The basic difference between macroeconomics and microeconomics is that:
a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets).
b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries.
c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets).
d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.
c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets).
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Refer to the accompanying figure. If this restaurant goes from producing 20 to 25 pizzas per hour, then which of the following statements is true?
A. It has to give up exactly 25 salads. B. It has to give up exactly 12.5 salads. C. It has to give up more than 12.5 salads. D. It has to give up fewer than 12.5 salads.
Pure monopolies are said to be allocatively inefficient because ________.
A. price is greater than marginal cost B. they produce where MR > MC C. price is less than marginal cost D. price is equal to marginal cost
"If A occurs then B will follow" is a
A) positive statement. B) normative statement. C) non-testable statement. D) statement lacking in logic.
A more elastic demand for a good would generally result from
a. an increase in the supply of that good b. an increase in the number of substitutes for that good c. a decrease in the number of substitutes for that good d. smaller consumer incomes e. a reduction in the number of consumers