What is the difference between income from a microeconomic standpoint versus income from a macroeconomic standpoint?
A)In microeconomics, income refers to one individual's income, whereas in macroeconomics, income refers to the total income in the entire economy.
B)In microeconomics, income refers to your individual income before taxes, whereas in macroeconomics, income refers to your individual income after taxes have been deducted.
C)In microeconomics, income refers to your monthly income, whereas in macroeconomics, income refers to your annual income.
D)In microeconomics, income refers to the income you earn, whereas in macroeconomics, income refers to income less savings.

Question

Quizplus · Accepted Answer

Income in microeconomics refers to the income of one individual, while income in macroeconomics refers to the total income of the entire economy.

What Is the Difference Between Income from a Microeconomic Standpoint