6. Microeconomics and macroeconomics are: A. Not related because they are taught

Question

6. Microeconomics and macroeconomics are: A. Not related because they are taught as separate courses. B. Virtually identical, though one is much more difficult than the other. C. Interrelated because what happens in the economy as a whole is based on individual decisions. D. Interrelated because both are taught by the same teacher. 7. A basic difference between microeconomics and macroeconomics is that A. Microeconomics focuses on the choices of individual consumers, whereas macroeconomics considers the behavior of large businesses. croeconomics focuses on financial reporting by individuals, whereas macroeconomics focuses on financial reporting by large firms C. Microeconomics examines the choices made by individual participants in an economy, whereas macroeconomics considers the economy's overall performance. D. Microeconomics focuses on national markets, whereas macroeconomics concentrates on international markets. 8. A resource is said to have a comparative advantage if A. It is better suited to the production of one good than to the production of an alternative good. B. It is equally suited to the production of all goods C. It's suitability to the production of one good changes as it produces more of that good D, It's suitability to the production of one good does not change as it produces more of that good 9. Mexico has a comparative advantage in producing corm A. If its opportunity cost of producing corn is higher than the opportunity cost in other countrie B. If its opportunity cost of producing corn is the same as the opportunity cost in other countri C. If its opportunity cost of producing corn is lower than the opportunity cost in other countric D. Regardless of the opportunity cost in other countries. 10. Which of the following is a characteristic of a market economy? A. Private property B. Government ownership of the means of production C. Distribution according to need D. Tradition determines the what, how, and for whom decisions

Explanation / Answer

6. Microeconomics and Macroeconomics are related to each other as micro talks about individuals' choices and macro considers overall economies behaviour which ultimately is a result of individuals' choices.

OPTION C

7. OPTION C

8. OPTION A

9. A country has a comparative advantage in producing a good if its opportunity cost of producing that particular good is less than that of other countries.

OPTION C

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