Question

The essential difference between macroeconomics and microeconomics is that a. Macroeconomics focuses on economic aggregates, the total economy, the big picture, while microeconomics focuses on how the individual and the individual firm react to various forces and conditions in the marketplace b. Microeconomics focuses on economic aggregates, the total economy, the big picture, while macroeconomics focuses on how the individual and the individual firm react to various forces and conditions in the marketplace c. Microeconomics centers mainly around environmental issues, including microbiology, while macroeconomics is mainly concerned with computer- based macro commands for econometric studies d. Macroeconomics centers around studies of profitable enterprises while microeconomics centers around studies of third world nations and their development 2. Which of the following would cause the demand for coffee to increase? a. An increase in the price of tea, a substitute for coffee b. A decrease in the price of tea, a substitute for coffee c. An increase in the price of cream, a complement to coffee d. A decrease in the price of coffee 3. A nation's production possibility frontier will usually be bowed outward from the origin because a. Resources are not equally efficient in producing every good b. The originator of the idea drew it this way and modern economists follow this convention c. Resources are scarce d. Wants are virtually unlimited 4. Which of the following is likely to shift the demand for chocolates to the left? a. An increase in the price of cocoa used to make chocolates b. Medical reports suggesting increased risk of memory loss among the aged due to high chocolate consumption c. A decrease in the price of chocolates d. The introduction of minimum wages by the government in an attempt to improve the average wage level in the economy and alleviate poverty 5. An increase in the demand for a commodity accompanied by a decrease in its supply will result in a(n): a. Decrease in price and an increase in quantity b. Increase in both price and quantity c. Increase in quantity while the price can increase or decrease d. Increase in price while the quantity can increase or decrease

          The essential difference between macroeconomics and microeconomics is that
a. Macroeconomics focuses on economic aggregates, the total economy, the big
picture, while microeconomics focuses on how the individual and the
individual firm react to various forces and conditions in the marketplace
b. Microeconomics focuses on economic aggregates, the total economy, the big
picture, while macroeconomics focuses on how the individual and the
individual firm react to various forces and conditions in the marketplace
c. Microeconomics centers mainly around environmental issues, including
microbiology, while macroeconomics is mainly concerned with computer-
based macro commands for econometric studies
d. Macroeconomics centers around studies of profitable enterprises while
microeconomics centers around studies of third world nations and their
development
2. Which of the following would cause the demand for coffee to increase?
a. An increase in the price of tea, a substitute for coffee
b. A decrease in the price of tea, a substitute for coffee
c. An increase in the price of cream, a complement to coffee
d. A decrease in the price of coffee
3. A nation's production possibility frontier will usually be bowed outward from the
origin because
a. Resources are not equally efficient in producing every good
b. The originator of the idea drew it this way and modern economists follow this
convention
c. Resources are scarce
d. Wants are virtually unlimited
4. Which of the following is likely to shift the demand for chocolates to the left?
a. An increase in the price of cocoa used to make chocolates
b. Medical reports suggesting increased risk of memory loss among the aged due
to high chocolate consumption
c. A decrease in the price of chocolates
d. The introduction of minimum wages by the government in an attempt to
improve the average wage level in the economy and alleviate poverty
5. An increase in the demand for a commodity accompanied by a decrease in its supply
will result in a(n):
a. Decrease in price and an increase in quantity
b. Increase in both price and quantity
c. Increase in quantity while the price can increase or decrease
d. Increase in price while the quantity can increase or decrease

The essential difference between macroeconomics and microeconomics is that
a. Macroeconomics focuses on economic aggregates, the total economy, the big
picture, while microeconomics focuses on how the individual and the
individual firm react to various forces and conditions in the marketplace
b. Microeconomics focuses on economic aggregates, the total economy, the big
picture, while macroeconomics focuses on how the individual and the
individual firm react to various forces and conditions in the marketplace
c. Microeconomics centers mainly around environmental issues, including
microbiology, while macroeconomics is mainly concerned with computer-
based macro commands for econometric studies
d. Macroeconomics centers around studies of profitable enterprises while
microeconomics centers around studies of third world nations and their
development
2. Which of the following would cause the demand for coffee to increase?
a. An increase in the price of tea, a substitute for coffee
b. A decrease in the price of tea, a substitute for coffee
c. An increase in the price of cream, a complement to coffee
d. A decrease in the price of coffee
3. A nation's production possibility frontier will usually be bowed outward from the
origin because
a. Resources are not equally efficient in producing every good
b. The originator of the idea drew it this way and modern economists follow this
convention
c. Resources are scarce
d. Wants are virtually unlimited
4. Which of the following is likely to shift the demand for chocolates to the left?
a. An increase in the price of cocoa used to make chocolates
b. Medical reports suggesting increased risk of memory loss among the aged due
to high chocolate consumption
c. A decrease in the price of chocolates
d. The introduction of minimum wages by the government in an attempt to
improve the average wage level in the economy and alleviate poverty
5. An increase in the demand for a commodity accompanied by a decrease in its supply
will result in a(n):
a. Decrease in price and an increase in quantity
b. Increase in both price and quantity
c. Increase in quantity while the price can increase or decrease
d. Increase in price while the quantity can increase or decrease

Added by Steven S.

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