Distinguish macroeconomics and microeconomics
Macroeconomics studies the entire national economy. Microeconomics focuses on a particular segment within the entire economic system.
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Aggregate demand is the:
A. Total quantity of output demanded at alternative price levels. B. Total quantity of output demanded but only at full employment. C. Quantity of goods demanded by the largest corporations in the country. D. Quantity of new goods and services produced.
The American Revolution resulted in
(a) a loss of British military assistance, governmental expertise, judicial assistance and public funding for wars. (b) greatly expanded rights for wage workers and indentured servants. (c) significant change with respect to market behaviors, ownership of property and individual freedom. (d) a dramatic change in laws and the ownership of property.