8) A firm will shut down in the short run if
A. . P
B. . P > AVC
C. . P
D. . P > MC
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14) Economics is primarily the study of
A. a. how to make money in the stock market.
B. b. how to operate a business successfully.
C. c. how society manages its scarce resources.
D. d. the methods that government might use to transform a scarce good into an economic good.
15) Scarcity arises because of
A. a. limited resources.
B. b. poverty.
C. c. too little money in an economy.
D. d. government inefficiencies.
16) Which of the following is an example of a normative economic statement?
A. a. If the economy is experiencing full employment, a large tax cut will create inflation.
B. b. An increase in the government’s budget deficit will cause an increase in interest rates.
C. c. A decrease in the minimum wage will decrease unemployment among teens.
D. d. The federal government should increase spending on education.
17) Microeconomics is the study of
A. a. how households and firms make decisions and how they interact in the market.
B. b. economy-wide phenomena.
C. c. inflation, unemployment, and economic growth.
D. d. the impact of government actions on the economy.
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