Distinguish macroeconomics and microeconomics.
What will be an ideal response?
Macroeconomics studies the entire national economy. Microeconomics focuses on a particular segment within the entire economic system.
Economics
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If the price per bushel of apples increased from $7.00 to $8.00 because of a poor harvest, the
A) demand for apples decreases. B) quantity of apples demanded decreases. C) quantity of apples supplied decreases. D) Both answers A and B are correct.
Economics
A problem with the neoclassical growth theory is its
A) prediction that population growth lowers the real wage rate. B) inability to explain persistent differences between countries' GDP growth rates. C) prediction that population growth raises the real wage rate. D) comparison of the economy to a perpetual motion machine.
Economics