What is the difference between microeconomics and macroeconomics? Give an example of an issue each studies
What will be an ideal response?
Essentially microeconomics studies individual units within the economy, such as the choices made by individual consumers or individual firms. Macroeconomics studies the overall or aggregate economy. Microeconomics examines the factors that affect employment at an individual firm. Macroeconomics examines the factors that affect economy-wide unemployment.
Economics
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Unemployment compensation is an example of:
A) non-discretionary expenditures. B) discretionary expenditures. C) taxes. D) none of the above.
Economics
Rent seeking in the form of lobbying for an increase in import tariffs by domestic producers
A) increases consumer surplus. B) increases total welfare. C) increases the deadweight loss. D) None of the above.
Economics