What Is the Basic Difference Between Macroeconomics and Microeconomics

question 267

Multiple Choice

What is the basic difference between macroeconomics and microeconomics?

• A) Microeconomics explores the causes of inflation, while macroeconomics focuses on the causes of unemployment.
• B) Microeconomics concentrates on the behaviour of individual consumers, while macroeconomics focuses on the behaviour of firms.
• C) Microeconomics concentrates on the behaviour of individual consumers and firms, while macroeconomics focuses on the performance of the entire economy.
• D) Microeconomics concentrates on individual markets, while macroeconomics focuses primarily on international trade.

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Definitions:

Parol Evidence Rule

A rule in contract law that prevents the parties to a written contract from presenting extrinsic evidence of terms that would contradict or add to the written agreement.

Express Disclaimer

A clear and unequivocal statement ensuring that certain facts or rights are not implied from a document or statement.

Oral Warranties

Guarantees made verbally about the quality or function of a product, not in written form.

Comparative Negligence

A legal doctrine that reduces the plaintiff's damages award by the percentage of their fault in causing the injury.