The Field of Economics Is Traditionally Divided into Two Broad
The field of economics is traditionally divided into two broad subfields,
A)national economics and international economics.
B)consumer economics and producer economics.
C)private sector economics and public sector economics.
D)microeconomics and macroeconomics.
Microeconomics is the study of
A)how money affects the economy.
B)how individual households and firms make decisions.
C)how government affects the economy.
D)how the economy as a whole works.
Macroeconomics is the study of
A)individual decision makers.
D)markets for large products.
A microeconomist - as opposed to a macroeconomist - might study
A)the effect of borrowing by the federal government on the inflation rate.
B)the effect of rising oil prices on employment in the airline industry.
C)changes in the nation's unemployment rate over short periods of time.
D)alternative policies to promote higher living standards throughout the nation.