In broad terms the difference between microeconomics and macroeconomics is that
A) they use different sets of tools and ideas.
B) microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy.
C) macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not.
D) microeconomics studies the effects of government taxes on the national unemployment rate.
B
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If revenue in the short run is less than variable costs, what should the firm do?
What will be an ideal response?
The type of labor agreement that requires workers to be union members prior to being considered for employment is a
A) right-to-work agreement. B) closed-shop agreement. C) union shop agreement. D) open-shop agreement.
If you can consume a good at the same time that others consume the same good, the good is nonrival in consumption.
Answer the following statement true (T) or false (F)
In 2014, foreign purchases of U.S. assets as a percentage of GDP was approximately
A. 5%. B. -4%. C. 14%. D. 0%.