1. Microeconomics

Select one:

a. cannot be applied too behaviors such as marriage.

b. studies aggregate behavior.

c. cannot be used to address questions of what ought to be.

d. studies individual decision making.

2. Positive economic analysis

Select one:

a. concerns what ought to happen.

b. involves value judgments.

c. is subjective.

d. addresses factual issues.

3. Questions that involve value judgments are

Select one:

a. Not relevant to microeconomics.

b. Normative questions.

c. Positive questions.

d. Objective

4. Rates of substitution are determined by:

Select one:

a. the prices of different goods.

b. the consumer's preferences.

c. the number of available consumption bundles.

d. the consumer's income.