Reference no: EM133017056
True or False
-The price of a new product does not influence the quantity demanded.
-The higher the wage, the greater the quantity of labor services demanded by the employers.
-There is no price for the use of credit.
-The demand for loanable funds depends upon the ability and willingness of consumers, business firm and government to borrow funds.
-Non-price rationing devices distribute available goods and services on a basis other than willingness to pay.
-There is nowhere for sellers to sell goods to buyers for more than the legal price.
-Governments do not enforce minimum wage laws to penalize employers who pay less than the stipulated wage.
-Non Scarce or free goods are always available even at zero price.
-Wages have nothing to do with the amount of labor demanded and supplied over a given period.
-Employers substitute other inputs like machines for labor services as wages go up, while they substitute labor services for other inputs when wages are low.
Essay
*What is your understanding to Microeconomics and give an example?
*What attract workers who are seeking the reward of high salary?
*In your own opinion why do we study microeconomics?
*Difference between Microeconomics and Macroeconomics