Microeconomics Is the Study of

question 203

Multiple Choice

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.

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Definitions:

Abuse Of Discretion

Abuse of discretion refers to a failure to take into proper consideration, the laws and facts relating to a particular matter; an arbitrary or unreasonable departure from precedent and settled judicial custom.

Administrative Agencies

Administrative agencies are government bodies responsible for the oversight and administration of specific functions, such as regulating industries and implementing laws.

Economy

The system of production, distribution, and consumption of goods and services in a particular geographic region.

Administrative Regulations

Rules or directives made and maintained by an administrative agency in order to regulate activities within its jurisdiction.