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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18) According to the circular flow model
A. a. in the market for goods and services, households are buyers and firms are sellers.
B. b. the market for goods and services, households are sellers and firms are buyers.
C. c. in the market for factors of production, households are buyers and firms are sellers.
D. d. firms are the owners of the factors of production.
19) A production possibilities frontier shows
A. a. the prices at which alternative goods will be produced.
B. b. the input combinations that allow a country to produce a given amount of output.
C. c. the tax revenue a government receives at various tax rates.
D. d. the various combinations of two goods a country can produce with its factors of production and the available production technology.
20）A country should specialize in the production of those goods
A. a. that have the highest price.
B. b. that use the most labor.
C. c. for which a country has an absolute advantage.
D. d. for which a country has a comparative advantage.
b. Now assume that an increase in income and population mean that demand curve has shifted. Assume that the shift is such that, at each price, the quantity demanded has increased by 300 millions. At the new equilibrium, price has ______ (3)______ (increased/decreased) to ______ (4)______ cents, and quantity has ______ (5)______ (increased/decreased) to ______ (6)______ . ______
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