Distinguish macroeconomics and microeconomics.
What will be an ideal response?
Macroeconomics studies the entire national economy. Microeconomics focuses on a particular segment within the entire economic system.
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Dissaving occurs when
A. income is greater than saving. B. saving is greater than the interest rate. C. saving is greater than consumption. D. income is less than consumption.
Explain what kind of income tax structure wealthy people would most likely prefer. Do poor people share their preferences? Explain
To represent a worker, a union must
a. simply receive the worker's permission b. receive a unanimous approval in an election c. receive a majority of the workers' votes in an election d. receive at least two-thirds of the workers' votes in an election e. receive the permission of the employer
In order to minimize losses in the short run, a perfectly competitive firm should shut down if
A. total revenue is less than total cost. B. total revenue is less than the difference between total fixed cost and total variable cost. C. total revenue is less than total variable cost. D. total revenue is less than total fixed cost.