Microeconomics Chapter 2

America's business success is largely due to an economic and social climate that allows businesses to operate freely.

• True
• FALSE

Global economics and politics have no significant influence on businesses in the United States.

• True
• FALSE

The IMF has recently proposed a one-time global wealth tax to help bring the debt of nations closer to pre-recession levels.

• True
• FALSE

The study of how society chooses to employ resources to produce goods and services and to distribute them for consumption among various competing groups and individuals is known as sociology.

• True
• FALSE

Economists study how people use resources to produce and distribute goods and services for consumption among competing groups and individuals.

• True
• FALSE

Macroeconomics is the economic perspective that looks at the operation of a nation's economy as a whole.

• True
• FALSE

Microeconomics focuses on the decisions and behavior of people and organizations in particular markets.

• True
• FALSE

Resource development is concerned with finding the best way to utilize the fixed amount of resources a society has available.

• True
• FALSE

Resource development is the study of how to increase resources and to create the conditions that will make better use of those resources.

• True
• FALSE

Peace and prosperity will flourish if we can find the one best way to divide existing resources among nations.

• True
• FALSE