and what is not allowed. D) deliberately written in a language to promote cooperation among businesses.