Distinguish macroeconomics and microeconomics
Macroeconomics studies the entire national economy. Microeconomics focuses on a particular segment within the entire economic system.
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What is consumer surplus? How is it measured?
What will be an ideal response?
The productivity slowdown in the U.S. from 1973 to 1995
a. can be explained easily with economic theory. b. continued into the third millennium. c. still confuses economists. d. was a continuation of the slowdown from 1948 to 1973.
According to the Coase Theorem, individuals can always work out a mutually beneficial agreement to solve the problems of externalities even when high transaction costs are involved
a. True b. False Indicate whether the statement is true or false
Explanations for the high saving rate in China consistent with the life-cycle reason for saving include:
A. lifetime employment. B. low unemployment rates in Japan. C. the desire to leave resources to children who provide support and attention to parents in their old age. D. China's social safety net provides most people little in the way of retirement income.