Macroeconomics deals with ________ while microeconomics deals with ________
A) choices important to people; choices not important to people
B) economywide choices; choices of individuals
C) choices that involve money; choices that does not involve money
D) choices of rich people; choices of poor people
Answer: B
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Which of the following definitely results in a product's equilibrium price rising?
A) an increase in both demand and supply B) a decrease in both demand and supply C) an increase in demand combined with a decrease in supply D) a decrease in demand combined with an increase in supply E) an increase in the supply combined with no change in the demand
In the expectations-augmented Phillips curve, ? = ?e - 3(u - 0.05). When ? = 0.06 and ?e = 0.03, the unemployment rate is
A) 0.04. B) 0.05. C) 0.06. D) 0.07.
One reason regulators push for higher prices in an industry is to
A. prevent excess profits in the industry. B. protect the public from excessively low prices. C. encourage usage of the good or service. D. protect against the demise of existing firms.
Economic models are used by economists to
A. Develop economic policies. B. Explain economic behavior. C. Predict economic behavior. D. All of the choices are correct.