Which question is an illustration of a microeconomic question?
A. Is the volume of wine produced in one year dependent upon the price of wine?
B. Does government spending influence interest rates in the economy?
C. Is the purchasing power of the dollar higher or lower today than it was in 2008?
D. Which economic system is better for consumers and firms?
Answer: A
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An externality is:
a. always a benefit to the recipient. b. always a detriment to the recipient. c. an activity that occurs in a business which is unknown to management. d. unintended benefits or costs imposed on third parties as a result of economic activity. e. an act, caused by a firm located in this country, which has an effect on a person in a foreign country.
If Dell, a computer company, is determining whether to build a new plant in Texas or in New Mexico, it is making a(n) ________ decision
A) immediate-run B) long-run C) short-run D) variable-input