17) Microeconomics is the study of
A. . how households and firms make decisions and how they interact in the market.
B. . economy-wide phenomena.
C. . inflation, unemployment, and economic growth.
D. . the impact of government actions on the economy.
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16) Which of the following is an example of a normative economic statement?
A. . If the economy is experiencing full employment, a large tax cut will create inflation.
B. . An increase in the government’s budget deficit will cause an increase in interest rates.
C. . A decrease in the minimum wage will decrease unemployment among teens.
D. . The federal government should increase spending on education.
15) Scarcity arises because of
A. . limited resources.
B. . poverty.
C. . too little money in an economy.
D. . government inefficiencies.
14) Economics is primarily the study of
A. . how to make money in the stock market.
B. . how to operate a business successfully.
C. . how society manages its scarce resources.
D. . the methods that government might use to transform a scarce good into an economic good.
13) To say that people make decisions at the margin means that they
A. . wait until the last minute before making a decision.
B. . weigh the additional costs and additional benefits of small changes.
C. . make decisions that determine whether or not they will live their lives on the edge of subsistence.
D. . make decisions on issues that are relatively unimportant for their economic well-being.
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