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1) The difference between microeconomics and macroeconomics is: a
1) The difference between microeconomics and macroeconomics is:
a. macroeconomics studies smaller parts of the economy such as markets and individuals, while microeconomics studies the economy as a whole.
b. microeconomics studies how individuals make decisions while macroeconomics studies how government makes decisions.
c. microeconomics studies smaller parts of the economy such as markets and individual, while macroeconomics studies the economy as a whole.
d. microeconomics studies smaller parts of the economy such as GDP and inflation, while macroeconomics studies the economy as a whole.
2. Identify whether the following topics belong in microeconomics or macroeconomics:
a. How does the price of corn change if the price of wheat increases?
b. Identify the best measurement of total output in the U.S. economy.
c. How will an increase in government spending impact the inflation rate?
d. The most efficient market structure is perfect competition.
Expert Solution
1) Answer: c.
Microeconomics is concerned with the decision making of individuals and firms, while the macroeconomics deals with bigger economy-wide phenomenon.
2) a- microeconomics- impact on prices of individual markets is microeconomics
b- macroeconomics- best way to measure the total production in the economy is macroeconomics
c- macroeconomics- the study on inflation is macroeconomics
d- microeconomics- study of market structures is microeconomics.
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