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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The American manufacturers of Pet milk unknowingly introduced their product in French-speaking markets without realizing that the word pet in French means "to break wind." Likewise, the English-speaking representative of a U.S. soft-drink manufacturer naively drew laughs from Mexican customers when she offered free samples of Fresca soda pop, because in Mexican slang the word fresca means "lesbian." These are examples of ________.
A firm sells a product in a perfectly competitive market. The marginal cost of the product at the current output level of 200 units is $4. The minimum possible average variable cost is $3.50. The market price of the product is $3. To maximize profits or minimize losses, the firm should
A. shut down. B. continue producing 200 units. C. increase production to more than 200 units. D. decrease production to less than 200 units.
Last year residents of country A purchased $400 billion of foreign assets and $200 of foreign goods. Foreigners purchased $300 billion dollars of country A's assets. What was the value of country A's exports?
In a sequential game, given Mattie's best response function, what would Irene's best response be?
a. Not enter the market
b. Enter the market
c. Fight
d. Run away