It Might Be Useful to Think of Macroeconomics as a Study

question 98

Multiple Choice

It might be useful to think of macroeconomics as a study of ____ and microeconomics as a study of ____.

• A)big corporations, small businesses 
• B)oceans, fish 
• C)the long run, the short run 
• D)abstract, concrete 
• E)theory, reality

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Definitions:

Restraint Of Trade

Agreement between firms to fix prices, injure competition, or prevent others from entering a market.

Exclusive Bargaining Representative

A labor union that has the sole authority to negotiate the terms of employment on behalf of all employees in a specific workplace.

Trade Union

An organization formed by workers in related sectors to protect their rights, negotiate wages, and improve working conditions.

Common Law

A legal system characterized by case law and precedent, where the principles and rules of law emerge from judicial decisions over time.