The distinction between microeconomics and macroeconomics is
A) clearly drawn, and there is no overlap between them.
B) determined by economists in a clear and concise manner.
C) narrowly drawn, and microeconomic analysis often relies on macroeconomic tools.
D) often blurred because aggregates are made up of individuals and firms.
D
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Which of the following would shift the supply curve for MP3 players to the left?
A) an increase in the price of an input used to produce MP3 players B) a decrease in consumer tastes for MP3 players C) an increase in the productivity of the workers who produce MP3 players D) an increase in the number of firms that produce MP3 players
An increase in the wage rate causes
A) a rightward shift of the firm's labor demand curve. B) a decrease in the quantity of labor demanded. C) an increase in labor's marginal productivity. D) a leftward shift of the firm's labor demand curve.
An unexpected exogenous event which has a significant impact on an important sector of the economy or on the economy as a whole is called a(n)
A) macroeconomic shock. B) countercyclical fluctuation. C) downward economic spiral. D) autonomous destabilizer.
Which of the following statements explains why trading partners are often concerned about each other's labor standards?
I. From a humanitarian perspective, people do not want to buy products if workers are in oppressive conditions. II. Unions realize that low standards for labor will be less costly, and those products will compete more effectively with products produced at home. III, Some nations do not enforce their own lax labor standards, but have also signed on to trade agreements. a. I b. II c. II and III d. I, II, and III