Macroeconomics Differs from Microeconomics in That

question 149

Multiple Choice

Macroeconomics differs from microeconomics in that

• A) the concept of scarcity applies to the latter but does not apply to the former.
• B) the latter studies individual markets while the former studies groups of markets,including the whole economy.
• C) rational decisions are relevant to the former but not the latter.
• D) the former is the study of how people make choices under conditions of scarcity while the latter is concerned with the results of those choices for society.
• E) the former explains such concepts as how prices are determined in markets while the latter explains the overall price level.

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Definitions:

Superego

In psychoanalytic theory, the part of the personality that acts as a moral center, enforcing ethical conduct and societal norms.

Superego

One of the three components of the human psyche in Freudian psychoanalytic theory, representing the moral conscience and the social standards of right and wrong.

Id

A component of Sigmund Freud's psychoanalytic theory, representing the instinctual drives and the source of psychic energy.

Ego

In psychoanalytic theory, it represents the part of the personality that mediates between the demands of the id, superego, and reality.