A friend wants to learn how the unemployment rate is calcula

A friend wants to learn how the unemployment rate is calculated and how inflation is measured. He asks you which economics course to take and you advise him to enroll in

Which of the following is a microeconomic concern?

A decision is rational if

Rose has decided that with the two hours in between classes she can do one of 3 things. She has ranked her choices, from highest to lowest as, (1) chat with her friends, (2) study economics or (3) take a nap. The opportunity cost of chatting with her friends is

The marginal cost of a good is defined as

The pleasure received from consuming one more unit of a good is called the

The US minimum wage should be increased to $20 an hour as a method of reducing poverty\" is an example of

a normative statement.

A graph

Solution

1. Ans: Macroeconomics

Explanation:

Macroecomics deals with the economic phenomenons like inflation, unemployment, general price level, national income, etc.

2. Ans: consumer behavior

Explanation:

Microeconomics is the study of individual decision making.

3. Ans: the marginal cost of the action is less than marginal benefit.

4. Ans: the value of studying economics, the next best use of time.

Explanation:

Opportunity cost refers to the forgone value of next best alternative.

5. Ans: what you must give up to get one more unit of something.

6. Ans: marginal benefit.

7. Ans: a positive statement.

Explanation:

Positive statements are objective statements that can be tested, amended or rejected by referring to the available evidence.

8. Ans: enables us visualize the relationship between two variables.