The difference between microeconomics and macroeconomics is that
a. microeconomics involves mathematical relationships, and macroeconomics is predominantly a verbal analysis.
b. microeconomics deals with the principle of scarcity, and macroeconomics deals with the problem of poverty.
c. microeconomics deals with narrowly defined units, and macroeconomics focuses on highly aggregated markets.
d. microeconomics is normative, and macroeconomics is positive.
c. microeconomics deals with narrowly defined units, and macroeconomics focuses on highly aggregated markets.
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Maximum Feasible Hourly Production Rates (in Tons) of EitherWine or Beef Using All Available ResourcesProductArgentinaFranceWine (gallons)3060Beef (pounds)1030Use the above table. Assuming constant opportunity costs, a comparative advantage in producing beef is possessed by
A. Argentina. B. France. C. neither Argentina or France. D. both Argentina and France.
The free-trade agreement signed by Canada, Mexico, and the United States in 1992 is known as
A. NAFTA. B. GATT. C. DOHA. D. WTO.
Assume that Jamaica and Norway each has 4 days available for production. Originally, each country divided its time equally between the production of coolers and radios. Now, each country spends all its time producing the good in which it has a comparative advantage. As a result, the total output of coolers increased by
A. 12. B. 48. C. 24. D. 36.
Nonparticipants in the labor force include those who are classified as unemployed
Indicate whether the statement is true or false