The Difference Between Microeconomics and Macroeconomics Is That

question 103

Multiple Choice

The difference between microeconomics and macroeconomics is that

• A) microeconomics deals with only small numbers while macroeconomics is always dealing with numbers in the billions and trillions
• B) microeconomics deals with the economy as a whole while macroeconomics deals with individual firms
• C) microeconomics is concerned with the behavior of individual decision-makers while macroeconomics is concerned with behavior of entire economies
• D) microeconomics is only useful for small countries while macroeconomics is useful for large countries
• E) microeconomics is only useful for large economies like the United States while macroeconomics is only useful for small economies

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Definitions:

Coefficient of Correlation

A measure that indicates the extent to which two variables fluctuate together. A value closer to 1 or -1 indicates a strong relationship, while a value near 0 suggests no relationship.

X and Y

Typically used to represent independent and dependent variables in a mathematical function or data set, respectively.

Marginal Probability

is the probability of an event occurring without considering other related events.

Coefficient of Correlation

The coefficient of correlation, also known as Pearson's r, measures the strength and direction of a linear relationship between two quantitative variables.