Which of the Following Statements About Microeconomics Is the Most

question 41

Multiple Choice

Which of the following statements about microeconomics is the most accurate?

• A) It is a "positive" science, whereas macroeconomics is a "normative" science.
• B) It provides an overall view of the economy and how it functions.
• C) It explores the behaviour of individual consumers and firms when confronted with scarcity.
• D) It examines the aggregate behaviour of consumers and firms when confronted with scarcity.

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Definitions:

States' Rights

The rights and powers held by individual US states rather than by the federal government, a principle often invoked in debates over federalism and the balance of power.

Civil War

A war between citizens of the same country.

American Federalism

A system of government in which power is divided between a national (federal) government and various state governments.

Allocation of Responsibilities

The process of distributing tasks, duties, and powers among different levels of government or among departments within an organization.