Macroeconomics differs from microeconomics in that
A) macroeconomics studies the decisions of individuals.
B) microeconomics looks at the economy as a whole.
C) macroeconomics studies the behavior of government while microeconomics looks at private corporations.
D) macroeconomics focuses on the national economy and the global economy.
D
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The above figure shows the marginal benefits and marginal costs of a college education. What is the amount of the external benefit in the figure?
A) $0 B) $5,000 C) $10,000 D) $15,000
On a straight-line production possibilities frontier, which of the following is true?
a. The problem of scarcity does not exist. b. Resources are imperfect substitutes. c. Opportunity costs are constant. d. Technology is rapidly expanding. e. Some resources are not being used efficiently.