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Choices must made by individuals, firms, and the economy as a whole, because of a
Choices must made by individuals, firms, and the economy as a whole, because of
a. rationality;
b.scarcity;
c.diminishing returns;
d.competitive market;
e.none of the above.
The microeconomic perspective
a. involves analysis of the behavior of the economy as a whole;
b. studies the rate of productivity growth in each sector;
c. is a top-down view of the economy;
d. is a bottom-up view of the economy.
e. b. and d.
Expert Solution
1) The answer is: b.scarcity. The scarcity of resources requires society to make certain choices about who gets those resources and how those resources are allocated.
2) The microeconomic perspective: d. is a bottom-up view of the economy. Microeconomics studies the product and then makes theories about the macro economy based on consumer relationships at the product level.
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