Microeconomics differs from macroeconomics in that microeconomics focuses on:
A. the performance of the entire economy.
B. issues such as inflation, unemployment and economic growth.
C. government policies designed improve the performance of the national economy.
D. the choices made by individuals the implications of those choices.
Answer: D
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The fishing and whaling occupations in the early colonies:
a. never amounted to a significant economic force. b. were a major influence in the early colonial economy. c. started only in the eighteenth century. d. were mixed in their economic impact, with fishing being the least important and whaling being most important.
The marginal propensity to save (MPS) is computed as the change in:
a. savings divided by the change in saving. b. savings divided by the change in disposable personal income. c. saving divided by the change in GDP. d. None of these.