1
Think about the following news items. Which items involve a microeconomic issue and which involve a macroeconomic issue?
A. 7 ways streaming music will change in 2017
B. Is Hulu Plus a better value for your money than Netflix?
C. Would California's proposed tobacco tax hike reduce smoking?
D. U.S. inflation expectations at highest level since 2015
Statement A involves a _ issue. Statement B involves a _ issue.
A.micro; macro
B.macro; micro
C.macro; macro
D.micro; micro
2
Which of the following illustrates scarcity?
A.Mary loves watching movies.
B.Megan wants to buy a CD that costs $25 but has only $10 to spend.
C.Ron will travel to New York City for Thanksgiving.
D.I got a new dress from my mother.
3
Economics is the _ the choices that individuals, businesses, governments, and entire societies make as they _, and the influences on those choices, and the arrangements that coordinate them.
A.set of personal opinions about; cope with scarcity
B.social science that studies; cope with scarcity
C.set of personal opinions about; settle disagreements
D.social science that studies; settle disagreements