The basic difference between macroeconomics and microeconomics is that
What will be an ideal response?
macroeconomics is concerned with the forest (aggregate markets), while microeconomics is concerned with the individual trees (subcomponents).
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Critics argue that U.S. industrial policy: a. currently focuses only on developing the airlines industry
b. discourages spending on basic research in universities. c. should shift from a military to a civilian focus. d. gives foreign industries an advantage over domestic producers. e. provides too much protection to domestic industries.
The ________ in the present cost of smoking ________ the likelihood that a smoker will quit.
A. increase; increases B. increase; decreases C. increase; does not change D. decrease; increases
Suppose there is a report that the unemployment rate unexpectedly increased in the previous month. To what extent will the expected central bank response to this news affect how stock prices will respond to this report of a higher than expected unemployment rate? Explain
What will be an ideal response?
Assume that the relative prices of capital and labor have not changed. As a firm's expenditures for capital and labor decrease, its isocost line
A. shifts in parallel to the original isocost line. B. shifts out parallel to the original isocost line. C. rotates outward on the X-intercept. D. rotates outward on the Y-intercept.