Posted: March 11th, 2022

Econ Help 101, microeconomics and macroeconomics differ, economics homework help

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 The study of microeconomics and macroeconomics differ in thata. microeconomics is concerned with the domestic economy, while macroeconomics is concerned only with the international economyb. microeconomics examines the individual units of the economy, while macroeconomics studies the whole economyc. microeconomics studies the actions of households, while macroeconomics studies the actions of business firmsd. microeconomics studies the economy in terms of private individuals and firms, while macroeconomics includes the effect of governmentWhich of the following correctly matches the income payment with the resource?a. rent-land; wages-labor; interest-capital; profits-entrepreneurshipb. profits-land; wages-labor; rent-capital; interest-entrepreneurshipc. taxes-land; interest-labor; rent-capital; profits-entrepreneurshipd. interest-land; taxes-labor; interest-capital; rent-entrepreneurshipA shortage of a good meansa.an excess supply of the goodb.an excess demand of the goodc.quantity demanded is less than the quantity suppliedd.the quantity supplied exceeds the quantity demanded"John buys more of good X as his income increases, ceteris paribus," meansa. there is no cause-and-effect relationship between John's income and the quantity of good X he purchases if ceteris paribus appliesb. John's demand for good X depends exclusively on incomec. John's income and purchases of this good are being held constantd. the change in John's income is the only factor being considered in explaining the change in his purchase of good XA normal good is a good for which demand increases as thea. income of demanders increasesb. Price of the good increasesc. Price of close substitutes decreasesd. total number of consumers decreasesFarmers can produce wheat and/or rice. What will happen in the wheat market if there is an increase in demand for rice?a.Wheat supply will increase.b.Wheat supply will decrease.c.Wheat demand will increase.d.Wheat demand will decrease.Farmers can produce wheat and/or rice. What will happen in the wheat market if there is an increase in the price of fertilizers?a.Wheat supply will increase.b.Wheat prices will rise.c.Wheat demand will increase.d.Wheat demand will decrease.What will happen in the oil market if suppliers become more optimistic?a.Oil supply will increase.b.Oil prices will rise.c.Oil supply will decrease.d.Oil demand will decrease.What will happen in the gasoline market if oil prices rise?a.Gas supply will increase.b.Gas prices will fall.c.Gas demand will decrease.d.Gas prices will rise.What will happen in the syrup market if honey prices rise?a.Prices will fall.b.Demand will increase.c.Supply will decrease.d.Indeterminable.What will happen in the tomato market if a freeze destroys a significant share of market supply?a.Prices will fall.b.Demand will increase.c.Supply will decrease.d.Indeterminable.What will happen in the cell phone market as technology improvements bring costs down?a.Prices will rise.b.Demand will increase.c.Supply will decrease.d.Quantity-demanded will increase.Which of the following could cause the supply of carrots to decrease?a.Consumers' incomes decrease.b.There is a technological advance in carrot production.c.Fertilizer costs increase.d.The number of farmers growing carrots increases.Which of the following could cause the demand of cds to decrease?a.Consumers' incomes decrease.b.Supply of cds increasesc.Factor costs increase.d.The number of cd suppliers decreases.If supply of apples decreases and demand for apples increases, then the equilibriuma.price will decrease and quantity will increaseb.price will increase and quantity will decreasec.price will increase and quantity could increase, decrease, or remain the samed.price could increase, decrease, or remain the same and quantity will increaseIf supply of computers increases and demand for computers increases, then the equilibriuma.price will decrease and quantity will increaseb.price will increase and quantity will decreasec.price will increase and quantity could increase, decrease, or remain the samed.price could increase, decrease, or remain the same and quantity will increaseIf supply of cars decreases and demand for cars decreases, then the equilibriuma.price will decrease and quantity will increaseb.price will increase and quantity will decreasec.price will increase and quantity could increase, decrease, or remain the samed.price could increase, decrease, or remain the same and quantity will decreaseIf supply of lumber increases and demand for lumber decreases, then the equilibriuma.price will decrease and quantity will increaseb.price will increase and quantity will decreasec.price will decrease and quantity could increase, decrease, or remain the samed.price could increase, decrease, or remain the same and quantity will increase

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